US Top Rating Updates on 2/1: SNAP, SHOP, GIS, MGA and More

$Snap Inc (SNAP.US)$ said Q4 EPS was $0.14, better than the consensus of $0.11, while revenue of $1.3 billion (flat year-over-year) was in line with expectations. DAUs increased 17% year-over-year to 375 million. Following the results and guidance, UBS downgraded Snap to Neutral from Buy with a price target of $10.00.

Scotiabank analyst Kevin Krishnaratne initiated coverage of $Shopify (SHOP.US)$ with a Sector Perform rating and $43 price target.

BMO Capital analyst Peter Sklar upgraded $Magna International Inc (MG.CA)$ to Outperform from Market Perform with a price target of $74, up from $65. The analyst contends that the monetary tightening cycle is closer to the end than to the beginning, and discretionary stocks like auto parts will outperform as it becomes clearer that inflationary trends are abating.