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Here are the biggest calls on Wall Street on Wednesday:
Guggenheim downgraded Snap on slowing user growth after the company's earnings report.
"Direct active user was slightly below 239mm guide. While the company didn't provide formal guidance, internal forecast is for 20% revenue growth (slowing from 32% in early July given re-opening uncertainty) and direct active user's of 242-244mm (versus our prior 243mm, consensus 245mm). While commentary indicated continued overall improvement from April revenue trend lows, management's cautious tone, below consensus direct active user guide and meaningfully slower monetization outside the U.S. and Europe drive near-term uncertainty for an expensive stock."
Atlantic Equities upgraded the bank and said its earnings results showed the "strength and breadth" of the company's business.
"We have increased our EPS forecasts by 6-26% largely due to expectations for lower future provisions combined with the positive flow through from Q2. JPM's strength and breadth showed through in this result yet the stock continues to trade at 1.5x tangible book value per share with a FY22 ROTE of over 16%. We increase our price target to $120 and upgrade to Overweight."