Investment rating changes were mixed for financial stocks on Wednesday, while Amazon received an upgrade despite persistent concerns about future consumer spending.
Amazon was added to UBS's “most preferred” list in a report released Wednedsay. The report noted that e-commerce’s share of discretionary spending is growing faster than spending at brick-and-mortar stores, particularly among lower-income consumers.
UBS also upgraded Citigroup to “most preferred”, saying that as long as they’re “not facing questions about its capital position, we believe it should trade at a higher multiple.”
Among other investment ratings changes Wednesday: