— An analyst at Guggenheim upgraded Snap to "buy" from "neutral," and Spotify from "sell" to "neutral." "Over the next 12 months, we expect the valuation scale will be tipped in favor of software, and as such, we view current software multiples as upside targets for our internet coverage," the analyst said in a note. Both Snap and Spotify were up more than 3% in the premarket.
— Chevron was upgraded to "buy" from "neutral" by an analyst at Bank of America, who noted the company's free cash flow can "can support fair value around $96 or 34% above current levels and with no need for any further recovery in oil prices." Shares of the energy giant rose by 1.9%.— Pinterest shares were up 3.4% after Guggenheim initiated the social media company with a "buy" rating and a $48-per-share price target.
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