MOVING TO THE SIDELINES: Arete analyst Rocco Strauss downgraded Facebook ($FB) to Neutral from Buy with an unchanged price target of $381. Facebook's growth is reliant on advertising pricing, which is likely to see pressure, Strauss told investors in a research note. The analyst sees Facebook shares moving "sideways" before initiatives such as the monetization of Reels and on-platform commerce gain traction into fiscal 2022. BUY SNAP: Arete analyst Rocco Strauss upgraded Snap ($SNAP) to Buy from Neutral with a price target of $83, up from $72. The analyst believes advertising pricing pressure on Facebook and Instagram will create a spillover effect, with Pinterest ($PINS) and Snap to benefit from advertising budgets shifting to second-tier platforms. ANALYSTS DIVERGE ON ROBINHOOD: Citi analyst Jason Bazinet initiated coverage of Robinhood ($HOOD) with a Buy rating and $63 price target. The analyst sees slowing growth ahead and risk of regulatory headwinds but believes the former is likely embedded in consensus estimates and that he latter is unlikely to be material. Robinhood has enjoyed early success penetrating the less affluent segment of the U.S. brokerage market, Bazinet told investors in a research note. Bearish on the name, JPMorgan analyst Kenneth Worthington started coverage of Robinhood with an Underweight rating and $35 price target. Robinhood has been successful at breaking into the very competitive retail U.S. brokerage business, but investor recognition of this success is already priced into the value of the shares, Worthington told investors in a research note. Further, the analyst sees a "number of risks" including regulation, pricing and market saturation. Challenges to the business include Robinhood's focus on smaller accounts that limit its ability to reach competitive margins and profitability. Meanwhile, Goldman Sachs analyst Will Nance initiated coverage of Robinhood with a Neutral rating and $56 price target, representing 31% upside. Robinhood demonstrated an ability to "innovatively and inexpensively" acquire a large user base and has created a strong brand associated with easy and inexpensive trading, Nance told investors in a research note. However, the potential for regulatory scrutiny regarding payment for order flow could be an overhang on the stock, and retail engagement levels may normalize on the back of all-time high levels during Covid, the analyst said. KeyBanc, Mizuho, Rosenblatt and JMP Securities also started coverage of Robinhood with Buy-equivalent ratings, while Barclays, Deutsche Bank and Piper Sandler initiated the stock with Neutral-equivalent ratings. FIBER INVESTMENT CYCLE: Wells Fargo analyst Eric Luebchow upgraded Dycom ($DY) to Overweight from Equal Weight with a price target of $90, up from $77. The analyst has increasing confidence that Dycom will be a "meaningful participant" in the fiber-to-the-premise investment cycle over the next five years. He projects fiber passings will grow 15% per year through 2025 and that the telcos will spend greater than $70B in capex in building new fiber premises. The FTTH acceleration will be additive to other positive catalysts for Dycom, including cable fiber-deep initiatives, rural fiber deployments and potential stimulus funding from the infrastructure bill, Luebchow told investors in a research note. Further, he thinks the stock at current levels offers an attractive entry point with an "asymmetric risk/reward." INDUSTRY GROWTH: Jefferies analyst Stephen Volkmann initiated coverage of Snap One ($SNPO) with a Buy rating and $22 price target. Volkmann views Snap One as the latest B2B distributor to embark on what has become a successful investment model to consolidate a fragmented niche market with attractive growth dynamics. The analyst sees long-term industry growth of about 10%, with additional market share, adjacency and M&A driving Snap One revenue growth into the low to mid-teens. JPMorgan analyst Paul Chung also started coverage of Snap One with an Overweight rating and $25 price target. The company is a market leader in the Do It for Me smart home market and serves as a one-stop shop for professional integrators, Chung told investors in a research note. The analyst believes Snap One's "growth algorithm has several levers," including market share gains, integrator wallet spend and branch expansion. He expects the pace of EBITDA to exceed the sales forecast of 10%, underscoring "solid leverage in the business." Additionally, Raymond James, William Blair, Morgan Stanley and UBS initiated coverage of Snap One with Buy-equivalent ratings.Disclosure: I may trade in the ticker symbols mentioned, both long or short. 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