© Reuters.
By Davit Kirakosyan
Investing.com — Here’s your daily professional roundup of the biggest analyst downgrades and sell initiations you may have missed since yesterday.
Fox moved to Neutral from Buy on BofA
BofA Securities downgraded Fox (NASDAQ:) to Neutral from Buy and cut its price target to $34.00 from $42.00.
Shares fell more than 2% yesterday.
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Medtronic started at Sell
A new UBS analyst took over coverage of Medtronic (NYSE:) with a Sell rating and a $79 price target, noting that he lacks conviction that the company can return to sustainable mid-single-digit top-line growth and drive a steady upward operating margin, despite the ongoing transformation of the company.
CFRA starts XPeng with a Sell rating, expects relatively small players to face difficulties
CFRA initiated coverage in Xpeng (NYSE:) with a Sell rating and an $8.00 price target.
While the company expects XPeng’s revenue momentum to continue, fueled by growing demand for electric vehicles, it believes competition will increase aggressively over the next 2-3 years as more traditional brands (for example, Toyota , Volkswagen and Ford) are being implemented rapidly. their respective EV models, as well as threats from well-established Chinese EV brands (for example, Li Auto, BYD and Geely).
“We expect relatively small players like XPeng to face difficulties organically expanding their market share after pent-up demand subsides. This becomes an additional challenge as industry peers are cutting prices to increase sales volume,” said the firm.
Degraded Ciena at Morgan Stanley
morgan stanley downgraded I respect (NYSE:) to Equalweight from Overweight and cut his price target to $57.00 from $59.00.
Meanwhile, Raymond James upgraded the shares to Strong Buy ahead of the expected new entry into the market. Shares rose more than 4% yesterday.
3 more discounts
Société Générale downgraded Merck’s (NYSE:) rating to Hold from Buy.
BofA Securities downgraded iHeartMedia (NASDAQ:) to Underperform from Neutral and cut its price target to $4.00 from $6.50. Shares fell more than 11% yesterday.
Goldman Sachs downgraded Delek US Energy (NYSE:) to Neutral from Buy and cut its price target to $24.00 from $36.00.
