© Reuters Today’s Most Important Downgrades
By Davit Kirakosyan
Bank of America downgraded Meta Platforms Inc (NASDAQ:) to Neutral from Buy and lowered its price target to $150 from $196 ahead of the company’s Q3 release. The analysts expect a much bigger-than-anticipated slowdown for 2023, estimating revenue growth of 4% year-over-year to $120 billion, below the consensus estimate of 9% or $127 billion.
Jefferies downgraded Williams-Sonoma (NYSE:) to Underperform from Hold and lowered its price target to $100 from $160. The analysts expect the company’s shares to underperform ahead of a softer macro and to potentially see the pain lasting until 2025.
Wells Fargo downgraded FedEx (NYSE:) to Equal-weight from Overweight and lowered its price target to $160.00 from $199.00.
Aaron’s (NYSE:) shares fell more than 7% today after BofA Securities downgraded the company to Underperform from Neutral and lowered its price target to $6.50 from $23.00 ahead of the Q3 earnings announcement. The analysts believe the financial health of the subprime consumer and their demand for big ticket items has worsened over the past several months. For the company, this will likely result in lower foot traffic, lower collections and higher write-offs.
Barclays downgraded Qorvo Inc (NASDAQ:) to Equal-weight from Overweight and lowered its price target to $90.00 from $120.00.
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