4 big analyst cuts: Applied Materials slashed after AI frenzy
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Applied Materials, SoFi Technologies, Redwood Trust, and Zions.
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Applied Materials downgraded to Hold
Needham downgraded Applied Materials (NASDAQ: NASDAQ:AMAT) to Hold from Buy, saying that semicaps are overbought on the AI hype.
The firm doesn't believe the surge in demand for AI systems will have a meaningful effect on foundry/logic and memory utilization rates or catalyze higher WFE spending in the near term.
SoFi Technologies downgraded at Oppenheimer
SoFi Technologies (NASDAQ:SOFI) shares plunged more than 5% pre-market today after Oppenheimer downgraded the company to Perform from Outperform.
Earlier this week, BTIG initiated coverage on the company with a Buy rating and a price target of $14.00, highlighting it as its Top Pick in the consumer fintech space.
Last month, the company reported its Q1 earnings, with EPS and revenues coming in better than the consensus estimates.
2 more downgrades
Janney downgraded Zions Bancorporation (NASDAQ:ZION) to Neutral from Buy. As a result, shares fell more than 2% in pre-market today.
Earlier this week, the company said NII is decreasing and Q2/23 net interest margin is trending toward 2.85%.
Redwood Trust (NYSE:RWT) shares fell nearly 3% pre-market today after Piper Sandler downgraded the company to Neutral from Overweight with a price target of $7.00.
The firm believes the stock is fairly valued relative to the peer group, given it is now trading at 0.73x TBV, in line with peers, and the dividend yield is near the low end of the peer group.
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