4 big analyst cuts: Palantir stock drops on downgrade after AI-triggered surge
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: Downgrades at Palantir Technologies, Performance Food, and Gates Industrial, and initiation at Lemonade.
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Palantir stock drops on downgrade
Palantir Technologies (NYSE:PLTR) shares were recently off nearly 2% pre-market today after Raymond James downgraded the company to Outperform from Strong Buy with a price target of $18.00 (from $15.00). The analyst cited the stock's "premium" valuation after a strong run since its first-quarter print, but said they remain "enthusiastic about Palantir's positioning in AI."
The analyst added, "The recent run in shares coupled with a premium valuation make finding a catalyst more challenging in the near term while our LT enthusiasm for AI and Palantir‘s positioning support our Outperform rating."
Earlier this month, BofA Securities raised its price target on the stock, noting it believes the company has a unique position to take advantage of the rising AI opportunity.
And last month, the company reported its Q1 earnings, with EPS and revenues coming in above the consensus estimates.
Performance Food downgraded at Morgan Stanley
Morgan Stanley downgraded Performance Food (NYSE:PFGC) to Equalweight from Overweight and cut its price target to $66.00 from $74.00.
The company reported its Q3 earnings last month, with EPS of $0.83 coming in better than the consensus estimate of $0.71, while revenue of $13.77 billion missed the consensus estimate of $13.9B.
2 more analyst cuts
Goldman Sachs downgraded Gates Industrial (NYSE:GTES) to Neutral from Buy and cut its price target to $14.50 from $15.50. As a result, shares fell more than 2% in pre-market today.
Morgan Stanley initiated coverage on Lemonade (NYSE:LMND) with an Underweight rating and a price target of $14.00. Shares fell more than 3% in pre-market today.
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