4 big analyst cuts: Qualcomm slashed; Datadog multiple 'unlikely' to rise till '24
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Qualcomm, Datadog, RingCentral, and Celanese.
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Qualcomm slashed again
Daiwa Securities on Wednesday downgraded Qualcomm (NASDAQ:QCOM) to Outperform from Buy with a price target of $125.00, as reported in real time on InvestingPro.
The move closely follows Deutsche Bank's downgrade of the tech giant, which came just last week following mixed fiscal Q3 results and underwhelming guidance.
Shares were ticking down 0.5% shortly after market open.
Datadog slashed to Hold following guidance cut
Datadog (NASDAQ:DDOG) took another dip Wednesday after Stifel cut the firm to Hold from Buy and lowered its price target to $90.00 from $115.00.
The downgrade follows Tuesday's steep 17% share drop after a disappointing earnings print, which saw the company cutting its full-year guidance while posting better-than-expected Q2 earnings. Stifel wrote:
"To management's credit its 2H23 guidance is duly conservative, especially 4Q (15% revenue growth, single digit NRR), but it is hard to envision multiple expansion until revenue growth re-accelerates and this is unlikely until sometime in 2024."
Shares were off some 2% shortly after market open to $86.21.
2 more downgrades
RingCentral (NYSE:RNG) received two downgrades after the company’s full-year guidance came in worse than the consensus estimates, while Q2 earnings beat expectations. As a result, shares closed with more than 18% loss yesterday.
Morgan Stanley downgraded the company to Equalweight from Overweight and cut its price target to $42.00 from $49.00.
Meanwhile, Craig-Hallum downgraded to Hold from Buy with a price target of $38.00.
JPMorgan downgraded Celanese (NYSE:CE) to Neutral from Overweight and cut its price target to $122.00 from $135.00 after the company reported worse-than-expected Q2 results.
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