4 big analyst cuts: Target slashed to Neutral after Q2 Earnings
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Target, Certara, Xcel Energy, and Evercore Partners.
InvestingPro subscribers got this news first. Never miss another market-moving headline.
Target cut to Neutral following Q2 earnings
Daiwa Securities downgraded Target (NYSE:TGT) to Neutral from Outperform and cut its price target to $134.00 from $163.00, as reported in real time on InvestingPro.
Last week, the company reported its Q2 results, with EPS of $1.80 coming in better than the consensus estimate of $1.47, while revenue of $24.8 billion missed expectations.
Furthermore, the company cut its 2024 EPS guidance to $7.00-8.00 from $7.75-8.75. Analysts were widely expecting Target to lower its guidance with the delivered cut seen by the market as better than feared.
Certara slashed at Jefferies
Certara (NASDAQ:CERT) shares fell more than 1% pre-market today after Jefferies downgraded the company to Hold from Buy and cut its price target to $17.00 from $24.50.
According to Jefferies, challenges persist in the Reg Services segment and new obstacles in the Biosim sector, making it less likely for the company to experience growth in 2024.
"Sales force changes and turnover in Reg Services and Sales leadership suggest unresolved strategy. Though mgt telegraphed soft 2Q demand, the ~25% bookings miss was worse than expected and an abrupt change from CERT's 1Q update."
Two more downgrades
Xcel Energy (NASDAQ:XEL) shares fell more than 1% pre-market today after BofA Securities downgraded the company to Neutral from Buy and cut its price target to $60.00 from $72.00.
Goldman Sachs downgraded Evercore Partners (NYSE:EVR) to Neutral from Buy and cut its price target to $140.00 from $158.00.
Get ready to supercharge your investment strategy with our exclusive discounts.
Don't miss out on this limited-time opportunity to access cutting-edge tools, real-time market analysis, and expert insights. Join InvestingPro today and unlock your investing potential. Hurry, the Summer Sale won't last forever!
Related Articles
4 big analyst cuts: Target slashed to Neutral after Q2 Earnings
AppLovin shares gain following upgrade to 'Buy' at Jefferies
Coty forecasts downbeat annual profit as goods, labor costs bite
