Eli Lilly cut to Outperform at Daiwa Securities: 4 big analyst cuts
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Eli Lilly, Simon Property Group, Wendy's, and Chipotle Mexican Grill.
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Eli Lilly downgraded at Daiwa Securities
Daiwa Securities downgraded Eli Lilly (NYSE:LLY) to Outperform from Buy with a price target of $610.00, as reported in real-time on InvestingPro. This price target implies a nearly 7% upside from the closing price on Wednesday.
Earlier this week, Eli Lilly announced the extension of its tender offer for acquiring all outstanding shares of POINT Biopharma Global (NASDAQ:PNT) at $12.50 per share in cash. The original deadline of Dec 15 for this offer has been extended to Dec 22. This extension allows more time to meet the minimum tender conditions necessary for the acquisition.
Simon Property Group cut to Equalweight
Morgan Stanley downgraded Simon Property Group (NYSE:SPG) to Equalweight from Overweight with a price target of $143.00 (from $132.00).
The analysts explained the downgrade by noting the significant reduction in the valuation gap between Simon Property Group and its open-air center peers. This gap has decreased from -40% to -16%.
The analysts pointed out that the consensus estimate for 2024 earnings of $12.18 per share is notably higher than Morgan Stanley's estimate of $11.88. This discrepancy could lead to 2024 guidance falling short of expectations when announced in February.
Rising interest cost limits our FFO growth to 1-2% in the next couple years vs. high quality open air center peers in the mid single digits.
Two downgrades at Wedbush
Wedbush downgraded The Wendy’s (NASDAQ:WEN) to Neutral from Outperform.
Similarly, Wedbush cut Chipotle Mexican Grill's (NYSE:CMG) rating to Neutral from Outperform.
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