Lululemon Athletica gets one more downgrade ahead of Q3 report: 4 big analyst cuts
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Lululemon Athletica, Albemarle , Toro, and STAAR Surgical.
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Lululemon Athletica cut at Raymond James
Raymond James downgraded Lululemon Athletica (NASDAQ:LULU) to Outperform from Strong Buy with a price target of $495.00 (from $440.00), as reported in real-time on InvestingPro.
This represents the second downgrade this week. Yesterday, Wells Fargo downgraded the company to Equal Weight from Overweight with a price target of $445.00, citing that valuation is no longer cheap and removing the stock from its Top Picks list.
The company is set to report its Q3/24 earnings on Dec 7, after the market close. Street estimates stand at $2.28 for EPS and $2.19 billion for revenues.
Albemarle drops on Piper Sandler downgrade
Albemarle (NYSE:ALB) shares fell more than 2% pre-market today after Piper Sandler downgraded the company to Underweight from Neutral and cut its price target to $128.00 from $140.00.
Piper Sandler’s decision is influenced by the significant weakening in the global lithium market. The analysts believe the current market conditions are likely to prevent any notable recovery in lithium pricing for at least the next few quarters, which could lead to decreased earnings and lowered estimates.
Two more downgrades
Toro (NASDAQ:TORO) shares fell more than 1% pre-market today after DA Davidson downgraded the company to Neutral from Buy with a price target of $87.00.
This decision is based on insights gathered from DA Davidson’s recent survey on golf course management and discussions with dealers and competitors in the industry. The analysts noted observations from Toro and Ditch Witch dealers during Q4, indicating expectations of a decrease in retail performance in 2024.
We also noted significant caution on FY:24 at a key TTC Professional competitor. Our golf course survey continues to show positive sentiment, in line with peer comments, but capex intentions may have inflected slightly.
Needham & Company downgraded STAAR Surgical (NASDAQ:STAA) to Hold from Buy. Shares fell more than 1% pre-market today.
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