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Shopify downgraded to Underweight at Piper Sandler: 4 big analyst cuts

Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Shopify, ChargePoint, Welltower, and American Axle & Manufacturing.

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Shopify slashed to Underweight at Piper Sandler

Shopify (NYSE:SHOP) fell more than 2% pre-market today after Piper Sandler downgraded the company to Underweight from Neutral and cut its price target to $56.00 from $58.00, as reported in real-time on InvestingPro.

Shares closed with more than a 5% gain yesterday after the e-commerce group said its merchants had posted an all-time high of $4.1 billion in combined sales on Black Friday.

ChargePoint downgraded at UBS

UBS downgraded ChargePoint (NYSE:CHPT) to Neutral from Buy and cut its price target to $2.25 from $9.00.

UBS acknowledged that ChargePoint is a leading player in the U.S. market for Level 2 (L2) charging ports, commanding 44% of the publicly accessible installed base. Despite gaining market share this year, the company's broad customer base might lead to its revenue being more closely tied to EV deliveries and sales, according to UBS.

“As deliveries slow, we expect CHPT to see more material impact than other competitors that have lower L2 market share. We now expect FY24 and FY25 revenue of $515MM & $611MM, vs $628MM & $851MM, respectively,” commented the analysts.

Two more downgrades

RBC Capital downgraded Welltower (NYSE:WELL) to Sector Perform from Outperform with a price target of $97.00 (from $92.00).

The analysts acknowledge Welltower's promising growth prospects, noting the company's strong potential for both organic and external growth. However, they believe that these positive factors are already factored into the current stock valuation. The analysis pointed out that Welltower's AFFO multiple is trading at historically high levels compared to peers. “We believe part of WELL's outperformance has been driven by the lack of attractive alternative investments. This dynamic could shift if interest rates continue to stabilize,” commented the analysts.

American Axle & Manufacturing (NYSE:AXL) shares dropped more than 4% pre-market today after BofA Securities downgraded the company to Underperform from Neutral and cut its price target to $8.00 from $9.00, reflecting the downward revisions to its estimates post Q3/23 earnings.

"Specifically, we don’t foresee any positive catalysts for the stock until well into 2024. Further, there is risk of volume pressure in the near term (4Q:23 and 1Q:24) and persistent plant-level issues could also impact performance negatively. In the mid-to longer term there are potential impacts from labor cost inflation after the new UAW contracts with the Detroit Three (D3) automakers."

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