Shopify hit with another downgrade: 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, Snowflake, Nutrien , and Illumina.
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Shopify downgraded at DZ Bank
DZ Bank downgraded Shopify (NYSE:SHOP) to Sell from Hold with a price target of $65.00 (from $62.00), as reported in real-time on InvestingPro.
This follows recent downgrades by other Wall Street firms. Last month, JMP Securities changed its rating of Shopify from Market Outperform to Market Perform. Similarly, Wedbush adjusted its rating from Outperform to Neutral.
The company is set to report its Q4 earnings on Feb 14. Street estimates stand at $0.30 for EPS and $2.07 billion for revenues.
Snowflake cut at Barclays
Barclays downgraded Snowflake (NYSE:SNOW) to Equalweight from Overweight with a price target of $198.00.
Barclays said that seat-based models are still with headwinds. In addition, they are not comfortable pushing the current high multiple further for Snowflake. This is because "there is a lot of consumption recovery or new product contribution needed to deliver accelerating product growth," said the analysts.
Two more downgrades
Raymond James downgraded Nutrien (NYSE:NTR) to Market Perform from Outperform and cut its price target to $65 from $80, based on growing concerns about prolonged pressure, particularly supply challenges in the potash market, and downward revisions in associated estimates.
HSBC downgraded Illumina (NASDAQ:ILMN) to Hold from Buy with a price target of $150.00 (from $140.00).
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