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Today’s most important downgrades by investing.com


© Stocksak Today’s Most Important Downgrades

By Davit Kirakosyan

Bank of America downgraded Meta Platforms Inc (NASDAQ:) to Neutral from Buy and lowered its price target to $150 from $196 ahead of the company’s Q3 release. The analysts expect a much bigger-than-anticipated slowdown for 2023, estimating revenue growth of 4% year-over-year to $120 billion, below the consensus estimate of 9% or $127 billion.

Jefferies has downgraded Williams-Sonoma’s (NYSE:) rating to Underperform from Hold, and lowered its price target from $160 to $100. The analysts expect the company’s shares to underperform ahead of a softer macro and to potentially see the pain lasting until 2025.

FedEx (NYSE 🙂 was downgraded to Equal-weight by Wells Fargo and its price target lowered to $160.00, from $199.00.

Aaron’s (NYSE) shares fell more that 7% today following BofA Securities’ downgrade to Underperform from Neutral. The firm also lowered its price target from $23.00 to $6.50 in advance of the Q3 earnings announcement. Analysts believe that the financial health and demand for high-end items by subprime consumers has deteriorated over recent months. This will likely lead to lower foot traffic, lower collections, and higher write-offs for the company.

Barclays downgraded Qorvo Inc (NASDAQ: ) to Equal-weight by Overweight and lowered the price target to $90.00 instead of $120.00

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