This Cleveland-Cliffs Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Tuesday
Portfolio Pulse from Avi Kapoor
Top Wall Street analysts have downgraded several notable stocks, including Cleveland-Cliffs Inc. (CLF), PowerSchool Holdings, Inc. (PWSC), Biomea Fusion, Inc. (BMEA), Squarespace, Inc. (SQSP), and NexPoint Residential Trust, Inc. (NXRT). These downgrades have led to varying impacts on the stock prices of these companies.
June 11, 2024 | 1:39 pm
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POSITIVE IMPACT
Truist Securities downgraded Biomea Fusion, Inc. from Buy to Hold. Despite the downgrade, the stock rose 4.1% to settle at $4.31.
Despite the downgrade, the stock price increased, indicating that other factors may be positively influencing investor sentiment.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
JP Morgan downgraded Cleveland-Cliffs Inc. from Overweight to Neutral and lowered the price target from $23 to $17. The stock fell 1% to close at $15.65.
The downgrade from a major firm like JP Morgan and the significant reduction in the price target are likely to negatively impact investor sentiment and short-term stock performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Deutsche Bank downgraded NexPoint Residential Trust, Inc. from Buy to Hold and maintained a price target of $38. The stock fell 1% to settle at $37.44.
The downgrade from Buy to Hold and the stock's close proximity to the price target suggest limited growth potential, likely leading to a short-term decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Raymond James downgraded PowerSchool Holdings, Inc. from Outperform to Market Perform. The stock fell 0.5% to settle at $22.34.
The downgrade from Outperform to Market Perform suggests a less optimistic outlook, which could lead to a short-term decline in stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
B. Riley Securities downgraded Squarespace, Inc. from Buy to Neutral and set a price target of $43. The stock fell 0.3% to close at $43.87.
The downgrade and the close alignment of the stock price with the new price target suggest limited upside potential, likely leading to a short-term decline.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80