This Charter Communications Analyst Turns Bearish; Here Are Top 5 Downgrades For Wednesday
Portfolio Pulse from Avi Kapoor
Top Wall Street analysts have downgraded several notable stocks, including AZEK Co, Spirit AeroSystems Holdings, Charter Communications, and Pacira BioSciences. These downgrades come with reduced price targets, indicating a bearish outlook.
July 03, 2024 | 4:55 pm
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NEGATIVE IMPACT
DA Davidson downgraded AZEK Co from Buy to Neutral and lowered the price target from $57 to $44. AZEK shares gained 0.8% to close at $41.63.
The downgrade from Buy to Neutral and the significant reduction in the price target suggest a bearish outlook for AZEK Co. Despite a slight gain in share price, the analyst's revised expectations could lead to downward pressure.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Citigroup downgraded Charter Communications from Neutral to Sell and cut the price target from $280 to $255. Despite the downgrade, shares gained 2.5% to close at $303.50.
Citigroup's downgrade to Sell and the reduced price target suggest a bearish outlook for Charter Communications. However, the stock's gain indicates that the market may not fully agree with the analyst's view.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Barclays downgraded Pacira BioSciences from Overweight to Equal-Weight and cut the price target from $38 to $25. Shares fell 20.1% to $22.74.
The downgrade from Overweight to Equal-Weight and the drastic reduction in the price target led to a significant 20.1% drop in Pacira BioSciences' share price, reflecting a strong bearish sentiment.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 95
NEGATIVE IMPACT
Barclays and Citigroup downgraded Spirit AeroSystems Holdings from Overweight/Buy to Equal-Weight/Neutral, with price targets reduced to $37 and $37.25 respectively. Shares fell 0.3% to $33.88.
Both Barclays and Citigroup downgraded Spirit AeroSystems and reduced their price targets, indicating a bearish sentiment. The stock's slight decline reflects the market's reaction to these downgrades.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90