This Snowflake Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Thursday
Portfolio Pulse from Avi Kapoor
Top Wall Street analysts have downgraded several notable stocks, including Snowflake Inc. (SNOW), bluebird bio, Inc. (BLUE), Pilgrim’s Pride Corporation (PPC), ScanSource, Inc. (SCSC), and Kimball Electronics, Inc. (KE). These downgrades reflect changes in analyst sentiment and price targets, impacting the short-term outlook for these companies.
August 15, 2024 | 12:29 pm
News sentiment analysis
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NEGATIVE IMPACT
JP Morgan downgraded bluebird bio, Inc. from Overweight to Neutral. Shares fell 23.1% to close at $0.8149.
The downgrade to Neutral and the significant drop in share price indicate a negative short-term outlook for bluebird bio.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Sidoti & Co. downgraded Kimball Electronics, Inc. from Buy to Neutral and set a price target of $19. Shares fell 10.6% to close at $18.28.
The downgrade to Neutral and the significant drop in share price indicate a negative short-term outlook for Kimball Electronics.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Raymond James downgraded ScanSource, Inc. from Outperform to Market Perform. Shares fell 0.6% to settle at $48.02.
The downgrade to Market Perform and the slight drop in share price suggest a mildly negative short-term outlook for ScanSource.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Wells Fargo downgraded Snowflake Inc. from Overweight to Equal-Weight and lowered the price target from $200 to $130. Shares closed at $127.30, up 0.2%.
The downgrade from Overweight to Equal-Weight and a significant reduction in the price target suggest a less optimistic outlook for Snowflake, likely leading to short-term downward pressure on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
B of A Securities downgraded Pilgrim’s Pride Corporation from Buy to Neutral, maintaining a price target of $47. Shares gained 3.3% to close at $45.69.
Despite the downgrade, the stock price increased, suggesting mixed sentiment. The short-term impact is likely neutral.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100