This Globant Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Tuesday
Portfolio Pulse from Avi Kapoor
Several top Wall Street analysts have downgraded their ratings for notable companies, including Globant S.A., Stride, Inc., AvidXchange Holdings, Inc., PropertyGuru Group Limited, and AbCellera Biologics Inc. Despite the downgrades, some companies saw an increase in their price targets.
August 20, 2024 | 1:45 pm
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NEGATIVE IMPACT
UBS downgraded Globant S.A. from Buy to Neutral, but raised the price target from $225 to $235. Shares fell 1.1% to $201.98.
The downgrade from Buy to Neutral suggests a less optimistic outlook, which typically pressures the stock price. However, the raised price target indicates some positive long-term expectations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
JMP Securities downgraded PropertyGuru Group Limited from Market Outperform to Market Perform. Shares settled at $6.55.
The downgrade to Market Perform suggests a less favorable outlook, likely leading to downward pressure on the stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEUTRAL IMPACT
Benchmark downgraded AbCellera Biologics Inc. from Buy to Hold. Shares gained 3.8% to $2.71.
The downgrade to Hold indicates caution, but the significant share price gain suggests positive investor sentiment, resulting in a neutral short-term impact.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 100
NEUTRAL IMPACT
JP Morgan downgraded AvidXchange Holdings, Inc. from Overweight to Neutral and lowered the price target from $11 to $9. Shares gained 1.4% to $8.24.
The downgrade and lowered price target suggest a negative outlook, but the share price gain indicates some investor optimism, leading to a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Citigroup downgraded Stride, Inc. from Buy to Neutral, but increased the price target from $77 to $90. Shares gained 1.5% to $83.77.
The downgrade to Neutral suggests caution, but the increased price target and share price gain indicate positive sentiment, balancing the short-term impact.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100