Starbucks’ recent quarterly report has sparked concerns among analysts, leading to a series of downgrades and price target cuts. The coffee chain’s disappointing earnings and revenue, along with a decline in same-store sales, have cast doubt on its long-term growth prospects. As a result, shares have plummeted to a 52-week low, raising questions about the company’s ability to maintain its strong position in the market.
CNH Industrial (NYSE: CNHI) has been downgraded to Neutral from Buy by analysts at Bank of America, citing uncertainty following the appointment of a new CEO. The move prompted a 4.3% premarket stock decline. Gerrit Marx will take over as CEO on July 1, succeeding Scott Wine. BofA noted that Wine’s strategy had recently improved cost-cutting, inventory management, and product simplification. The new price target for CNH is $13.20 per share, reflecting a reduced price-to-earnings multiple.
PacBio’s Q1 results and lowered 2024 revenue outlook have prompted a downgrade from JPMorgan. The company’s shares have fallen in premarket trading on Monday. JPMorgan has withdrawn its price target on the stock and believes that the macro backdrop will continue to affect placements and margins in the near term.
