Wall Street analysts have issued several downgrades, reflecting a cautious sentiment towards certain prominent companies.
Boeing (BA)
saw its rating downgraded from Outperform to Market Perform by Bernstein analyst Douglas Harned. The price target was also slashed from $195 to $169. Boeing shares closed at $152.98 on Tuesday. This downgrade signals a shift in sentiment from bullish to more neutral, suggesting that analysts are less optimistic about the company’s future performance.
Qorvo (QRVO)
faced a similar fate as Exane BNP Paribas analyst Karl Ackerman downgraded the stock from Outperform to Neutral, setting a price target of $80. Qorvo shares closed at $100.48 on Tuesday. This move suggests that analysts are seeing less potential for growth in Qorvo’s stock price moving forward.
Lear Corporation (LEA)
was also downgraded by Barclays analyst Dan Levy, who moved the rating from Overweight to Equal-Weight and lowered the price target from $140 to $120. Lear shares closed at $99.58 on Tuesday. This downgrade indicates a less positive outlook on Lear’s future performance and potentially suggests a slowdown in growth expectations.
Newmont Corporation (NEM)
received a downgrade from UBS analyst Daniel Major, who lowered the rating from Buy to Neutral and significantly cut the price target from $67 to $54. Newmont shares closed at $47.80 on Tuesday. This major downgrade signals a significant shift in sentiment, implying that analysts are less confident in the company’s ability to deliver strong returns.
Graphic Packaging Holding Company (GPK)
was downgraded from Buy to Hold by Truist Securities analyst Michael Roxland, who lowered the price target from $32 to $30. Graphic Packaging shares closed at $28.66 on Tuesday. This move suggests a more cautious approach to the company’s future prospects.These downgrades, along with the accompanying price target reductions, provide insights into how Wall Street analysts view these companies. Investors should consider these analyst ratings and the underlying reasons for the changes when making investment decisions. It is important to remember that analyst ratings are just one factor among many to consider, and should not be relied upon as the sole basis for investment decisions.
