Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Airbnb, International Flavors & Fragrances, Petrobras, and TaskUs.
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Airbnb downgraded at PhillipCapital
PhillipCapital downgraded Airbnb (NASDAQ:ABNB) to Accumulate from Buy while raising its price target to $152.00 from $143.00, as reported in real time on InvestingPro.
Earlier this month, the company reported its Q2 results, with EPS and revenues coming in better than the consensus estimates. However, shares reacted negatively to the results as the company indicated softening U.S. domestic demand even after it forecast Q3 revenue above market estimates.
International Flavors & Fragrances receives another downgrade
Goldman Sachs downgraded International Flavors & Fragrances (NYSE:IFF) to Neutral from Buy and cut its price target to $78.00 from $120.00 after the company reported a Q2 miss and cut its guidance, which resulted in a share price drop of more than 19% on Tuesday.
As a result of these developments, the bank perceives the company's ability to reach its medium-term EBITDA goals, as outlined during its investor day in December 2022, as increasingly challenging.
Earlier this week, the company received downgrades from two other Wall Street firms, Stifel and Societe Generale.
Petrobras receives two downgrades
Petrobras (NYSE:PBR) received downgrades from two Wall Street firms. HSBC downgraded the company to Hold from Buy with a price target of $13.00. Meanwhile, Citi downgraded to Neutral Buy with a price target of $14.00 (from $19.00).
Citi highlighted that Petrobras' successful strategy, which rested on pillars like production growth, dividend policy, capital allocation, and pricing approach, might face challenges under the new administration's views on pricing, dividends, and investments.
TaskUs downgraded following Q2 earnings
Two Wall Street firms downgraded TaskUs (NASDAQ:TASK) following Q2 guidance miss, which resulted in a share price drop of more than 13% pre-market today.
JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $12.00 from $16.00 as it sees limited near-term catalysts that could drive stock outperformance.
"Longer-term TASK remains well-positioned as its proximity to high-growth tech-related companies should drive its growth rate back in double digits, but we move to the sideline until a catalyst for that change emerges."
Meanwhile, RBC Capital downgraded the company to Sector Perform from Outperform and cut its price target to $16.00 from $21.00.
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