Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Premier, Workday, Genpact, and Genprex.
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Premier downgraded at Piper Sandler following Q4
Piper Sandler downgraded Premier (NASDAQ:PINC) to Neutral from Overweight and cut its price target to $25.00 from $44.00 following Q4 results, which resulted in a share price drop of more than 3% yesterday.
Q4 EPS came in at $0.68, better than the consensus of $0.66, while revenue of $340.36 million missed the consensus estimate of $356.34M.
According to Piper Sandler, their optimistic predictions, reflected in the Overweight rating, have not materialized. They had expected the SCS segment to show positive comps by the second half of 2023. Their projections included the anticipation of renegotiated and renewed GPO contracts providing extended visibility of 5-7 years, and they foresaw steady growth in SCS revenue as purchasing regained strength within GPO contracts and utilization normalized.
"This thesis has not played out. Intra-contract share-back rate revisions will obscure visibility, undermine growth and increase risk; we fear these types of concessions are a slippery slope."
Workday downgraded ahead of Q2
OTR Global downgraded Workday (NASDAQ:WDAY) to Mixed from Positive, as reported in real time on InvestingPro.
The company is set to report its Q2/24 earnings tomorrow after the market close. Street estimates stand at $1.26 for EPS and $1.77 billion for revenues.
Two more downgrades
JPMorgan downgraded Genpact (NYSE:G) to Underweight from Neutral with a price target of $40.00.
Dawson James downgraded Genprex (NASDAQ:GNPX) to Neutral from Buy.
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