Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: Downgrades at Shopify, Activision Blizzard, State Street, and Celanese.
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Shopify falls following Evercore downgrade
Shopify (NYSE:SHOP) shares fell more than 1% pre-market today after Evercore ISI downgraded the company to In Line from Outperform with a price target of $69.00.
According to Evercore ISI, the risk-reward outlook on the stock is less compelling. While noting that a nearly 100% YTD surge in stock price, supported by improved fundamentals, significant cost-saving measures, and a strategic shift away from fully integrated shipping/logistics, is justified, Evercore does not see many clear catalysts for further growth.
Activision Blizzard downgraded at 3 firms
Activision Blizzard (NASDAQ:ATVI) received three downgrades today, as reported in real time on InvestingPro.
Wells Fargo downgraded the company to Equal Weight from Overweight with a price target of $95.00. Atlantic Equities downgraded to Neutral from Overweight with a price target of $95.00. Meanwhile, Baird downgraded to Neutral from Outperform with a price target of $90.00.
Activision Blizzard saw an increase of more than 3% in its shares yesterday, driven by growing expectations that the video game maker's $69 billion merger with tech giant Microsoft (NASDAQ:MSFT) is nearing completion, following a series of significant announcements over the weekend.
2 more downgrades
State Street (NYSE:STT) shares fell over 2% yesterday following three downgrades. These declines compounded the losses from Friday when the stock experienced a 12% decline due to disappointing Q2 earnings.
UBS downgraded the company to Neutral from Buy with a price target of $72.00 (from $90.00). Keefe, Bruyette & Woods downgraded to Market Perform from Outperform with a price target of $73.00. Meanwhile, JPMorgan downgraded to Underweight from Neutral with a price target of $71.00 (from $78.50).
Celanese (NYSE:CE) shares fell around 1% pre-market today after Deutsche Bank downgraded the company to Hold from Buy with a price target of $125.00 (from $120.00).
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