© Reuters.
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:) slipped Tuesday 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” after a nearly 100% YTD surge in stock price. The analyst said the surge was “well warranted, as it was supported by improved fundamentals, significant cost-saving measures, and a strategic shift away from fully integrated shipping/logistics, but Evercore now sees “few clear catalysts going forward.”
Shares were recently down 1.6% to $67.57.
Activision Blizzard downgraded at 3 firms
Activision Blizzard (NASDAQ:) received three downgrades Tuesday, all reported in real time on InvestingPro.
After the company’s jump of more than 3% on Monday, driven by growing expectations that the video game maker’s $69 billion merger with tech giant Microsoft (NASDAQ:) is nearing completion, following a series of significant announcements over the weekend, Wells Fargo downgraded the company to Equal Weight from Overweight with a price target of $95.00.
Joining Wells was Atlantic Equities, which downgraded to Neutral from Overweight with a price target of $95.00, and Baird, which cut the stock to Neutral from Outperform with a price target of $90.00.
Shares were off fractionally in recent trading.
2 more downgrades
State Street (NYSE:) 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 .
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:) 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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