4 big analyst cuts: Plug Power slashed to Neutral, Wolverine gets 3 downgrades

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Plug Power, Wolverine Worldwide, Cano Health, and Stanley Black & Decker.

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Plug Power downgraded following Q2 profit miss

Roth/MKM downgraded Plug Power (NASDAQ:PLUG) to Neutral from Buy and cut its price target to $7.50 from $13.00, as reported in real time on InvestingPro.

Shares plunged more than 15% yesterday after the company reported weaker-than-expected profit numbers for Q2.

According to Roth/MKM, the challenges with gross margin in Q2 are not poised for quick resolution, indicating significantly higher cash requirements for plant commissioning.

"Lowering estimates materially, and primarily on gross margins. Cash burn of over ($1.6bn) in the past year makes revenue progress less impressive, and $1bn unrestricted cash suggests additional financing could be needed soon. Mgmt is pursuing $1bn DOE project loans, which could come at year-end, but won't offset much operating burn."

Wolverine Worldwide gets three downgrades following the guidance cut

Wolverine World Wide (NYSE:WWW) received three downgrades following the company’s Q2 report. Shares plunged more than 25% yesterday after the U.S. footwear maker lowered its full-year revenue and margin forecast, citing the impact of a slowdown in wholesale demand.

Exane BNP Paribas downgraded the company to Neutral from Outperform and cut its price target to $9.00 from $22.00. Williams Trading downgraded to Hold from Buy and cut its price target to $12.00 from $23.00.

Meanwhile, Seaport Global Securities downgraded the stock to Neutral from Buy, noting they lost confidence in their prior thesis of the company getting to a 12% operating margin.

2 more downgrades

Citi downgraded Cano Health (NYSE:CANO) to Neutral from Buy and cut its price target to $0.80 from $4.00.

Cano Health (NYSE:CANO) saw its shares plummet by more than 42% pre-market today after the company reported a Q2 miss, issued a going concern warning and announced that it is exploring a potential sale.

Stanley Black & Decker (NYSE:SWK) shares fell more than 1% pre-market today after Wolfe Research downgraded the company to Underperform from Peerperform with a price target of $94.00.

"This is largely a valuation call — our fundamental view on SWK has not changed, but the stock has been keying off optimism that the new housing market has bottomed."

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