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4 big analyst cuts: Shopify loses Buy rating on Q1 surge
By Davit Kirakosyan
Investing.com -- Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday’s close: downgrades for Shopify, Skyworks Solutions, XPO, and Nabors Industries.
InvestingPro subscribers got this news first. Start your 7-day free trial.
Shopify downgraded after Q1 beat
Shopify (NYSE:SHOP) fell more than 1% premarket today after Atlantic Equities downgraded the company to Neutral from Overweight following a shares surge on Q1 results:
We continue to see upside to consensus estimates, with gross profit growth likely to accelerate over the next few quarters. However, the stock has quickly reacted to these positive developments and, while further business momentum could support the stock near term, we are downgrading the stock to Neutral on valuation.
Shares jumped nearly 24% on Thursday after the company reported better-than-expected EPS and revenues and said it will cut 20% of its global workforce. The company also said it will sell Shopify Logistics to Flexport.
Skyworks Solutions downgraded following guidance miss
BMO Capital downgraded Skyworks Solutions (NASDAQ:SWKS) to Market Perform from Outperform and cut its price target to $100.00 from $140.00, as InvestingPro reported in real time.
Shares plunged nearly 10% premarket today after the company reported in-line Q2 earnings and worse-than-expected Q3 guidance as a challenging macro backdrop continues to weigh on the company's performance.
2 more downgrades
Stifel downgraded XPO (NYSE:XPO) to Hold from Buy while raising its price target to $51.00 from $48.00.
The company reported its Q1 results on Thursday, with both EPS and revenues coming in better than the consensus estimates.
Barclays downgraded Nabors Industries (NYSE:NBR) to Equalweight from Overweight and cut its price target to $150.00 from $250.00.
Last week, the company reported its Q1/23 earnings, beating the Street expectations.
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