4 big analyst cuts: Shopify now 'less compelling'; Activision gets 3 downgrades

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) 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:ATVI) 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:MSFT) 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: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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