4 big analyst cuts: Target slashed at JPMorgan

By Davit Kirakosyan

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Target, Advance Auto Parts, Exxon Mobil, and US Steel.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

Target downgraded at JPMorgan

JPMorgan downgraded Target (NYSE:TGT) to Neutral from Overweight and cut its price target to $144.00 from $182.00, as InvestingPro reported in real time. Shares closed down more than 2% on Wednesday.

The firm placed Target on Negative Catalyst Watch into the Q1 earnings last month on topline and margin concerns and came out of the quarter with H2 topline guidance concerns. Since then, the backdrop - from the consumer to share of wallet to disinflation - has, in total, gotten worse with share/traffic risk rising into the most important quarters of the year. As a result, the likelihood of further downward revisions is growing.

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Advance Auto Parts earns two downgrades after Q1 miss

Advance Auto Parts (NYSE:AAP) was downgraded at two Wall Street firms after it reported a Q1 miss and lowered its outlook, which resulted in a share price drop of more than 35% yesterday.

Goldman Sachs downgraded the company to Neutral from Buy and cut its price target to $82.00 from $155.00 due to concerns regarding near-term execution and share loss in the company's DIFM business, ongoing margin erosion, and the lack of a clear near-term catalyst to drive a multiple re-rating.

Meanwhile, JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $84.00 from $165.00.

2 more downgrades

RBC Capital downgraded Exxon Mobil (NYSE:XOM) to Sector Perform from Outperform with a price target of $125.00.

Wolfe Research downgraded United States Steel (NYSE:X) to Underperform from Peerperform. Shares fell 1.1% premarket today.

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