4 big analyst cuts: Wolfspeed downgraded on dreary guidance | Pro Recap

By Davit Kirakosyan

Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Wolfspeed, ASGN, Progressive, and ManpowerGroup.

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Wolfspeed downgraded at Oppenheimer following disappointing guidance

Oppenheimer downgraded Wolfspeed (NYSE:WOLF) to Perform from Outperform following the company’s reported Q3 results.

While both EPS and revenues came in better than expected, guidance disappointed investors and resulted in a share price drop of nearly 20% yesterday.

For Q4, the company expects EPS of ($0.17)-($0.23), compared to the consensus of ($0.12), and revenue of $212 million-$232 million, compared to the consensus of $234.6M.

For the full year, the company expects revenue in a range of $1 billion-$1.1 billion, missing the consensus estimate of $1.2B.

InvestingPro subscribers found out about this downgrade in real time, giving them a chance to act before everyone else did. Never miss another market-moving opportunity.

ASGN receives a double-downgrade from BofA following a Q1 miss

BofA Securities downgraded ASGN (NYSE:ASGN) to Underperform from Buy and cut its price target to $66.00 from $109.00 following a Q1 revenue miss, which resulted in a more than 4% stock price drop yesterday.

According to BofA, client demand for staffing services has proved to be more discretionary than it had anticipated, with sales growth deteriorating significantly from an already tough start to the year. The firm added that it is worried that results will continue to disappoint through year-end.

2 more downgrades

BMO Capital downgraded Progressive (NYSE:PGR) to Market Perform from Outperform with a price target of $150.00, noting that near-term estimates are likely to continue resetting after the company reported a Q1 EPS miss earlier this month.

Argus downgraded ManpowerGroup (NYSE:MAN) to Hold from Buy following last week’s Q1 miss.

The firm noted that Manpower’s results have been hurt by weak economic conditions and soft demand for staffing services, and management projects continued declines in revenue and earnings in Q2.