5 big analyst cuts: Plug Power stock downgraded at KeyBanc | Pro Recap

By Davit Kirakosyan

Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed on InvestingPro since yesterday’s close: slashed ratings for Plug Power and Prometheus Biosciences , plus several more downgrades.

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Plug Power downgraded to Sector Weight ahead of Q1 earnings report

KeyBanc downgraded Plug Power (NASDAQ:PLUG) to Sector Weight from Overweight. As a result, shares fell more than 1% pre-market today.

The company is set to report its Q1/23 earnings results on May 10. Consensus estimates stand at ($0.24) for EPS and $218.52 million for revenues.

Prometheus Biosciences cut to Neutral following the acquisition announcement by Merck

Prometheus Biosciences (NASDAQ:RXDX) was downgraded to Equal Weight at Wells Fargo, Sector Perform at RBC Capital, Neutral at Piper Sandler, and Sector Weight at KeyBank following the announcement that Merck (NYSE:MRK) will buy the company for $200.00 per share in cash, for a total equity value of approximately $10.8B.

Following the announcement, Prometheus Biosciences’ shares jumped nearly 70% yesterday.

3 more downgrades

Morgan Stanley downgraded Helmerich & Payne (NYSE:HP) to Underweight from Equalweight and cut its price target to $45.00 from $60.00.

The company will report its Q2/23 earnings results on April 27, with the Street expecting an EPS of $1.06 and revenue of $747.85M.

Morgan Stanley downgraded Liberty Oilfield Services (NYSE:LBRT) to Equalweight from Overweight and cut its price target to $17.00 from $20.00.

The company is set to report its Q1/23 earnings results tomorrow.

KeyBanc downgraded First Solar (NASDAQ:FSLR) to Sector Weight from Overweight.

Last week, the company was downgraded by Deutsche Bank to Hold from Buy with a price target of $230.00 (from $190.00).