ANSYS sinks on BofA Securities' double downgrade: 4 big analyst cuts

Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at ANSYS, Beauty Health, Corteva , and New York Community Bancorp.

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

ANSYS double downgraded at BofA Securities

ANSYS (NASDAQ:ANSS) shares fell more than 3% pre-market today after BofA Securities downgraded the company to Underperform from Buy and cut its price target to $295.00 from $356.00, as reported in real-time on InvestingPro.

Earlier this month, the company reported its Q3 results, with EPS of $1.41 coming in better than the consensus of $1.26. However, revenues of $458.8 million missed the consensus estimate of $466.49M.

Beauty Health hit with a number of downgrades following disappointing Q3

Beauty Health (NASDAQ:SKIN) received a number of downgrades from several Wall Street firms, including JPMorgan, Raymond James, TD Cowen, Piper Sandler, Canaccord Genuity, Benchmark, and William Blair, following the company’s reported worse-than-expected Q3 results and guidance cut, which led to more than a 48% stock price drop pre-market today.

JPMorgan downgraded the company from Neutral to Underweight. The analysts pointed out that while a weaker quarter was anticipated due to trends in the aesthetics market, the significant downgrade in the financial outlook and CEO Andrew Stanleick's departure were unexpected. They noted that the management changes might be seen positively given the company's past execution challenges.

“Regardless, we’re unsurprised to see shares indicated down significantly as a greater than expected impact from previously disclosed Syndeo challenges in the domestic market led to (1) updated 2023E guidance of $385-400M on the top (down from $460-480M) with EBITDA of 5-6% (from 18-20%) and (2) the withdrawal of previous 2025E targets,” commented JPMorgan.

TD Cowen cut its rating to Market Perform from Outperform with a price target of $2.50 (from $9.00). Meanwhile, Piper Sandler double-downgraded the stock to Underweight from Overweight and cut its price target to $2.00 from $12.00.

2 more downgrades

Barclays downgraded Corteva (NYSE:CTVA) to Equalweight from Overweight and cut its price target to $50.00 from $66.00.

Wedbush downgraded New York Community Bancorp (NYSE:NYCB) to Underperform from Neutral with a price target of $8.00 (from $12.00). As a result, shares fell more than 2% pre-market today.

Amid whipsaw markets and a slew of critical headlines, seize on the right timing to protect your profits: Always be the first to know with InvestingPro.