Snap initiated with Reduce rating at HSBC: 5 big analyst cuts

By Davit Kirakosyan

Here is your Pro Recap of the biggest analyst cuts you may have missed since Friday: a Reduce initiation at Snap, and downgrades at Carlisle, Olin, Somalogic, and Nordson.

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Snap initiated with a Reduce rating at HSBC

HSBC initiated coverage on Snap (NYSE:SNAP) with a Reduce rating and a price target of $7.50. As a result, shares fell more than 1% pre-market today.

The bank stated that due to the increasing gulf in content, user engagement, advertising solutions, and financial resources between Snap and other leading social media platforms, a successful turnaround of Snap's core advertising business is unlikely.

4 analyst downgrades

Jefferies downgraded Carlisle Companies (NYSE:CSL) to Hold from Buy and cut its price target to $290.00 from $325.00, as reported in real-time on InvestingPro.

Wells Fargo downgraded Olin (NYSE:OLN) to Equal Weight from Overweight and cut its price target to $50.00 from $65.00. Shares fell more than 1% pre-market today.

Canaccord Genuity downgraded Somalogic (NASDAQ:SLGC) to Hold from Buy and cut its price target to $2.50 from $5.00.

Given the recent inconsistent financial performance, transitional nature of the company's leadership team and competitive headwinds from companies such as Olink, we maintain a reduced level of conviction in SomaLogic's ability to penetrate its market opportunity in the near term. Thus, we believe the shares offer limited upside potential in the next 12 months.

Nordson (NASDAQ:NDSN) shares fell more than 1% pre-market today after Jefferies downgraded the company to Hold from Buy and cut its price target to $240.00 from $260.00.

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