4 Big Analyst Cuts: Presenting your Comprehensive Recap of the Most Noteworthy Analyst Revisions You Might Have Overlooked Since Yesterday: Diminished Ratings for Target, Certara, Xcel Energy, and Evercore Partners.
Target’s Rating Downturn Post Q2 Earnings Announcement
In a real-time update on InvestingPro, Daiwa Securities lowered Target’s (NYSE:) rating from Outperform to Neutral and adjusted its price projection to $134.00, a reduction from the previous $163.00.
During the preceding week, the corporation divulged its Q2 financial results, showcasing an EPS of $1.80, which surpassed the consensus forecast of $1.47. Nonetheless, the revenue of $24.8 billion fell short of the projected figures.
Adding to this, the company revised its 2024 EPS guidance, revising the range to $7.00-8.00 from the prior estimate of $7.75-8.75. Analysts had widely anticipated a guidance adjustment from Target, and the actual revision was perceived by the market as being less severe than feared.
Certara Experiences a Reduction in Rating by Jefferies
Pre-market trading saw a decline of over 1% in Certara (NASDAQ:) shares today after Jefferies lowered the rating from Buy to Hold. Additionally, the price target was adjusted to $17.00 from the previous $24.50.
Jefferies highlighted persistent challenges within the Reg Services segment and identified new obstacles in the Biosim sector. These factors combine to diminish the likelihood of growth for Certara in 2024.
Jefferies also noted, “Changes in the sales force and turnover in Reg Services and Sales leadership point to unresolved strategic issues. Although management indicated an anticipated softness in 2Q demand, the actual ~25% bookings shortfall exceeded expectations, marking a sudden deviation from CERT’s 1Q update.”
Two More Instances of Rating Downgrades
Prior to the market’s opening, Xcel Energy (NASDAQ:) experienced a decline of more than 1% in its share value as BofA Securities downgraded the company’s rating from Buy to Neutral. The price target was also adjusted from $72.00 to $60.00.
Similarly, Goldman Sachs modified the rating for Evercore Partners (NYSE:) from Buy to Neutral. Additionally, the price target was revised from $158.00 to $140.00.
