© Reuters 3 Downgrades of Note
By Davit Kirakosyan
Today, several brokerages downgraded the shares of three companies, including Cisco (NASDAQ:), Micron Technology (NASDAQ:), and Sotera Health Co (NASDAQ:). Below, we provided the details for each downgrade:
Barclays downgraded Cisco to Equalweight from Overweight and lowered its price target to $46.00 from $56.00. According to the analysts, the company doubled its cloud business relative share from 2019 to 2021, but has since stalled. The analysts believe the move to a more software-based model has been slow, and product backlog growth has been a negative impact. Furthermore, the analysts see the company more vulnerable to macro and enterprise risks.
Mizuho Securities downgraded Micron Technology to Neutral from Buy and lowered its price target to $56.00 from $75.00 as its recent checks show steepening price declines into Dec-quarter and H1/23. Moreover, the analysts noted that key data center/server markets are starting to show weakness, with softening demand in China/Europe and slowing CPU/GPU ramps.
JPMorgan downgraded Sotera Health to Underweight from Overweight and lowered its price target to $9.00 from $26.00.
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