© Reuters. Today’s most important downgrades
By Davit Kirakosyan
MongoDB (NASDAQ:) shares fell more than 8% today after Morgan Stanley downgraded the company to Equalweight from Overweight and lowered its price target to $215.00 from $368.00 as it sees increased uncertainty. While in the long-term the company remains one of Morgan Stanley’s “favorite long term growth stories in software”, in the near term they are increasingly concerned about tightening IT budgets, as well as the outlook for growth and margins.
Barclays downgraded Restoration Hardware (RH (NYSE:)) to Equalweight from Overweight and lowered its price target to $243.00 from $328.00 based on a weakening housing cycle that it believes will have a trickle-down impact on home furnishing spending over the next 12 to 24 months and high-end wallet pressure. Shares fell more than 4% today.
Cowen downgraded Peloton Interactive (NASDAQ:) to Market Perform from Outperform with a price target of $12.00 on challenging post-pandemic trajectory and demand uncertainty amid turnaround effort. Shares were down more than 5% today.
Evercore ISI downgraded Extra Space Storage (NYSE:) to Underperform from In Line and lowered its price target to $150.00 from $162.00.
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