© Reuters. Today’s most important downgrades
By Davit Kirakosyan
Baird downgraded Airbnb Inc (NASDAQ:) to Neutral from Outperform and lowered its price target to $100 from $120. While maintaining a positive long-term view on the company’s shares and the secular shift to online rentals, near term, the analysts are more concerned about risks to discretionary travel spend/ADRs from inflationary and recessionary pressures, along with potential disruptions to bookings from all-in pricing beginning next month.
Baird downgraded Carvana Co (NYSE:) to Neutral from Outperform with a price target of $7.00, noting it has been wrong with its rating, but now aligning valuation more closely with its already-cautious research/data checks and recession scenarios. Furthermore, the analysts mentioned that they have more concern around the company’s ability to reduce overhead/operating expenses as quickly as needed. Shares fell more than 3% today.
Wells Fargo downgraded Expeditors International (NASDAQ:) to Underweight from Equal Weight with a price target of $95.00.
JPMorgan downgraded Century Communities Inc (NYSE:) to Underweight from Overweight and adjusted its price target to $48.00 from $47.50.
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