© Reuters. Today’s most important downgrades
By Davit Kirakosyan
Restoration Hardware (NYSE:) shares fell more than 7% today after Goldman Sachs downgraded the company to Sell from Neutral and lowered its price target to $215.00 from $227.00. The analysts believe that, while the backlog will continue to offset demand weakness for the next few quarters, the benefit is unlikely to continue for the whole of 2023.
BofA Securities downgraded Allogene Therapeutics Inc (NASDAQ:) to Underperform from Buy and lowered its price target to $9.00 from $24.00 due to lack of catalysts and decreased competitiveness of ALLO-715 in the BCMA CART category. Shares plunged more than 8% today.
Wells Fargo downgraded Qualcomm (NASDAQ:) to Underweight from Equal Weight with a price target of $105.00. Until investors are convinced a trough in the chip cycle is reached, the analysts believe shares of companies with high smartphone exposure should underperform the broader chip sector.
Piper Sandler downgraded Accenture plc (NYSE:) to Underweight from Neutral with a price target of $268.00 given a challenged tech spend environment for 2023. “While the company may have good 1Q results/reiterate FY23 targets, we expect management to have an increased tone of caution,” added the analysts.
BofA Securities downgraded Spire (NYSE:) to Underperform from Neutral and lowered its price target to $61.00 from $78.00 following the recent material EPS guidance miss and rebase of expectations.
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