© Reuters Today’s Most Important Downgrades
By Davit Kirakosyan
Wedbush downgraded Poshmark Inc (NASDAQ:) to Neutral from Outperform with a price target of $17.50 following the acquisition announcement by Naver Corp. According to the announcement, Naver Corp and Poshmark have entered into a definitive agreement, under which Naver will acquire all of the outstanding shares of Poshmark for $17.90, representing an enterprise value of approximately $1.2 billion. As a result, Poshmark shares gained 13% today.
Paramount Global (NASDAQ:) was downgraded to Equal Weight from Overweight with a price target of $19.00, as it is increasingly worried about the linear ecosystem across Media.
BofA Securities downgraded Membership Collective Group Inc (NYSE:) to Underperform from Buy with a price target of $4.00, and Sportradar Group AG (NASDAQ:) to Underperform from Neutral with a price target of $8.00 (from $14.00). The downgrades were primarily due to (1) International / European exposures and (2) operating/inflationary headwinds that may pressure 2023 estimates.
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