© Reuters. Today’s most important downgrades
By Davit Kirakosyan
Stitch Fix (NASDAQ:) shares plunged around 9% today after JPMorgan downgraded to Underweight from Neutral. The analysts recognize investor expectations are low, but they think 2023 could be another tough year as macro potentially becomes an even greater headwind to apparel spend, and remain skeptical on the ability of Freestyle to drive new client acquisition at scale. According to JPMorgan, there is risk active clients and revenue do not return to growth in fiscal 2024.
JPMorgan downgraded Yelp (NYSE:) to Underweight from Neutral and lowered its price target to $23.00 from $34.00. Shares closed around 4% lower today.
CFRA downgraded General Mills (NYSE:) to Sell from Hold and lowered its price target to $74.00 from $80.00. Share plunged more than 4% today despite the company’s Q2 beat and raised guidance.
Deutsche Bank downgraded Spirit Airlines (NYSE:) to Hold from Buy and lowered its price target to $24.00 from $27.00.
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