© Reuters Today’s most important downgrades
By Davit Kirakosyan
Bernstein downgraded Salesforce Inc (NYSE:) to Underperform from Market Perform and lowered its price target to $119.00 from $134.00, noting it sees the company’s stock experiencing “a lot more pain” amid “numerous catalysts that may drive a lower multiple.” The firm sees the company as overpriced against peers, as it has a similar growth rate but lower margins and lower-quality earnings.
BofA Securities downgraded Coinbase Global Inc. (NASDAQ:) to Underperform from Neutral and cut its price target to $35.00 from $50.00 as a result of the firm’s analysis of Q4 crypto transaction volume data. The move was also fueled by the “murky at best” crypto outlook for 2023, which is evident by the most recent job cuts announced by Coinbase yesterday.
JPMorgan downgraded Xpeng Inc (NYSE:) to Neutral from Overweight and cut its price target to $9.00 from $11.00.
Citi downgraded Levi Strauss & Co. (NYSE:) to Neutral from Buy and cut its price target to $17.00 from $19.00. The firm believes that, while Levi is still considered a strong brand, in the near to medium term it expects a challenging US backdrop characterized by weaker denim trends to pressure results.
JPMorgan downgraded CarMax (NYSE:) to Underweight from Neutral with a price target of $60.00. While the firm believes the company is likely to be a long-term share gainer in the used car market and sees investments over the last three years ultimately bearing fruits, it mentioned that the path to realizing this potential continues to get pushed out, making it difficult to discount the timing and magnitude of normalized margins.
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