© Reuters. Today’s most important downgrades
By Davit Kirakosyan
The Charles Schwab Corp (NYSE:) shares plunged 6% today after BofA Securities downgraded the company to Underperform from Buy and cut its price target to $75.00 from $92.00 given the potential for continued elevated client cash sorting in H1/23, as well as an end to the Fed’s interest rate hiking cycle by this summer.
The company reported and revenue miss, which resulted in a share price drop of more than 2% yesterday.
Roblox Corp (NYSE:) shares dropped more than 6% today after Morgan Stanley downgraded the company to Underweight from Equal-weight and lowered its price target to $24 from $27.50. According to the firm, the H1 bookings reacceleration looks priced in, with more mixed catalysts ahead as it expects slower growth in H2 and minimal upside from advertising in the near term.
CFRA downgraded Alcoa (NYSE:) to Hold from Buy. Shares closed more than 7% lower after the company reported a Q4 EPS miss.
Williams Trading downgraded VF Corp. (NYSE:) to Sell from Hold. Shares closed more than 5% lower today.
JMP Securities downgraded Intellia Therapeutics (NASDAQ:) to Market Perform from Market Outperform. Shares plunged more than 7% lower today.
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