© Reuters. Today’s Most Important Downgrades
By Davit Kirakosyan
UBS downgraded Venator Materials (NYSE:) to Sell from Neutral and lowered its price target to $0.65 from $2.05, as it believes mounting pressure from declining TiO2 demand, higher cost structure, and weak FCF weigh on the stock. Shares plunged 8% today after the company warned of sales weakness in Q3.
Silvergate Capital (NYSE:) shares dropped more than 6% today after Wells Fargo downgraded the company to Underweight from Overweight and lowered its price target to $70 from $115 as the company’s asset base and earnings per share “continue to shrink.” The analysts believe the company’s growth outlook as a pure-play crypto banking solution is significantly limited in the current environment.
UBS downgraded Splunk (NASDAQ:) to Neutral from Buy and lowered its price target to $86.00 from $125.00. Shares were down more than 4% today. The analysts mentioned they found several other sources of pressure (other than “macro”, pinned by the company) for the root cause of Splunk’s recent $250 million 2023 ARR guidance cut.
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