© Reuters. Today’s Most Important Downgrades
By Davit Kirakosyan
Morgan Stanley downgraded Stanley Black & Decker Inc (NYSE:) to Equal Weight from Overweight and lowered its price target to $82 from $110, given a softened market, recent de-rating, and price/cost risks. “Following a strong pull-forward in demand during 2021, SWK’s Tools & Outdoor segment is expected to see a slowed demand environment in the near future along with compressed margins,” commented the analysts.
Atlantic Equities downgraded Fiserv (NASDAQ:) to Neutral from Overweight and lowered its price target to $105.00 from $130.00, highlighting that shares trade at a significant premium to peers, the company’s long-term targets for Clover look too aggressive and its 3x leverage could weigh on estimates.
Citi downgraded Pioneer Natural Resources (NYSE:) to Neutral from Buy and lowered its price target to $240.00 from $257.00. While the analysts continue to view the company as having an advantaged inventory position, they mentioned that recent modeling changes suggest upside from here will be limited. Furthermore, the analysts highlighted the expiration of Pioneer’s primary frac contract at year-end and the need to reprice in a tight market.
Truist Securities downgraded Howmet Aerospace Inc. (BMV:) to Hold from Buy and lowered its price target to $31.00 from $43.00. Shares were down 3% intra-day today.
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