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Today’s Analyst Stock Downgrades of Note:
RBC Capital downgraded Lyft (NASDAQ:LYFT) from Outperform to Sector Perform with a price target of $16 (from $30), saying competitive intensity is increasing due to Uber’s (NYSE:UBER) structural advantages over Lyft. Shares fell 9% today.
Cantor Fitzgerald downgraded Shift Technologies (NASDAQ:SFT) from Overweight to Neutral with a price target of $0.90 (from $2.50) on faster used car price declines, higher auto rates, and uncertainty about the CarLotz merger and its ability to be cash flow positive. Shares closed down 7% today.
JPMorgan downgraded Principal Financial Group (NASDAQ:PFG) from Neutral to Underweight with a price target of $72 (from $69), citing “near-term headwinds facing the asset management business, long-term challenges in the DC business, and concerns about optimistic consensus EPS forecasts.” Shares fell 3% today.
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