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Wolfe Research downgraded World Wrestling Entertainment (NYSE:WWE) to Peer Perform from Outperform and removed the $111 price target.
Shares are up about 25% since late December when it first emerged that Vince McMahon, the founder and majority shareholder of the business, will return to lead the company. Despite the positive stock reaction, the firm argues that McMahon’s return and Stephanie McMahon’s resignation as co-CEO add risk.
“Adding to our perception of instability is the return to the Board of Directors of prior Co-Presidents George Barrios and Michelle Wilson who resigned in Jan. ’20. Stephanie McMahon’s resignation and the Board’s formal resistance to Vince’s return indicate serious stress,” added the firm.
Bernstein downgraded Edwards Lifesciences (NYSE:EW) to Underperform from Market Perform and cut its price target to $66 from $95, noting it believes U.S. TAVR market growth could remain sluggish for a while, as well as Medtronic (NYSE:MDT) will take share from Edwards.
The firm forecasts less than 7% organic growth for Edwards Lifesciences in 2023, declaring that “there are no big TAVR or TMTT catalysts that can save the stock in the near term.”
In addition, the analysts feel that the company’s guidance for 2023 seems optimistic, and the CEO transition adds a bit of uncertainty.
CFRA downgraded Dollar Tree (NASDAQ:DLTR) to Sell from Hold and cut its price target to $135.00 from $156.00.
Goldman Sachs downgraded Invitae Corporation (NYSE:NVTA) to Sell from Neutral with a price target of $2.00. Shares closed more than 4% lower today.
Macquarie downgraded Paramount Global (NASDAQ:PARA) to Underperform from Neutral with a price target of $15.00, noting that ad exposure is highest in the peer group at 35% of sales, and ad revenues will likely be firmly negative in Q4 and 2023.
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