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While the firm believes AppLovin’s software business is well positioned to benefit from growth in the app economy, they think macro uncertainty, measured ad spend and lower visibility limits the upside to shares.
The stock dropped more than 4% today.
CFRA downgraded eBay (EBAY) to Hold from Buy and cut its price target to $48.00 from $50.00.
Shares fell more than 5% today despite the company posting better-than-expected Q4 EPS/revenues and strong guidance. The company also hiked its dividend by 13.6% to $0.25 per share, or $1 annualized, for an annual yield of 2.1%.
Credit Suisse downgraded NetApp (NTAP) to Neutral from Outperform and cut its price target to $70.00 from $83.00 following the second consecutive quarter of disappointing results. Total revenue was down 5% year-over-year and the firm believes it will be a few quarters before NetApp returns to growth.
The company reported its Q3 results yesterday, with EPS coming in better than the consensus estimates, while revenues missing expectations. Both Q4 and full 2023-year EPS guidance came in worse than the consensus estimates.
Following Graphite Bio Inc (GRPH) announcement to discontinue further development of nula-cel for SCD and to initiate a process for strategic alternatives, several analysts downgraded the company.
BofA Securities downgraded the stock to Underperform from Neutral with a price target of $2.00 (from $3.00), while Cantor Fitzgerald downgraded to Neutral from Overweight with a price target of $3.00. Cowen downgraded the company to Market Perform from Outperform.
BofA Securities and Exane BNP Paribas downgraded Lucid Group Inc. (LCID) following its latest earnings release, which revealed demand fell during the quarter.
Q4 revenue missed expectations by a wide margin, coming in at $257.7 million, compared to the consensus estimate of $329.21M. As a result, shares closed nearly 12% lower today.
BofA Securities downgraded the company to Neutral from Buy with a price target of $10.00 (from $18.00). Meanwhile, Exane BNP Paribas downgraded the stock to Neutral from Outperform.
Oppenheimer downgraded Unity Software (U) to Perform from Outperform following the Q4 results announcement.
Shares plunged more than 15% today after the company offered worse-than-expected revenue guidance for Q1 and the full 2023-year due to weaker in-game advertising market and macro factors.
Cantor Fitzgerald downgraded Root, Inc. (ROOT) to Neutral from Overweight and cut its price target to $6.00 from $22.00.
The company reported its Q4 results yesterday, with revenue of $71.3M missing the consensus estimate of $134.4M, while EPS of ($4.13) came in better than the consensus of ($4.78).
By Davit Kirakosyan
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