7 analyst cuts of the day: Fox cut down at BofA | Pro Recap

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Investing.com — Here is your daily Pro Recap of the biggest analyst downgrades and sell initiations you may have missed since yesterday.

BofA Securities downgraded Fox (NASDAQ:FOXA) to Neutral from Buy and cut its price target to $34.00 from $42.00.

Shares were down more than 2% yesterday.

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A new analyst at UBS assumed coverage on Medtronic (NYSE:MDT) with a Sell rating and $79 price target, noting it lacks conviction that the company can return to sustainable mid-single-digit top-line growth and drive consistent operating margin upside, despite the company’s ongoing transformation.

CFRA initiated coverage on Xpeng (NYSE:XPEV) with a Sell rating and a price target of $8.00.

While the firm expects XPeng’s revenue momentum to sustain, driven by rising demand for electric vehicles, it believes competition will rise aggressively in the next 2-3 years, given more traditional brands (e.g., Toyota, Volkswagen, and Ford) are rapidly rolling out their respective EV models, as well as threats from well-established Chinese EV brands (e.g., Li Auto, BYD, and Geely).

“We expect relatively small players like XPeng to face difficulties in expanding market share organically after the pent-up demand tapers. This becomes additionally challenging as industry peers are cutting prices to boost sales volume,” said the firm.

Morgan Stanley downgraded Ciena (NYSE:CIEN) to Equalweight from Overweight and cut its price target to $57.00 from $59.00.

Meanwhile, Raymond James upgraded the stock to Strong Buy on the expected new market entry. Shares rose more than 4% yesterday.

Société Générale downgraded Merck (NYSE:MRK) to Hold from Buy.

BofA Securities downgraded iHeartMedia (NASDAQ:IHRT) to Underperform from Neutral and cut its price target to $4.00 from $6.50. Shares plunged more than 11% yesterday.

Goldman Sachs downgraded Delek US Energy (NYSE:DK) to Neutral from Buy and cut its price target to $24.00 from $36.00.