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https://i-invdn-com.investing.com/news/LYNXNPEB8K0RO_M.jpgHere is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades for Shopify, XPeng, Caleres, and Dish Network.
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Exane BNP Paribas downgraded Shopify (NYSE:SHOP) to Underperform from Neutral with a price target of $51.00, noting that weakening U.S. consumer spending on higher-priced items may limit the company’s growth outperformance.
The company saw demand surge during the pandemic, leading it to invest heavily in its order-fulfillment network. However, the brokerage mentioned that the boom has since waned, forcing Shopify to divest its logistics business and announce a significant restructuring and wave of staff cuts.
The company’s Q1 results remained resilient as a suite of new tools helped justify an uptick in its subscription fees. However, the brokerage expects the current quarter to be “noisy,” with the sale of the logistics arm causing a slight step down in revenue.
Barclays downgraded XPeng (NYSE:XPEV) to Underweight from Equalweight and cut its price target to $6.00 from $8.00. Shares plunged more than 5% premarket today adding to a 5% loss yesterday, which was followed by a Q1 earnings announcement.
Q1 EPS and revenues came in worse than the consensus estimates. The company delivered 18,230 EVs during the quarter.
Piper Sandler downgraded Caleres (NYSE:CAL) to Neutral from Overweight and cut its price target to $25.00 from $35.00.
The company is set to report its Q1/24 earnings on June 7. Street estimates stand at $1.23 for EPS and $700.68 million for revenue.
Citi downgraded Dish Network (NASDAQ:DISH) to Neutral from Buy and cut its price target to $8.00 from $18.00. Shares fell 4% premarket today followed by more than a 5% drop yesterday.
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