This post was originally published on this site
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades for Snowflake, MongoDB , Digital Turbine, and Annexon.
InvestingPro subscribers got these headlines in real time. Start your 7-day free trial.
Snowflake (NYSE:SNOW) was downgraded at two Wall Street firms after reporting its Q1 earnings, resulting in a share price drop of more than 16% yesterday, as InvestingPro reported in real-time. While Q1 results came in better than expected, the company’s outlook disappointed investors.
Rosenblatt downgraded the company to Neutral from Buy and cut its price target to $170.00 from $188.00, noting that storage headwinds slow the growth outlook.
In addition to the ongoing deal scrutiny and cloud optimization, older clients are re-evaluating data retention policies. As a result, these clients are reducing their storage requirements, which affects Snowflake’s storage revenue and compute activity.
Meanwhile, Wolfe Research downgraded the company to Peerperform from Outperform.
MongoDB (NASDAQ:MDB) shares fell more than 3% pre-market today after Guggenheim downgraded the company to Sell from Neutral while raising its price target to $210.00 from $205.00.
The company is set to report its Q1/24 earnings on June 1. Street estimates stand at $0.18 for EPS and $347.67 million for revenues.
Roth/MKM downgraded Digital Turbine (NASDAQ:APPS) to Neutral from Buy and cut its price target to $10.00 from $15.00 on growth concerns and profit erosion.
Shares plummeted more than 42% yesterday after the company reported a Q4 EPS miss and provided its Q1/24 guidance, which came in worse than the Street estimates.
BofA Securities downgraded Annexon (NASDAQ:ANNX) to Neutral from Buy and cut its price target to $3.00 from $8.00.
Shares plunged more than 59% yesterday after the company reported mixed topline results from its ARCHER Phase 2 trial of ANX007 in patients with geographic atrophy (GA).
Get a leg up on the market: Always be the first to know with InvestingPro.
Start your free 7-day trial now.
