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Rosenblatt downgraded Apple (NASDAQ:AAPL) to Neutral from Buy with a price target of $198.00, following the company’s mixed Q3 results, highlighted by EPS/revenue beat but weaker iPhone sales. As a result, shares fell more than 4% on Friday.
The firm noted that Apple’s recent quarterly performance indicates a slowing phase.
The uncertainty regarding when this new product will arrive and its potential success makes the stock less appealing, given it is now trading at near-peak absolute and relative multiples.
Amazon.com (NASDAQ:AMZN) earned two upgrades following better-than-expected Q2 results and strong guidance, which drove the share more than 8% on Friday.
Exane BNP Paribas upgraded the company to Neutral from Underperform with a price target of $140.00.
Meanwhile, Rosenblatt upgraded to Buy from Neutral and raised its price target to $184.00 from $111.00.
Rosenblatt’s previous worries that Street expectations were overly positive have abated. With the company shifting its focus towards efficiency in retail and AI becoming a key factor in cloud services, the potential economic challenges seem less concerning. This opens up opportunities for higher multiple consumer growth stories.
Cloudflare (NYSE:NET) shares fell more than 2% premarket today after Guggenheim downgraded the company to Sell from Neutral with a price target of $50.00, as reported in real time on InvestingPro.
Despite a slight improvement in Q2/23 earnings, which resulted in a share price surge of more than 6% on Friday, Guggenheim doesn’t expect this trend to continue into the latter half of the year. According to the firm, meeting the expectations, as guided, will be challenging unless the overall economic environment, which the company’s management described as a “grind”, sees significant improvement.
CFRA downgraded General Motors (NYSE:GM) to Strong Sell from Hold and cut its price target to $28.00 from $40.00.
Piper Sandler upgraded Monster Beverage (NASDAQ:MNST) to Overweight from Neutral with a price target of $63.00 (from $60.00), expecting the company to continue to be well-positioned. As a result, shares gained more than 2% premarket today.
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