Snap initiated with Reduce rating at HSBC: 5 big analyst cuts

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Here is your Pro Recap of the biggest analyst cuts you may have missed since Friday: a Reduce initiation at Snap, and downgrades at Carlisle, Olin, Somalogic, and Nordson.

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HSBC initiated coverage on Snap (NYSE:SNAP) with a Reduce rating and a price target of $7.50. As a result, shares fell more than 1% pre-market today.

The bank stated that due to the increasing gulf in content, user engagement, advertising solutions, and financial resources between Snap and other leading social media platforms, a successful turnaround of Snap’s core advertising business is unlikely.

Jefferies downgraded Carlisle Companies (NYSE:CSL) to Hold from Buy and cut its price target to $290.00 from $325.00, as reported in real-time on InvestingPro.

Wells Fargo downgraded Olin (NYSE:OLN) to Equal Weight from Overweight and cut its price target to $50.00 from $65.00. Shares fell more than 1% pre-market today.

Canaccord Genuity downgraded Somalogic (NASDAQ:SLGC) to Hold from Buy and cut its price target to $2.50 from $5.00.

Nordson (NASDAQ:NDSN) shares fell more than 1% pre-market today after Jefferies downgraded the company to Hold from Buy and cut its price target to $240.00 from $260.00.

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