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Roth/MKM downgraded Plug Power (NASDAQ:PLUG) to Neutral from Buy and cut its price target to $7.50 from $13.00, as reported in real time on InvestingPro.
Shares plunged more than 15% yesterday after the company reported weaker-than-expected profit numbers for Q2.
According to Roth/MKM, the challenges with gross margin in Q2 are not poised for quick resolution, indicating significantly higher cash requirements for plant commissioning.
Wolverine World Wide (NYSE:WWW) received three downgrades following the company’s Q2 report. Shares plunged more than 25% yesterday after the U.S. footwear maker lowered its full-year revenue and margin forecast, citing the impact of a slowdown in wholesale demand.
Exane BNP Paribas downgraded the company to Neutral from Outperform and cut its price target to $9.00 from $22.00. Williams Trading downgraded to Hold from Buy and cut its price target to $12.00 from $23.00.
Meanwhile, Seaport Global Securities downgraded the stock to Neutral from Buy, noting they lost confidence in their prior thesis of the company getting to a 12% operating margin.
Citi downgraded Cano Health (NYSE:CANO) to Neutral from Buy and cut its price target to $0.80 from $4.00.
Cano Health (NYSE:CANO) saw its shares plummet by more than 42% pre-market today after the company reported a Q2 miss, issued a going concern warning and announced that it is exploring a potential sale.
Stanley Black & Decker (NYSE:SWK) shares fell more than 1% pre-market today after Wolfe Research downgraded the company to Underperform from Peerperform with a price target of $94.00.
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