Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Penn National (PENN) downgraded to Neutral from Outperform at Macquarie with analyst Chad Beynon saying the company’s lease adjusted leverage will still be 5.0 times at the end of 2022, which could be viewed as problematic in the event of a pandemic second wave or slowed demand. 2. Range Resources (RRC) downgraded to Sell from Neutral at Goldman Sachs with analyst Brian Singer saying Range has taken steps to address its “weak” balance sheet by selling royalty interests and should generate flat-to-modest production growth and “strong” free cash flow. 3. Stratasys (SSYS) downgraded to Neutral from Overweight at JPMorgan with analyst Paul Coster saying he expects a “slightly softer pivot” into 2021 given the “lingering impact” of the pandemic and uncertainty regarding the company’s intended go-to-market strategy for the new polymer-based strategy. 4. Coty (COTY) downgraded to Equal Weight from Overweight at Consumer Edge. 5. Nikola (NKLA) downgraded to Underperform from Neutral at Wedbush with analyst Daniel Ives saying he still believes the company’s electric vehicle and hydrogen fuel cell ambitions are attainable in the semi-truck market, but he has “serious concerns that the execution and timing of these ambitious goals stay on track over the coming years.” This list is just a portion of The Fly’s full analyst coverage. To see The Fly’s full Street Research coverage, (click here.):(http://thefly.com/streetResearch.php)
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