Fly Intel: Top five analyst downgrades

Catch up on today’s top five analyst downgrades with this list compiled by The Fly:

1. Intel (INTC) downgraded to Underperform from Neutral at BofA with analyst Vivek Arya saying he is concerned that the company offered no plan or update on fixing its manufacturing challenges and also saw sales mix pressure as demand shifted to more competitive cloud and consumer markets, away from its “profitable” PC and server markets.

2. Fastly (FSLY) downgraded to Underweight from Neutral at Piper Sandler with analyst James Fish saying despite the pullback in shares in the last week, the market “is still not factoring enough risk.”

3. Philip Morris (PM) downgraded to Hold from Buy at Argus with analyst Kristina Ruggeri saying the company “appears to” lose market share in traditional cigarettes faster than it is gaining share in heated tobacco, while its balance sheet also looks “concerning.”

4. Kroger (KR) downgraded to In Line from Outperform at Evercore ISI with analyst Michael Montani saying investors who want to play grocery move Kroger profits into Albertsons, on which he has an Outperform rating.

5. Allscripts (MDRX) downgraded to Underweight from Neutral at JPMorgan with analyst Anne Samuel saying she sees a lack of sales growth drivers noting the company has sold off some of its faster growing businesses. This list is just a portion of The Fly’s full analyst coverage.
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