Catch up on today’s top five analyst downgrades with this list compiled by The Fly:
1. Beyond Meat (BYND) downgraded to Neutral from Buy at BTIG with analyst Peter Saleh saying he believes growth through the retail channel will not be enough to sustain the company’s growth rate and “hefty trading multiple” in 2021.
2. Shell Midstream (SHLX) downgraded to Equal Weight from Overweight at Barclays with analyst Theresa Chen saying her conversations with companies indicated production should be up in the Permian, Bakken, and Marcellus while other basins were flat to down quarter over quarter.
3. GlaxoSmithKline (GSK) downgraded to Underperform from Neutral at Credit Suisse with analyst Johanna Walton seeing multiple near-term and strategic challenges, including the CDC’s recommendation that Covid vaccines should not be co-administered with other vaccinations, including Glaxo’s key growth driver Shingrix, and limited upside versus peers.
4. Caterpillar (CAT) downgraded to Neutral from Buy at Citi with analyst Timothy Thein saying he still sees scope for upside in the stock, but not enough to warrant a Buy rating.
5. Ceragon Networks (CRNT) double-downgraded to Underperform from Buy at Needham with analyst Alex Henderson saying while he remains positive on the company’s fundamentals, he believes that it will underperform the broader market over the next 12 months.
This list is just a portion of The Fly’s full analyst coverage. To see The Fly’s full Street Research coverage,Click Here!
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