Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Chevron (CVX) downgraded to Sector Perform from Outperform at Scotiabank with analyst Paul Cheng saying although the market will likely be “pleasantly surprised” by the higher than expected unconventional production growth target outside Permian, the higher forecast is likely not sufficient enough to change the market’s overall view of Chevron. 2. Novartis (NVS) downgraded to Hold from Buy at Argus with analyst David Toung seeing the company’s revenue growth slowing while noting that its oncology portfolio also faces competition from generics. 3. Boingo Wireless (WIFI) downgraded to Hold from Buy at Jefferies with analyst Kyle McNealy saying given that the sale process had been ongoing since last February and interested buyers have had “ample time,” he thinks it’s “a lower probability event” that additional bids come in during the go-shop period. 4. MarineMax (HZO) downgraded to Neutral from Buy at B. Riley Securities with analyst Eric Wold saying he expects a “modest level of demand regression” this year and for the difficult year-over-year comparisons to become exacerbated in the second half of 2021. 5. Manitowoc (MTW) double downgraded to Underweight from Overweight at Barclays with analyst Adam Seiden citing valuation for the downgrade. 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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