Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Snap (SNAP) downgraded to Neutral from Buy at BofA, with analyst Justin Post saying he still expects the company to beat on Q1 results and accelerate growth in Q2, but is reducing his forward sales estimate multiple to 20-times from 23-times to reflect the higher interest rate outlook and expects the stock to trade range-bound. 2. Five Below (FIVE) downgraded to In Line from Outperform at Evercore ISI, with analyst Michael Montati noting that the stock is up about 70% from pre-COVID levels versus the S&P being up 25%, and believes much of the good news is reflected. 3. Wendy’s (WEN) downgraded to Hold from Buy at Argus, with analyst John Staszak saying he believes that traffic at Wendy’s will remain “relatively weak” over the near term due to the pandemic and also notes that its debt to capital ratio has risen to 80% by the end of Q4 of last year. 4. Elanco (ELAN) downgraded to Hold from Buy at Gabelli, with analyst Kevin Kedra saying the company on March 19 responded to a request by the chair of the House subcommittee on Economic and Consumer Policy to recall the Seresto flea/tick collar from the market. 5. B&G Foods (BGS) downgraded to Neutral from Overweight at Piper Sandler, with analyst Michael Lavery saying he does not see upside to the current valuation and believes commodity price inflation could drive cost headwinds in the second half of 2021 and 2022. 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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