Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Virgin Galactic (SPCE) double-downgraded to Underperform from Buy at BofA with analyst Ronald Epstein contending that the premium is already priced into the stock and will dwindle as more commercial space companies go public. 2. Ceridian (CDAY) downgraded to Underweight from Equal Weight at Barclays with analyst Raimo Lenschow saying in comparison to other human resource names, namely Paycom (PAYC) and Workday (WDAY), it has the lowest adjusted growth rate. 3. AppLovin (APP) double-downgraded to Underweight from Overweight at Morgan Stanley with analyst Brian Nowak saying the stock has risen 57% in the past two months following Q1 results and he now thinks the market may be overvaluing AppLovin’s first-party game business that contributes about 85% of revenue and its third-party network that accounts for the other 15%. 4. Sempra Energy (SRE) downgraded to Neutral from Buy at BofA with analyst Julien Dumoulin-Smith citing what he calls “a more subdued utility earnings profile and a moderation of timing expectations for the novel Infrastructure segment.” 5. Vaxart (VXRT) downgraded to Neutral from Buy at B. Riley with analyst Mayank Mamtani seeing an “elevated uncertainty” with the company’s path to market. 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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