Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Cerence (CRNC) downgraded to Market Perform from Outperform at Raymond James with analyst Brian Gesuale saying while he is comfortable with estimates for FY21 and sees upside, the analyst believes expectations for growth above market, connected revenue, and prepaid license revenue estimates in FY22 have shifted from being conservative over the past 12-months to being more reflective or even slightly optimistic of reality. 2. Phibro Animal Health (PAHC) downgraded to Underweight from Equal Weight at Barclays with analyst Balaji Prasad saying the stock’s 50% rally year-to-date is “disconnected from fundamentals, which are yet to improve.” 3. Alkaline Water (WTER) downgraded to Sell from Hold at Canaccord with analyst Luke Hannan believing the recent share price appreciation is overdone. 4. Masco (MAS) downgraded to Underweight from Neutral at JPMorgan with analyst Michael Rehaut saying he anticipates a lack of catalysts over the near to medium term to result in limited upside in terms of its multiple. 5. Energy Recovery (ERII) downgraded to Market Perform from Outperform at Raymond James with analyst Pavel Molchanov no longer seeing sufficient upside to encourage investors to keep accumulating the stock and feels the risk/reward looks fairly balanced. This list is just a portion of The Fly’s full analyst coverage. To see The Fly’s full Street Research coverage,
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