Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Moody’s (MCO) downgraded to Neutral from Buy at UBS with analyst Alex Kramm saying following two years of “outsized” debt issuance levels, the analyst is “increasingly concerned” that the medium-term outlook “can only soften from here.” 2. Santander Consumer (SC) downgraded to Hold from Buy at Deutsche Bank with analyst Meng Jiao saying upside potential in the shares is “capped given the overhang” of the nonbinding proposal for SHUSA, Santander Consumer’s majority shareholder, to acquire all outstanding common shares for $39 per share. 3. Altice USA (ATUS) downgraded to Outperform from Strong Buy at Raymond James with analyst Frank Louthan believing leverage will remain the biggest risk to Altice shares, along with lower top line growth, until advertising returns to full strength and fiber build penetration is further along. 4. CyrusOne (CONE) downgraded to Hold from Buy at Truist with analyst Greg Miller citing the surprise separation of Bruce Duncan only one year after he was appointed as CEO. 5. Cirrus Logic (CRUS) downgraded to Neutral from Buy at BofA with analyst Vivek Arya saying while he likes Cirrus’ pipeline, plans for broadening into Android phones and laptops, and content gain opportunities from its Lion acquisition, the company’s announcement of FY23 pricing and cost pressures suggests earnings growth is likely to remain muted and below semis industry growth. 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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