Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. Rackspace Technology (RXT) downgraded to Equal Weight from Overweight at Barclays with analyst Ramsey El-Assal saying he sees decreasing visibility to the normalized profile of the business as the company transitions its model, particularly regarding margins. 2. ContextLogic (WISH) downgraded to Perform from Outperform at Oppenheimer with analyst Jason Helfstein saying Q2 results highlighted structural headwinds that could hinder growth for several quarters. 3. Root (ROOT) downgraded to Equal Weight from Overweight at Wells Fargo and downgraded to Hold from Buy at Truist. 4. Cricut (CRCT) downgraded to Neutral from Buy at Goldman Sachs with analyst Rod Hall saying the economy re-opening has driven a more rapid decline in engagement that he had been forecasting. 5. SmileDirectClub (SDC) downgraded to Peer Perform from Outperform at Wolfe Research with analyst Steve Beuchaw saying he sees “no clear pathway” for customer acquisition spend trends to improve, which raises profitability and liquidity concerns. 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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