Fly Intel: Top five analyst downgrades

Catch up on today’s top five analyst downgrades with this list compiled by The Fly: 1. ArcelorMittal (MT) downgraded to Sector Weight from Overweight at KeyBanc with analyst Philip Gibbs citing the firm’s view of limited prospective positive catalysts and a pending downturn in global spot steel metal spreads amid rising costs, telling investors in a research note that the global restocking cycle has run its course and the automotive cycle, which represents 20%-25% of sales, has become uneven. 2. Avis Budget (CAR) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Billy Kovanis saying the company is facing “peak” cyclical earnings and has a negative risk/reward at current valuation. 3. Northern Oil and Gas (NOG) downgraded to Neutral from Buy at BofA with analyst Doug Leggate continuing to believe oil prices at the front of the curve “will remain well supported.” 4. Wayfair (W) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Simeon Gutman seeing the possibility of home furnishings category declines in both 2022 and 2023 leading to declining near term sales and negative profit implications for Wayfair. 5. Burlington Stores (BURL), Ross Stores (ROST) and TJX (TJX) all downgraded to Hold from Buy at Loop Capital. 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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