© Anthony Behar/Sipa USA via Reuters Connect
Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday.
As always, InvestingPro users got this news in real time.
Microsoft downgraded to Neutral ahead of the Q3 announcement
Exane BNP Paribas downgraded Microsoft (NASDAQ:MSFT) to Neutral from Outperform. Shares fell more than 1% yesterday.
The company is set to report its Q3/23 earnings today after the market close. Street estimates stand at $2.24 for EPS and $51.12 billion for revenues.
Opendoor Technologies downgraded at Wedbush, shares plunge
Wedbush downgraded Opendoor Technologies (NASDAQ:OPEN) to Neutral from Outperform and cut its price target to $1.70 from $3.50.
Shares fell around 8% yesterday and are trading more than 1% lower premarket today.
In order for the company's iBuying business to succeed, product availability and access to financing for iBuyers and their retail customers are crucial, according to Wedbush. However, the current market is facing challenges such as a shortage of existing home inventories, tightening credit standards for corporations, and reduced consumer mortgage credit availability. The firm stated that while these factors may improve at some point, there is no immediate catalyst to counteract these headwinds in the near future.
For the upcoming Q1/23 results, scheduled on May 4, Wedbush sees sales decline of 51% year-over-year to $2.6B.
4 more cuts
Goldman Sachs downgraded PDD Holdings (NASDAQ:PDD) to Neutral from Buy. Shares are down more than 3% premarket today.
Jefferies downgraded Capri (NYSE:CPRI) to Hold from Buy and cut its price target to $45.00 from $58.00.
CFRA downgraded Teradyne (NASDAQ:TER) to Sell from Hold. The company is set to report its Q1/23 earnings tomorrow after the market close.
HighPeak Energy Acquisition (NASDAQ:HPK) shares fell more than 5% yesterday after Truist Securities initiated coverage on the company with a Sell rating and a price target of $10.00.