© Reuters. Today’s most important downgrades
Dominion Resources, Inc. (D) shares plunged more than 6% today after JPMorgan downgraded the company to Neutral from Overweight and lowered its price target to $76.00 from $83.00 as a strategic review “clouds outlook.”
Costco Wholesale (COST) shares fell more than 2% in the morning after Wells Fargo downgraded the company to Equal Weight from Overweight and lowered its price target to $490.00 from $600.00, seeing “brewing headwinds to momentum.”
Berenberg downgraded shares of Estee Lauder (EL) to Hold from Buy and lowered its price target to $220 from $323, noting limited visibility and the pace of recovery. The company reported its Q1 results last week, noting that organic sales fell 5% year-over-year. The company blamed the weak sales performance on the ongoing Covid restrictions in China.
Deutsche Bank downgraded Adient (ADNT) to Hold from Buy with a price target of $39.00 after Friday’s run-up in the stock on Q3 beat, as it believes the company’s 2023 outlook is largely dependent on uncertain industry volume recovery, and that any earnings upside seems now largely priced in.
By Davit Kirakosyan
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