© Reuters. Today’s Most Important Downgrades
By Davit Kirakosyan
Credit Suisse downgraded Fox Corp (NASDAQ:) to Neutral from Outperform and lowered its price target to $36.00 from $41.00. Shares plunged more than 9% intra-day today following the company’s announcement, according to which its Board of Directors has formed a Special Committee composed of independent members of the Board to begin exploring a potential combination with News Corporation, following the receipt of letters from K. Rupert Murdoch and the Murdoch Family Trust.
Northcoast Research downgraded Kroger (NYSE:) to Neutral from Buy. The company announced today it has agreed to buy Albertsons Companies (NYSE:) for $34.10 per share, valuing the deal at $24.6 billion.
Deutsche Bank downgraded XPO Logistics (NYSE:) to Hold from Buy and lowered its price target to $50.00 from $78.00, reflecting lackluster service improvement off 2021 low levels, which makes volume and profit resiliency more difficult in the near/medium term.
Goldman Sachs downgraded Opendoor Technologies (NASDAQ:) to Sell from Neutral and lowered its price target to $2.00 from $7.00, noting that ongoing U.S. housing weakness through 2023 should depress earnings power, limiting share price upside.
CFRA downgraded Continental Resources (NYSE:) to Hold from Buy and lowered its price target to $74.00 from $87.00 after the company agreed to be acquired by the Hamm family. Shares rose more than 8% today following the announcement.
William Blair downgraded Green Dot (NYSE:) to Market Perform from Outperform. Today, the company announced its Q3 earnings date and reaffirmed its Q3 guidance.
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