{"id":2066,"date":"2023-04-29T15:31:50","date_gmt":"2023-04-29T19:31:50","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/5-big-analyst-cuts-boeing-rating-shaved-after-q1-beat-pro-recap\/"},"modified":"2023-04-29T15:31:50","modified_gmt":"2023-04-29T19:31:50","slug":"5-big-analyst-cuts-boeing-rating-shaved-after-q1-beat-pro-recap","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=2066","title":{"rendered":"5 big analyst cuts: Boeing rating shaved after Q1 beat | Pro Recap"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

By Davit Kirakosyan<\/p>\n

Investing.com — Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Boeing, Enphase, EA, Deutsche Bank, and Vornado Realty.<\/p>\n

InvestingPro users always get this news first. Start your free 7-day trial to get on board.<\/p>\n

Boeing downgraded to Buy following Q1 earnings announcement <\/strong><\/h2>\n

CFRA downgraded Boeing (NYSE:) to Buy from Strong Buy and cut its price target to $228.00 from $240.00. While recent work stoppages related to the 737 MAX appear to be tied to two specific fittings, which the company is addressing, CFRA noted that looming summer delays put a premium on solid execution in the second half of the year.<\/p>\n

Furthermore, the firm is slightly less optimistic on the timing of the China re-opening trade, as well as Boeing still expects no material supply chain improvement until well into 2024.<\/p>\n

The company its Q1 results yesterday, highlighted by better-than-expected operating cash flow, and announced plans to increase the output of its 737 jets.<\/p>\n

Enphase Energy downgraded to Underperform, shares plunge on guidance miss<\/strong><\/h2>\n

BofA Securities downgraded Enphase Energy (NASDAQ:) to Underperform from Neutral with a price target of $169.00.<\/p>\n

Shares dropped more than 25% yesterday following the company\u2019s Q1 earnings results. While Q1 EPS of $1.37 and revenue of $726 million came in above the consensus estimates of $1.21 and $719.28M, respectively, Q2\/23 guidance missed expectations.<\/p>\n

The company expects Q2 revenue in the range of $700M-$750M, missing the consensus estimate of $773M.<\/p>\n

3 more downgrades<\/strong><\/h2>\n

BMO Capital downgraded Electronic Arts (NASDAQ:)<\/strong> to Market Perform from Outperform and cut its price target to $125.00 from $150.00. Shares are trading more than 1% lower premarket.<\/p>\n

BMO cut its valuation multiple to 17x its 2025 EPS estimate from 20x to account for a reduction in implied “takeout premium” owing to the UK Competition and Markets Authority’s (CMA) decision to block Microsoft (NASDAQ:)\/Activision Blizzard (NASDAQ:) deal.<\/p>\n

In addition, the firm believes a reduction is appropriate given lingering concerns about EA’s mobile strategy and general pressure on video game spending.<\/p>\n

CFRA downgraded Deutsche Bank (NYSE:)<\/strong> to Hold from Buy and lowered its price target to $11.50 from $15.50 after the company announced it will cut 800 jobs. This was followed by bigger than expected rise in profit due to higher interest rates that offset a slump in investment banking revenues.<\/p>\n

Piper Sandler downgraded Vornado Realty <\/span><\/span> Trust (NYSE:)<\/strong> to Underweight from Neutral and cut its price target to $11.00 from $16.00.<\/p>\n

Shares plunged more than 13% premarket today after the company said it will postpone common dividend until year-end, and announced a $200M share buyback program.<\/p>\n

\"InvestingPro<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters By Davit Kirakosyan Investing.com — Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Boeing, Enphase, EA, Deutsche Bank, and Vornado Realty. InvestingPro users always get this news first. Start your free 7-day trial to get on board. 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