4 big analyst cuts: AT&T receives 2 downgrades, Twilio slashed to Neutral
Here is your Pro Recap of the biggest analyst cuts you may have missed since Friday: downgrades at AT&T, Twilio, PepsiCo, and Telus International.
InvestingPro subscribers got these headlines in real time. Start your 7-day free trial.
AT&T (NYSE:T) shares fell more than 1% pre-market today after Citi downgraded the company to Neutral from Buy and cut its price target to $16.00 from $22.00, as reported in real time on InvestingPro.
On Friday, the company was downgraded by JPMorgan, which cut its rating to Neutral from Overweight with a price target of $17.00 (from $22.00).
The company is set to report its Q2/23 earnings on July 26. Street estimates stand at $0.60 for EPS and $30.04 billion for revenues.
Piper Sandler downgraded Twilio (NYSE:TWLO) to Neutral from Overweight with a price target of $71.00 (from $56.00). As a result, shares fell more than 2% pre-market today.
According to analysts, the surge in Twilio's stock since disappointing Q1 earnings in May was driven by positive conference comments, market trends, and potential activism. While Twilio appears to be more stable than in previous quarters due to reduced crypto and other headwinds, Piper Sandler believes uncertainties in the macroeconomic environment and recent divestitures will impact future sales estimates, which are currently deemed too optimistic.
PepsiCo (NASDAQ:PEP) shares fell around 1% pre-market today after Morgan Stanley downgraded the company to Equalweight from Overweight with a price target of $210.00, noting the stock is now fairly valued and it sees limited upside in H2 compared to Street estimates.
Last week, the company posted a strong Q2 earnings beat and raised its fiscal 2023 guidance.
TELUS International (NYSE:TIXT) received two
Read more on investing.com
