4 big analyst cuts: Snap slashed to Hold, Southwest gets several downgrades
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Snap, Southwest Airlines, Mersana, and Perficient.
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China Renaissance downgraded Snap (NYSE:SNAP) to Sell from Hold with a price target of $7.00, as reported in real-time on InvestingPro.
Earlier this week, the company reported its Q2 earnings results. While both EPS and revenues came in better than the consensus estimates, the company missed expectations on its guidance, which resulted in a share price drop of more than 14% on Wednesday.
Southwest Airlines (NYSE:LUV) received three downgrades, following its Q2 earnings yesterday. While EPS was in line with consensus estimates and revenue beat expectations, the load factor was weaker than expected and could explain post-earnings weakness in shares, which closed nearly 9% lower yesterday.
Deutsche Bank downgraded the company to Hold from Buy and cut its price target to $38.00 from $52.00, noting «earnings forecast cut and limited share price upside as the company optimizes its post-COVID network.»
BofA Securities downgraded the company to Neutral from Buy and cut its price target to $35.00 from $45.00. Meanwhile, Raymond James downgraded to Outperform from Strong Buy and cut its price target to $40.00 from $47.00.
After announcing UPLIFT clinical trial did not meet its primary endpoint, Mersana Therapeutics (NASDAQ:MRSN) shares plunged more than 72% yesterday. The company got downgraded at a number of Wall Street firms, including Baird, Citi, BTIG, JPMorgan, Guggenheim, Wedbush, and Truist Securities.
Citi downgraded the company to Neutral from Buy and cut its price target to $1.00
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