BioNTech takes a long fall on Pfizer outlook: 5 big analyst cuts
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed today: downgrades at Cummins, JD.com, BioNTech, Crown Castle, and KB Home.
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HSBC downgraded BioNTech (NASDAQ:BNTX) to Hold from Buy after Pfizer 's (NYSE:PFE) lowered sales projections for its COVID vaccine and treatment were worse than some analysts had anticipated.
HSBC also cut BioNTech's price target to $111.00 from $124.00. Shares of the company, whose fortunes are tied to vaccine-related profit-sharing payments from Pfizer, were recently plunging 6% to $97.39.
Cummins (NYSE:CMI) was downgraded by JPMorgan to Underweight from Neutral and cut its price target to $255.00 from $270.00, as reported in real time on InvestingPro.
The company is set to report its Q3/23 earnings on Nov 2. Street estimates stand at $4.76 for EPS and $8.21 billion for revenues.
Shares dipped on the downgrade in the premarket, but were up fractionally in recent regular-session trading at $228.49.
JD.com (NASDAQ:JD) was cut by Bernstein to Market Perform from Outperform, with the price target slashed to $31.00 from $55.00.
The analysts highlighted the stock's decline this year, which intensified after the company's weaker-than-expected trajectory for the remainder of 2023. With the company's struggles now evident to most, and despite it citing conservatism for its growth outlook, Bernstein remained skeptical of JD’s turnaround potential, especially given its vague strategies and limited growth expectations.
This follows a pair of downgrades last week: Morgan Stanley cut the company to Equalweight from Overweight, setting a price target at $33.00, down from $55.00, and
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