Shopify downgraded to Underweight at Piper Sandler: 4 big analyst cuts
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Shopify, ChargePoint, Welltower, and American Axle & Manufacturing.
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Shopify (NYSE:SHOP) fell more than 2% pre-market today after Piper Sandler downgraded the company to Underweight from Neutral and cut its price target to $56.00 from $58.00, as reported in real-time on InvestingPro.
Shares closed with more than a 5% gain yesterday after the e-commerce group said its merchants had posted an all-time high of $4.1 billion in combined sales on Black Friday.
UBS downgraded ChargePoint (NYSE:CHPT) to Neutral from Buy and cut its price target to $2.25 from $9.00.
UBS acknowledged that ChargePoint is a leading player in the U.S. market for Level 2 (L2) charging ports, commanding 44% of the publicly accessible installed base. Despite gaining market share this year, the company's broad customer base might lead to its revenue being more closely tied to EV deliveries and sales, according to UBS.
“As deliveries slow, we expect CHPT to see more material impact than other competitors that have lower L2 market share. We now expect FY24 and FY25 revenue of $515MM & $611MM, vs $628MM & $851MM, respectively,” commented the analysts.
RBC Capital downgraded Welltower (NYSE:WELL) to Sector Perform from Outperform with a price target of $97.00 (from $92.00).
The analysts acknowledge Welltower's promising growth prospects, noting the company's strong potential for both organic and external growth. However, they believe that these positive factors are already factored into the current stock valuation. The analysis
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