In this article, we discuss the 5 stocks receiving price-target cut from analysts. If you want to see more such stocks on the list, go directly to Analysts Just Trimmed Price Targets for These 10 Stocks.
05. Analog Devices, Inc. (NASDAQ:ADI)
Price Reaction after the Price Target Cut: -3.79 (-2.14%)
On August 24, Morgan Stanley revised its price target for Analog Devices, Inc. (NASDAQ:ADI), a significant player in the semiconductor industry. The previous price target, set at $195, has been adjusted downwards to $185, signaling a decrease. Correspondingly, the current market price of Analog Devices, Inc. (NASDAQ:ADI) is at $173.69, indicating a decline of approximately -2.1%. Notably, Morgan Stanley has maintained its Equal Weight rating for the company, indicating a consistent view of Analog Devices, Inc. (NASDAQ:ADI) performance relative to its peers. This comprehensive evaluation by Morgan Stanley offers valuable insights for investors and stakeholders, aiding them in making informed decisions in light of both the adjusted price target and the sustained Equal Weight rating, considering Analog Devices, Inc. (NASDAQ:ADI) standing within the broader semiconductor landscape.
Madison Investors Fund made the following comment about Analog Devices, Inc. (NASDAQ:ADI) in its second quarter 2023 investor letter:
“The bottom five individual contributors for the quarter were U.S. Bancorp, Progressive, Analog Devices, Inc. (NASDAQ:ADI), Dollar Tree, and Danaher. Analog Devices and Danaher are both seeing end market demand moderate (in semiconductor and medical research, respectively) compared to the artificially high levels they experienced for two years due to the post-Covid chaos in supply chains. Despite these near-term dynamics, we think the longer-term outlooks remain excellent in both cases.”
04. Advance Auto Parts, Inc. (NYSE:AAP)
Price Reaction after the Price Target Cut: -1.53 (-2.20%)
On August 24, Royal Bank of Canada adjusted the price target of Advance Auto Parts, Inc. (NYSE:AAP), a significant player in the automotive aftermarket industry. The previous price target of $84 has been lowered to $70, reflecting a notable decrease in valuation. Correspondingly, the current market price of Advance Auto Parts, Inc. (NYSE:AAP) stands at $67.91, indicating a decline of approximately -2.2%. It is noteworthy that Royal Bank of Canada has retained its Sector Perform rating for the company, underscoring a consistent perspective on Advance Auto Parts, Inc. (NYSE:AAP) performance within its industry sector. This comprehensive analysis offered by Royal Bank of Canada serves as a valuable tool for investors and stakeholders, offering insights to guide their decisions based on both the revised price target and the unaltered Sector Perform rating, considering Advance Auto Parts, Inc. (NYSE:AAP) role within the broader automotive aftermarket landscape.
Palm Valley Capital Fund made the following comment about Advance Auto Parts, Inc. (NYSE:AAP) in its second quarter 2023 investor letter:
“We acquired small stakes in two new names during the quarter: Advance Auto Parts, Inc. (NYSE:AAP) and TrueBlue (ticker: TBI). Advance Auto Parts is an automotive aftermarket parts provider serving professional installers and do-it-yourself customers. Palm Valley briefly owned the stock during the 2020 lockdowns, when the shares quickly reached our valuation. Advance has almost 5,000 U.S. locations. Margins for the business have been inferior to those of O’Reilly and AutoZone, two leading competitors. This is due both to customer mix and operating efficiency.
The shares of Advance plummeted from a high of $230 reached in January 2022 to the $60’s in June 2023. Profitability is being negatively impacted by pricing decisions designed to bolster market share in the professional sales channel. As a result, the firm reduced earnings guidance and its dividend. Auto parts retailers have historically been recession-resistant and are benefiting from the expanding average age of vehicles. While there remain risks, such as growth in electric vehicles that require fewer parts, we believe Advance’s stock is cheap based on normalized earnings. Furthermore, we expect its balance sheet to improve later this year as inventories decline and operating margins rise.”
03. BlackBerry Limited (NYSE:BB)
Price Reaction after the Price Target Cut: -0.1700 (-3.69%)
On August 24, Canaccord Genuity Group adjusted its price target for BlackBerry Limited (NYSE:BB), a notable player in the technology sector. The previous price target of $5.37 has been lowered to $5.00, indicating a decrease in the anticipated valuation. Consequently, the current market price of BlackBerry Limited (NYSE:BB) stands at $4.43, reflecting a decline of approximately -3.7%. Importantly, Canaccord Genuity Group has upheld its Hold rating for the company, signifying a consistent view of BlackBerry Limited (NYSE:BB) performance. This comprehensive analysis from Canaccord Genuity Group offers valuable insights for investors and stakeholders, enabling them to make informed decisions considering the revised price target and the sustained Hold rating, aligning with BlackBerry Limited (NYSE:BB) position within the ever-evolving technology landscape.
02. Snowflake Inc. (NYSE:SNOW)
Price Reaction after the Price Target Cut: -8.03 (-5.16%)
On August 24, Barclays, adjusted its price target for Snowflake Inc. (NYSE:SNOW), a significant player in the cloud data platform industry. The previous price target of $190 has been revised downwards to $183, signifying a decrease in the projected valuation. Correspondingly, the current market price of Snowflake Inc. (NYSE:SNOW) is at $147.68, indicating a decline of approximately -5.2%. Crucially, Barclays has maintained its Overweight rating for the company, reaffirming its positive stance on Snowflake Inc. (NYSE:SNOW) potential. This comprehensive evaluation provided by Barclays offers investors and stakeholders valuable insights, allowing them to make informed decisions considering both the adjusted price target and the persistent Overweight rating, all within the context of Snowflake Inc. (NYSE:SNOW) role in the dynamic cloud data platform landscape.
Baron Opportunity Fund made the following comment about Snowflake Inc. (NYSE:SNOW) in its second quarter 2023 investor letter:
“Our sale of Snowflake Inc. (NYSE:SNOW), a leading data management software vender, was a position-size trim, and we used the proceeds to fund purchases of other software names like ZoomInfo and Cloudflare. We remain confident in Snowflake’s management team, technology, and long-term growth opportunity.”
01. Dollar Tree, Inc. (NASDAQ:DLTR)
Price Reaction after the Price Target Cut: -18.34 (-12.90%)
On August 24, The Goldman Sachs Group revised its price target for Dollar Tree, Inc. (NASDAQ:DLTR), a significant player in the discount retail industry. The previous price target of $158 was adjusted downwards to $150, indicating a notable decrease in the anticipated valuation. In line with this update, the current market price of Dollar Tree, Inc. (NASDAQ:DLTR) stands at $123.88, reflecting a significant decline of approximately -12.9%. While reflecting a decrease in the price target, this evaluation from The Goldman Sachs Group provides a comprehensive view for investors and stakeholders. The adjustment aligns with the current market dynamics and underscores the evolving landscape of the discount retail sector, offering insights to guide decisions in light of both the revised price target and the market conditions impacting Dollar Tree, Inc. (NASDAQ:DLTR) valuation. Goldman Sachs analyst Kate McShane reiterated a Hold rating on Dollar Tree, Inc. (NASDAQ:DLTR).
Madison Investors Fund made the following comment about Dollar Tree, Inc. (NASDAQ:DLTR) in its second quarter 2023 investor letter:
“The bottom five individual contributors for the quarter were U.S. Bancorp, Progressive, Analog Devices, Dollar Tree, Inc. (NASDAQ:DLTR), and Danaher. Off-price retailer Dollar Tree’s margins disappointed this past quarter. Like much of the retail industry, they are contending with higher costs related to shrink as well as the mix of sales shifting away from higher margin areas towards lower margin categories like grocery. Despite the near-term disappointment, we remain optimistic that the company can improve its profit performance. New Chairman and CEO Richard Dreiling has completely overhauled the management team with an impressive roster of retail executives, and they are spearheading a great number of initiatives that should bear fruit over the coming years.”
Disclosure: None. You can also take a look at 16 Growing Dividend Stocks with Low PE Ratios and Top 25 Countries with the Most Facebook Users.
