Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed today.
BofA Securities downgraded Catalent (NYSE:CTLT) to Underperform from Neutral and cut its price target to $28.00 from $49.00.
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Shares dropped more than 25% on Monday after the company delayed its Q3 earnings announcement (expects on May 15, previously scheduled on May 9) and said it expects to cut its full-year outlook.
The company said it expects that productivity issues and higher-than-expected costs experienced at three of its facilities would hurt Q3 results and the 2023 outlook.
While the results came in better than expected, Needham believes this was largely the result of favorable seasonality in the tax processing business and better BaaS trends as some exiting partners are taking longer to de-convert from the company than originally planned.
Management reiterated its 2023 outlook on the top and bottom line despite the sizable Q1 beat, which implies weaker expectations for the upcoming quarters.
While management expects growth to accelerate in Q2, Wolfe’s model suggests that the incremental billings dollars added would need to see a meaningful change in trajectory in order to hit the guidance. The firm believes Qualys will be a single-digit revenue grower in 2024, compared to current street expectations of low double digits.
LivePerson (NASDAQ:LPSN) shares fell more than 6% on Monday after Loop Capital downgraded the company to Sell from Hold and cut its price target to $3.00 from $4.00.