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KeyBanc downgraded Farfetch (NYSE:FTCH) to Sector Weight from Overweight following disappointing Q2 earnings, which resulted in more than a 37% stock price drop pre-market today.
Q2 revenue came in at $579.35 million (down 1.3% year-over-year), missing the consensus estimate of $648.27M. Meanwhile, EPS was ($0.21), compared to the consensus of ($0.28). For the full 2023 year, the company expects revenue of $2.5 billion, worse than the consensus estimate of $2.8B.
According to KeyBanc, the rating change is based on decreased confidence in execution and the timeline to profitability. Factors such as macroeconomic challenges and a decline in Brand Platform GMV by 42% year-over-year had a negative impact on the quarter’s results. Additionally, softened expectations for Reebok’s performance, as well as year-over-year declines in the U.S. and China, increase the risk of achieving profitability in fiscal 2023.
Edward Jones downgraded Cigna (NYSE:CI) to Hold from Buy, as reported in real-time on InvestingPro.
Earlier this month, the company reported its Q2 results, with EPS and revenues coming in better than the consensus estimates. However, full-year revenue guidance came in below expectations.
Barclays downgraded Keysight Technologies (NYSE:KEYS) to Equalweight from Overweight and cut its price target to $144.00 from $204.00, following the company’s Q3 earnings announcement yesterday.
While Q3 EPS came in above the consensus estimates and revenues were in line with expectations, Q4 guidance was worse than expected, which resulted in a share price drop of more than 11% pre-market today.
XPO (NYSE:XPO) shares fell more than 1% pre-market today after Loop Capital downgraded the company to Hold from Buy with a price target of $74.00 (from $55.00).
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