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Morgan Stanley downgraded Five9, Inc (NASDAQ:FIVN) to Equalweight from Overweight. Shares plummeted more than 25% intra-day today after the company’s CEO announced his resignation.
Guggenheim downgraded Bristol-Myers Squibb Co. (NYSE:BMY) to Neutral from Buy. While the company’s overall clinical and regulatory execution in 2022 has been solid with three new drug approvals (Opdualag, Camzyos, and Sotyktu), the analysts believe the path to reaping the rewards will be longer and more challenging than what is currently reflected in the Street estimates.
Goldman Sachs downgraded Procter & Gamble Company (NYSE:PG) to Neutral from Buy. “Relative valuation levels for Staples are daunting; now even richer than the onset of the last recession,” commented the analysts there.
Ford Motor Company (NYSE:F) shares dropped more than 6% intra-day today after UBS downgraded the company to Sell from Neutral and lowered its price target to $10.00 from $13.00, noting that the risk to earnings and free cash flow is “under-estimated.”
UBS downgraded General Motors (NYSE:GM) to Neutral from Buy and lowered its price target to $38.00 from $56.00. As a result, shares fell nearly 4% intra-day today. While the analysts continue to like the company’s EV momentum in 2023 with a strong (IRA-compliant) launch pipeline, they believe the overall sector outlook for 2023 is deteriorating fast so demand destruction seems inevitable at a time when supply is improving. The analysts expect EPS to more than halve next year.
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