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JPMorgan downgrade the stock to Underweight from Neutral and cut its price target to $5.00 from $10.00, noting it is not surprised by the softer revenue guide given the uncertain macro backdrop and broad-based pullback on marketing budgets, but struggle with the company’s Q1 EBITDA/margin guide despite prior concerns that all revenue was not created equally.
The firm updated its estimates and now forecast Q1/23 revenue of $790 million (down 6% year-over-year) mainly on lower broadcast and digital revenue reflecting lower brand and national advertising.
Meanwhile, Barrington Research downgraded the stock to Market Perform from Outperform.
Shares plunged more than 23% today.
Several analysts, including Roth/MKM, Imperial Capital and CFRA downgraded Ambarella (AMBA) following the company’s announced weak Q1 guidance, despite both Q4 EPS and revenues coming in better than expected.
Roth/MKM downgraded the stock to Neutral from Buy with a price target of $95.00, while CFRA downgraded to Buy from Strong Buy with a price target of $105.00 (from $110.00). Imperial Capital downgraded the company to In-Line from Outperform with a price target of $95.00.
Shares dropped more than 11% today.
JPMorgan downgraded Marqeta Inc. (MQ) to Neutral from Overweight and cut its price target to $6.00 from $9.00.
“While we like the strategic value and long-term operational improvements being put in place at Marqeta, we feel it is time to move to the sideline on the stock given trade-off of lower near-term growth with longer-term certainty due to stepped up renewals including Visa that surprised us to the downside,” the firm said.
Shares plunged more than 22% today following the company’s reported weaker-than-expected guidance, while Q4 results beat estimates.
Wolfe Research downgraded Universal Health Services (UHS) to Peerperform from Outperform.
The company reported its Q4 results, with EPS/revenues coming in better than expected, but annual profit guidance missed the consensus estimates, resulting in a share price drop of more than 8% yesterday.
CFRA downgraded Monster Beverage (MNST) to Hold from Buy and cut its price target to $100.00 from $110.00.
Shares fell more than 2% today after the company’s reported Q4 EPS and revenues missed consensus estimates.
BofA Securities downgraded Woori Financial Group (WF) to Neutral from Buy.
By Davit Kirakosyan
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