Dizzying Downgrades: Tech Titans & Emerging Innovators Face Analyst Scrutiny
Microsoft’s Sudden Descent: Q3 Anticipation Muddles Market
Exane BNP Paribas took the world by storm, dethroning Microsoft (NASDAQ:MSFT) from their Outperform pedestal and shackling them to a Neutral rank, right before the Q3/23 earnings call. This daring move sent Microsoft’s shares tumbling over 1%. Anxiously, The Street clings to a predicted EPS of $2.24 and revenue forecasts of $51.12 billion.
Opendoor Technologies: The Plunge Following Wedbush’s Blow
In a shocking turn of events, Wedbush axed Opendoor Technologies (NASDAQ:OPEN) from Outperform to Neutral, slashing the price target from $3.50 to a mere $1.70. Consequently, the company’s shares plummeted by 8%. The looming threats of dwindling home inventories, tightening corporate credit standards, and dwindling consumer mortgage credit availability haunt Opendoor’s iBuying business. For Q1/23, Wedbush envisions a staggering 51% YoY decline in sales, settling at $2.6B.
The Downgrade Domino Effect
Goldman Sachs, not to be outdone, toppled PDD Holdings (NASDAQ:PDD) from Buy to Neutral, while Jefferies devalued Capri (NYSE:CPRI) to Hold from Buy, mercilessly slicing their price target from $58.00 to $45.00. CFRA followed suit, demoting Teradyne (NASDAQ:TER) from Hold to Sell. Finally, Truist Securities burst onto the scene, initiating coverage on HighPeak Energy Acquisition (NASDAQ:HPK) with a Sell rating and a $10.00 price target, sending shares spiraling down by 5%.
