By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Apple, PayPal, CarMax, and EOG Resources.
InvestingPro subscribers got this news in rapid fire. Never be left in the dust again.
Apple gets another downgrade
UBS cut Apple (NASDAQ:AAPL) to Neutral from Buy with a price target of $190.00 (from $180.00), noting that negative demand trends in developed markets are weighing down growth prospects.
The firm doesn’t believe Apple shares offer a compelling risk-reward, particularly in light of soft iPhone, PC, and App Store fundamentals over the next six to 12 months.
Last week, Apple was also downgraded at DA Davidson, which revised its rating from Buy to Neutral with a price target of $185.00 (from $193.00).
PayPal downgraded to Neutral
Atlantic Equities downgraded PayPal (NASDAQ:PYPL) to Neutral from Overweight and cut its price target to $72.00 from $90.00.
The firm previously expected PayPal's stock to outperform due to stable top-line growth, resilient earnings, and low valuation. However, competition concerns have outweighed these factors. According to the firm, restoring market share and transaction margins won't be easy, making it difficult to attract investors in the near term, even with new leadership.
2 more downgrades
Northcoast Research downgraded CarMax (NYSE:KMX) to Neutral from Buy.
The company is set to report its Q1/24 earnings on June 23. Street estimates stand at $0.79 for EPS and $7.49 billion for revenues.
Goldman Sachs downgraded EOG Resources (NYSE:EOG) to Neutral from Buy and cut its price target to $130.00 from $137.00 following 11% relative outperformance to other large-cap peers since October 18, 2022.
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