By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Boeing, Deere, Travere Therapeutics, and Community Healthcare Trust.
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Boeing slashed to Hold
CFRA downgraded Boeing (NYSE:BA) to Hold from Buy and cut its price target to $210.00 from $253.00.
The firm revised its earnings estimates, with an increased expected loss per share in 2023 of ($3.29) and a reduced earnings per share estimate for 2024 of $5.39.
BA guided for deliveries of its family of 737 planes at 50 per month by the 2025-2026 time frame, which still affords time to resolve issues, but we note that (1) current guidance remains below early '19 guidance levels, despite more runway to get there; and (2) BA shares already fetch a higher multiple today than in early '19.
Despite these concerns, CFRA acknowledges the long-term potential for aircraft demand, with an estimated 76% of the 2022 global fleet likely to require replacement by 2042, presenting opportunities for Boeing.
Deere receives another downgrade
Canaccord Genuity downgraded Deere (NYSE:DE) to Hold from Buy and cut its price target to $400.00 from $530.00, as reported in real-time on InvestingPro.
Earlier this week, Evercore ISI downgraded the company to In Line from Outperform with a price target of $424.00 (from $456.00).
Two more downgrades
Travere Therapeutics (NASDAQ:TVTX) received two downgrades after the company posted mixed data from Phase 3 PROTECT Study of FILSPARI, which resulted in a 40% stock price drop yesterday.
Wells Fargo downgraded the company to Equal Weight from Overweight and cut its price target to $8.00 from $24.00. Meanwhile, William Blair downgraded the company to Market Perform from Outperform.
Baird downgraded Community Healthcare Trust (NYSE:CHCT) to Neutral from Outperform with a price target of $33.00.
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