Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Costco Wholesale, Lowe's, Salesforce, and Cinemark.
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Costco Wholesale cut at Northcoast Research
Northcoast Research downgraded Costco Wholesale (NASDAQ:COST) to Neutral from Buy with a price target of $620.00, as reported in real-time on InvestingPro. Shares are down nearly 1% pre-market today.
Last week, Costco reported fiscal first-quarter results that topped Wall Street estimates. The discount retailer also rolled out a special dividend to shareholders. Following the report, several Wall Street firms, including TD Cowen, HSBC, Jefferies, Wells Fargo, and Citi, raised their price targets on the stock.
Lowe's slashed at Stifel
Lowe’s (NYSE:LOW) shares fell more than 1% pre-market today after Stifel downgraded the company to Hold from Buy with a price target of $240 (from $235).
The analysts explained that the downgrade reflects a more cautious stance for the fiscal year 2024, questioning Lowe's ability to leverage market share gains to contend with a more anemic category.
We now estimate Lowe’s FY24 comparable sales will be flat, down from +1.4%, with 2H24 growth offsetting 1H24 declines. With flat sales, we estimate the operating margin will be under pressure, with sales leverage necessary to progress towards the 14.5% operating margin target.
Two more downgrades
Wells Fargo downgraded Salesforce (NYSE:CRM) to Equal Weight from Overweight with a price target of $280.00. As a result, shares fell more than 1% pre-market today.
Cinemark (NYSE:CNK) shares dropped more than 3% pre-market today after Wells Fargo downgraded the company to Underweight from Equal Weight and cut its price target to $13.00 from $16.00.
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