Keysight Technologies (NYSE:KEYS) tumbled Monday after BofA downgraded the stock to Underperform from Neutral, lowering the price target to $148 from $163 per share in a note.
Analysts told investors that Keysight's order trends are likely to get worse before they get better.
"We expect 3QF23 (July) orders to decline more than consensus and see downside risks to FY24 estimates," the analysts said.
"We are lowering our FY24 adj. EPS by $0.35 to $8.40 (vs. consensus of $8.57). While we view Keysight as a well-managed market share leader, the macro backdrop is likely to limit EPS growth," they added.
KEYS shares are currently down 1.1% at $14.82 per share. However, at the open, the stock opened at $149.80 after closing on Friday at over $156 per share.