By Davit Kirakosyan
Dominion Energy Inc (NYSE:D) shares plunged more than 6% today after JPMorgan downgraded the company to Neutral from Overweight and lowered its price target to $76.00 from $83.00 as a strategic review “clouds outlook.”
Costco Wholesale (NASDAQ:COST) shares fell more than 2% in the morning after Wells Fargo downgraded the company to Equal Weight from Overweight and lowered its price target to $490.00 from $600.00, seeing “brewing headwinds to momentum.”
Berenberg downgraded shares of Estee Lauder (NYSE:EL) to Hold from Buy and lowered its price target to $220 from $323, noting limited visibility and the pace of recovery. The company reported its Q1 results last week, noting that organic sales fell 5% year-over-year. The company blamed the weak sales performance on the ongoing COVID restrictions in China.
Deutsche Bank downgraded Adient (NYSE:ADNT) to Hold from Buy with a price target of $39.00 after Friday’s run-up in the stock on Q3 beat, as it believes the company’s 2023 outlook is largely dependent on uncertain industry volume recovery, and that any earnings upside seems now largely priced in.