Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Coinbase Global, Redfin, Alcoa, and JPMorgan.
InvestingPro subscribers got this news in rapid fire. Never be left in the dust again.
Coinbase slashed to Neutral
Atlantic Equities downgraded Coinbase Global (NASDAQ:COIN) to Neutral from Overweight with a price target of $80.00 (from $70.00) following the recent rally in the stock, which has seen a 60% increase from its recent lows. Shares surged more than 9% yesterday, driven by the enthusiasm surrounding the company’s involvement in the potential launch of a Bitcoin ETF.
According to Atlantic Equities, the current risk/reward for the company appears less attractive now due to ongoing regulatory challenges and surprisingly weak trading volumes.
Redfin downgraded to Underperform following a massive stock rally
DA Davidson downgraded Redfin (NASDAQ:RDFN) to Underperform from Neutral with a price target of $10.00, as reported in real time on InvestingPro.
RDFN has experienced remarkable growth in 2023, with shares up 266% YTD, and already up 28% in just this week.
According to DA Davidson, the company has been making significant progress in recent quarters, focusing on cost reductions in its core brokerage operations and shifting towards higher-margin revenue streams. While this progress towards sustainable profitability is noteworthy, the firm believes that the current valuation of Redfin already fully incorporates these.
Shares fell more than 4% premarket today following the downgrade.
2 more downgrades
Wolfe Research downgraded Alcoa (NYSE:AA) to Underperform from Peerperform with a price target of $25.00.
Citi downgraded JPMorgan (NYSE:JPM) to Neutral from Buy with a price target of $160.00.
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