Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Qualcomm, Datadog, RingCentral, and Celanese.
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Qualcomm receives another downgrade
Daiwa Securities downgraded Qualcomm (NASDAQ:QCOM) to Outperform from Buy with a price target of $125.00, as reported in real time on InvestingPro.
Last week, Deutsche Bank downgraded the company to Hold from Buy with a price target of $120.00 (from $130.00).
This was followed by the company’s reported underwhelming guidance after delivering mixed Q3 results as revenue fell short of estimates amid a softer smartphone demand.
Datadog slashed to Hold following guidance cut
Stifel downgraded Datadog (NASDAQ:DDOG) to Hold from Buy and cut its price target to $90.00 from $115.00 after the company cut its full-year guidance while posting better-than-expected Q2 earnings. This resulted in a share price drop of more than 17% yesterday.
"To management's credit its 2H23 guidance is duly conservative, especially 4Q (15% revenue growth, single digit NRR), but it is hard to envision multiple expansion until revenue growth re-accelerates and this is unlikely until sometime in 2024."
2 more downgrades
RingCentral (NYSE:RNG) received two downgrades after the company’s full-year guidance came in worse than the consensus estimates, while Q2 earnings beat expectations. As a result, shares closed with more than 18% loss yesterday.
Morgan Stanley downgraded the company to Equalweight from Overweight and cut its price target to $42.00 from $49.00.
Meanwhile, Craig-Hallum downgraded to Hold from Buy with a price target of $38.00.
JPMorgan downgraded Celanese (NYSE:CE) to Neutral from Overweight and cut its price target to $122.00 from $135.00 after the company reported worse-than-expected Q2 results.
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