By Davit Kirakosyan
Microsoft (NASDAQ:MSFT) shares plunged more than 4% today after UBS downgraded to Neutral from Buy and lowered its price target to $250.00 from $300.00 on the back of a weaker round of field checks on the cloud providers including Azure, a view that Office seat growth is likely to moderate in 2023 and that Microsoft’s multiple already feels fair, not cheap.
ZoomInfo Technologies Inc (NASDAQ:ZI) shares fell more than 5% today after BofA Securities downgraded the company to Neutral from Buy and cut its price target to $34.00 from $35.00 given the potential for prolonged demand headwinds affecting its revenue growth profile well into 2023. The analysts believe the company has built an attractive customer engagement platform and has the potential to gain share over the long term.
Wells Fargo downgraded Target (NYSE:TGT) to Equal Weight from Overweight and cut its price target to $142.00 from $170.00 on 2023 uncertainty. The analysts mentioned the following reason for the downgrade: (1) the potential for a sustained period of comp weakness in general merchandise, (2) an inflection to negative traffic in Q4, (3) a lack of visibility on the timing/magnitude of the margin recovery story, and (4) the return of pre-COVID model scalability concerns.
Honeywell International (NASDAQ:HON) shares closed nearly 2% lower today after UBS downgraded the company to Sell from Buy and lowered its price target to $193.00 from $220.00 on full valuation, anticipated order slowdown and subsequent backlog burn.
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