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4 big analyst cuts: VMware slashed to Neutral ahead of Q2 earnings

AuthorDavit Kirakosyan Stock Markets

Published Aug 29, 2023 21:04

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4 big analyst cuts: VMware slashed to Neutral ahead of Q2 earnings

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Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at VMware, Celanese, Upwork, and Farfetch.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

VMware downgraded ahead of Q2 earnings

Monness, Crespi, Hardt downgraded VMware (NYSE:VMW) to Neutral from Buy ahead of the company’s Q2/24 earnings on Thursday.

The firm highlighted VMware's stock performance during the 2022 tech decline and its continued growth this year, attributed to factors such as a unique value proposition in the cloud, an attractive margin profile, and support from the upcoming Broadcom (NASDAQ:AVGO) deal. “Given that the acquisition by Broadcom appears to be in the home stretch, we are downgrading VMware to Neutral from Buy," mentioned the firm.

Celanese falls on Piper Sandler downgrade

Celanese (NYSE:CE) shares fell nearly 2% premarket today after Piper Sandler downgraded the company to Underweight from Neutral and cut its price target to $112.00 from $120.00, as reported in real time on InvestingPro.

Earlier this month, the company reported its Q2 results, with EPS and revenues coming in worse than the consensus estimates. Furthermore, Q3/23 and full-year EPS guidance missed the expectations.

Two more downgrades

Upwork (NASDAQ:UPWK) shares dropped more than 4% yesterday after BTIG downgraded the company to Neutral from Buy, noting it believes the valuation is now more balanced following around 40% year-to-date gain in the stock price.

While there are arguments for why we think UPWK should enjoy a premium valuation such as its number one position in the space and longer runway for take-rate expansion, we believe UPWK's valuation adequately reflects those positives and risk-reward is now balanced.

Morgan Stanley downgraded Farfetch (NYSE:FTCH) to Equalweight from Overweight and cut its price target to $5.00 from $20.00. Shares fell more than 1% premarket today.

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4 big analyst cuts: VMware slashed to Neutral ahead of Q2 earnings

VMware downgraded ahead of Q2 earnings

Celanese falls on Piper Sandler downgrade

Two more downgrades

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