By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest analyst downgrades you may have missed on InvestingPro since yesterday’s close. Start your free 7-day trial to get this news first.
Lam Research downgraded at Bernstein
Bernstein downgraded Lam Research (NASDAQ:LRCX) to Market Perform from Outperform with a price target of $500.00, noting that the stock is now more expensive.
The firm tweaked its CY2023 wafer fab equipment (WFE) forecast slightly upwards to $78 billion (still down 20% year-over-year), "mostly on more R&D from Samsung spends and strong backlog drawdown/ICAPS demand from AMAT."
Shares closed nearly 4% higher yesterday.
3 downgrades for Seagen following Pfizer buyout announcement
Morgan Stanley, BMO Capital, and JMP Securities downgraded Seagen (NASDAQ:SGEN) following the announcement that Pfizer (NYSE:PFE) has entered a definitive merger agreement to acquire Seagen for $43B, or $229 per share.
Morgan Stanley downgraded the stock to Equalweight from Overweight with a price target of $229.00 (from $173.00), while BMO Capital downgraded to Market Perform from Outperform with a price target of $229.00 (from $179.00). JMP Securities downgraded to Market Perform from Market Outperform.
Another trio of downgrades
Piper Sandler downgraded Traeger (NYSE:COOK) to Neutral from Overweight and cut its price target to $4.00 from $6.00.
The company will report its Q4 earnings results tomorrow after the market close.
Shares are down more than 4% pre-market today.
JPMorgan downgraded Ovintiv (NYSE:OVV) to Neutral from Overweight and cut its price target to $53.00 from $59.00.
Compass Point downgraded Acushnet (NYSE:GOLF) to Neutral from Buy and cut its price target to $55.00 from $65.00.
Shares closed nearly 2% lower yesterday.
