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Today's Most Important Downgrades

Published 07/10/2022, 08:50 am
© Reuters.
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By Davit Kirakosyan

UBS downgraded Venator Materials (NYSE:VNTR) to Sell from Neutral and lowered its price target to $0.65 from $2.05, as it believes mounting pressure from declining TiO2 demand, higher cost structure, and weak FCF weigh on the stock. Shares plunged 8% today after the company warned of sales weakness in Q3.

Silvergate Capital (NYSE:SI) shares dropped more than 6% today after Wells Fargo downgraded the company to Underweight from Overweight and lowered its price target to $70 from $115 as the company's asset base and earnings per share "continue to shrink." The analysts believe the company’s growth outlook as a pure-play crypto banking solution is significantly limited in the current environment.

UBS downgraded Splunk (NASDAQ:SPLK) to Neutral from Buy and lowered its price target to $86.00 from $125.00. Shares were down more than 4% today. The analysts mentioned they found several other sources of pressure (other than “macro”, pinned by the company) for the root cause of Splunk’s recent $250 million 2023 ARR guidance cut.

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