4 big analyst cuts: PacWest slashed, stock crashes on sale talks | Pro Recap
Investing.com | Author Davit Kirakosyan
Published May 05, 2023 06:53AM ET
Updated May 05, 2023 07:11AM ET
By Davit Kirakosyan
Investing.com -- Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at PacWest Bancorp, Enviva, SiTime, and Incyte.
Never miss another share-busting downgrade .
h2 PacWest Bancorp downgraded to Neutral, shares plunge on potential sale talks/h2DA Davidson downgraded PacWest Bancorp (NASDAQ:PACW) to Neutral from Buy after the bank confirmed it was in talks about strategic options, including a sale. As a result, shares plunged more than 50% yesterday.
The news comes after Bloomberg reported that the bank has been weighing a range of strategic options amid concerns about its financial health.
Regional bank shares remain under pressure, with PacWest shares down more than 86% YTD. Currently, shares are trading more than 18% higher premarket.
h2 Enviva double downgraded after outlook cut & dividend elimination /h2Truist Securities downgraded Enviva (NYSE:EVA) to Sell from Buy and cut its price target to $10.00 from $40.00. Shares plunged more than 67% yesterday after the company slashed its full-year outlook and eliminated its quarterly dividend.
While the firm continues to see the long-term market for biomass as supportive, it believes that recent downtrends in Enviva’s margin profile coupled with continued production shortfalls and accounting complexities call into question the longer-term ability to drive growth/returns.
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Written By: Investing.com
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