Coinbase Global cut at JPMorgan amid Bitcoin ETF skepticism: 4 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Jan 23, 2024 08:24AM ET
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed today: downgrades at Coinbase, Cheesecake Factory, Philip Morris, and Sirius XM Holding.
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The Cheesecake Factory downgraded at JPMorgan
The Cheesecake Factory (NASDAQ:CAKE) shares dropped more than 4% pre-market today after JPMorgan downgraded the company to Underweight from Neutral and cut its price target to $33.00 from $34.00.
The analysts pointed out that while scale is a common goal in the restaurant industry, it manifests differently across companies. They noted that Cheesecake Factory’s portfolio of 16 different brands, which spans 321 company-operated restaurants, does not benefit from the same type of "shared service" scale advantages that competitors like Darden Restaurants (NYSE:DRI) enjoy.
Many restaurant companies have gone through various stages of “portfolio management” (meaning, focus on/grow the few biggest winners and close/sell the others) and store level and organizational streamlining/simplification but not CAKE.
Two more downgrades
UBS downgraded Philip Morris International (NYSE:PM) to Sell from Buy with a price target of $86.50 (from $105.00). As a result, shares fell more than 1% pre-market today.
Sirius XM Holding (NASDAQ:SIRI) shares fell more than 1% pre-market today after Wells Fargo downgraded the company to Underweight from Equal Weight and cut its price target to $4.50 from $5.00.
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Written By: Investing.com
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