Eli Lilly cut to Outperform at Daiwa Securities: 4 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Dec 21, 2023 08:01AM ET
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Eli Lilly, Simon Property Group, Wendy's, and Chipotle Mexican Grill.
InvestingPro. This price target implies a nearly 7% upside from the closing price on Wednesday.
Earlier this week, Eli Lilly announced the extension of its tender offer for acquiring all outstanding shares of POINT Biopharma Global (NASDAQ:PNT) at $12.50 per share in cash. The original deadline of Dec 15 for this offer has been extended to Dec 22. This extension allows more time to meet the minimum tender conditions necessary for the acquisition.
Simon Property Group cut to Equalweight /h2
Morgan Stanley downgraded Simon Property Group (NYSE:SPG) to Equalweight from Overweight with a price target of $143.00 (from $132.00).
The analysts explained the downgrade by noting the significant reduction in the valuation gap between Simon Property Group and its open-air center peers. This gap has decreased from -40% to -16%.
The analysts pointed out that the consensus estimate for 2024 earnings of $12.18 per share is notably higher than Morgan Stanley's estimate of $11.88. This discrepancy could lead to 2024 guidance falling short of expectations when announced in February.
Rising interest cost limits our FFO growth to 1-2% in the next couple years vs. high quality open air center peers in the mid single digits.
Two downgrades at Wedbush/h2
Wedbush downgraded The Wendy’s (NASDAQ:WEN) to Neutral from Outperform.
Similarly, Wedbush cut Chipotle Mexican Grill's (NYSE:CMG) rating to Neutral from Outperform.
Amid whipsaw markets and a slew of critical headlines, seize on the right timing to InvestingPro.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.