PayPal downgraded at BofA on 'too high' 2024 estimates: 4 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Dec 06, 2023 08:31AM ET
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at PayPal, Plug Power , Asana, and Range Resources.
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The analysts pointed out that Plug Power's shares have fallen significantly this year, with a 63% decrease year-to-date and a 47% drop in the past three months alone. This decline is notably larger than both their clean tech sector coverage and the S&P 500. Even after the underperformance in 2023, the analysts expressed concern about substantial risks associated with Plug Power’s business model, particularly in light of the operational challenges encountered while commercializing its initial green hydrogen facilities.
On paper, PLUG's strategy makes sense to us, but we have reduced confidence in the company's ability to execute on that strategy barring a potential dilutive capital raise and a near-perfect execution going forward.
Two more downgrades/h2
HSBC downgraded Asana (NYSE:ASAN) to Reduce from Hold with a price target of $18.00 following the company’s reported Q3 results yesterday.
While Q3 EPS and revenues came in above consensus estimates, shares plunged more than 14% pre-market today on billings weakness.
JPMorgan downgraded Range Resources (NYSE:RRC) to Underweight from Neutral and cut its price target to $32.00 from $33.00.
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Written By: Investing.com
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