Rivian stock drops following Barclays downgrade: 4 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Feb 12, 2024 08:02AM ET
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed today: downgrades at Rivian Automotive, Hershey, Power Integrations, and Duke Energy.
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Power Integrations (NASDAQ:POWI) shares fell more than 1% pre-market today after Northland Capital Markets downgraded the company to Underperform from Market Perform with a price target of $67.00.
POWI faces significant headwinds. External USB PD chargers are increasingly being reused, reducing demand. Other designs using pin-forpin compatible GaN MOSFET are available from multiple suppliers, driving pricing pressure. Increasingly, POWI revenue is from power products used in a system where reliability is more highly valued. However, internal power delivery systems markets change slowly. We do not see POWI's revenue recovering to a peak level until CY26 or CY27 and thus downgrade to UP.
BofA Securities downgraded Duke Energy (NYSE:DUK) to Neutral from Buy with a price target of $96.00 (from $105.00), following the company’s reported Q4 miss last week.
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