Spotify downgraded, 'darkest days of this downturn are ahead': 4 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Sep 29, 2023 07:54AM ET
By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Spotify, Wells Fargo , ResMed, and Agora.
InvestingPro.
The company’s shares have exhibited a sideways trading pattern since the beginning of 2023, and CFRA believes there are no near-term catalysts that are likely to boost the share price.
We think WFC is on the right path with improved execution, but the Fed's asset freeze (put in place in February 2018) limits upside earnings and significantly higher return on equity.
Two more downgrades
Agora (NASDAQ:API) shares dropped more than 11% yesterday after Morgan Stanley downgraded the company to Equalweight from Overweight and cut its price target to $3.20 from $4.60, citing a lack of signs of meaningful revenue recovery.
“The key issue remains a lack of emerging use cases contributing to incremental volume,” mentioned Morgan Stanley.
Wolfe Research downgraded ResMed (NYSE:RMD) to Peerperform from Outperform.
Amid whipsaw markets and a slew of critical headlines, seize on the right timing to
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