4 big analyst cuts: Shopify loses Buy rating after shares surge on Q1 beat
Investing.com | Author Davit Kirakosyan
Published May 09, 2023 06:54
By Davit Kirakosyan
Investing.com -- Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday’s close: downgrades for Shopify, Skyworks Solutions, XPO, and Nabors Industries.
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Shopify downgraded after Q1 beat /h2
Shopify (NYSE:SHOP) fell more than 1% premarket today after Atlantic Equities downgraded the company to Neutral from Overweight following a shares surge on Q1 results:
We continue to see upside to consensus estimates, with gross profit growth likely to accelerate over the next few quarters. However, the stock has quickly reacted to these positive developments and, while further business momentum could support the stock near term, we are downgrading the stock to Neutral on valuation.
Shares jumped nearly 24% on Thursday after the company reported better-than-expected EPS and revenues and said it will cut 20% of its global workforce. The company also said it will sell Shopify Logistics to Flexport.
Skyworks Solutions downgraded following guidance miss/h2
BMO Capital downgraded Skyworks Solutions (NASDAQ:SWKS) to Market Perform from Outperform and cut its price target to $100.00 from $140.00, as
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