5 big analyst cuts: J.M. Smucker deal 'introduces execution risk'; Ibex plummets
Investing.com | Author Davit Kirakosyan
Published Sep 14, 2023 15:34
By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Frontier, IBEX, O-I Glass, and EQT.
Never miss another market-moving headline.
BofA cuts J.M. Smucker to Neutral /h2
BofA moved to the sidelines on J.M. Smucker (NYSE:SJM) on Thursday, downgrading it to Neutral from Buy and dropping the price target to $145 from $170.
Analysts told investors that the downgrade was prompted by the company's proposed $5.6 billion acquisition of Hostess Brands (NASDAQ:TWNK), commenting:
"Our prior Buy rating was based on the view that SJM would focus on a more optimized portfolio of core brands, following several years of divestitures of low growth/margin assets. In our view, TWNK would add complexity to SJM’s story and introduces execution risk for a company with mixed M&A history."
Shares were recently down 1% to $127.14.
IBEX tumbles on Q4 miss; RBC Capital slashes shares to Sector Perform/h2
RBC Capital downgraded IBEX (NASDAQ:IBEX) overnight to Sector Perform from Outperform and cut its price target to $18 from $27, as reported in real time on
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