Paramount slashed 2 notches to sell; Ameresco in free fall: 5 big analyst cuts
Investing.com | Author Davit Kirakosyan
Published Nov 07, 2023 08:44
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Paramount, UDR, Ameresco, Mirati Therapeutics, and Eversource Energy.
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BofA double downgrades Paramount to Underperform/h2
BofA on Monday downgraded media conglomerate Paramount Global (NASDAQ:PARA) by two notches - to Underperform from Buy - with a price target of $9.00 (from $32.00).
The analysts said of the severe downgrade that their "prior bullish thesis and valuation methodology was predicated on PARA’s inherent asset value in a potential sale" and that, "despite receiving credible bids for several different assets (e.g. Showtime and BET), it does not appear any significant asset sales are on the horizon."
Shares dropped 7.8% to $12.69 in Monday trade, and were recently down another nickel to $12.64 Tuesday's premarket.
Ameresco cut to Perform following Q3 miss/h2
Oppenheimer downgraded renewable energy outfit Ameresco (NYSE:AMRC) to Perform from Outperform following the company’s surprise Q3 miss and disappointing guidance, which led to a nearly 20% stock price drop premarket today.
The analysts attributed the weak earnings, which missed on both top and bottom lines, to project delays and downtime of energy assets. “Given that AMRC's business mix skews relatively longer-cycle (Projects) and recurring (Energy Assets), the magnitude of cuts speaks to broad-based lengthening of construction and project sales cycles,” wrote the analysts.
Despite this, Oppenheimer recognizes Ameresco's capacity for a sustained double-digit compound annual growth rate in its EBITDA, noting record backlog and expansion in its Energy Asset pipeline, but added, "amid elevated execution risk and with investors increasingly focused on FCF generation, we are moving to the sidelines."
UDR slashed at Wells Fargo/h2
Wells Fargo downgraded UDR (NYSE:UDR) to Equal Weight from Overweight and cut its price target to $34.00 from $42.50, as reported in real time on
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