Upgrades and Downgrades
HP gets an upgrade at HSBC.
HP (NYSE:HPQ) shares jumped more than 1% pre-market today after HSBC upgraded the business to Buy from Hold, with a price objective of $33.00 (up from $30.00).
MoffettNathanson raised Lyft (NASDAQ:LYFT) to Neutral from Sell, with a price objective of $13.00 (up from $7.00). The increase came after Lyft’s Q4 earnings beat estimates. Furthermore, the company presented a positive bookings outlook that exceeded consensus expectations.
Piper Sandler raised Citigroup (NYSE:C) to Overweight from Neutral, with a price objective of $63.00 (up from $56.00). As a result, shares are up more than 1% pre-market today.
SentinelOne (NYSE:S) shares rose more than 5% pre-market today after BofA Securities upgraded the firm to Buy from Neutral, with a $35.00 price objective (up from $26.50).
Downgrades
Airbnb dropped to Neutral following the Q4 beat.
DA Davidson reduced Airbnb (NASDAQ:ABNB) to Neutral from Buy, with a $145.00 price target.
The company posted better-than-expected Q4 profits on Tuesday, citing high travel demand that drove bookings.
Quidel received four downgrades following a Q4 miss.
After Quidel (NASDAQ:QDEL) published poor Q4 earnings, causing a roughly 40% decrease in its share price pre-market today, many Wall Street companies downgraded the company.
William Blair downgraded Quidel to Market Perform from Outperform. The analysts noted that both the Q4 performance and the 2024 projection fell far short of adjusted EBITDA and EPS estimates. The primary reason for the shortfall in guidance was lower-than-expected respiratory revenue, with the company taking a cautious stance on forecasting these high-margin sales at the start of the year, “something that is likely better for long-term confidence in modeling, but a tough pill to swallow in the short term.”
JPMorgan downgraded its rating to Underweight from Neutral, and set a new price objective of $37, down from $66. Raymond James upgraded its recommendation to Outperform from Strong Buy and reduced the price objective to $76 from $100. Meanwhile, Craig-Hallum cut the stock to Hold from Buy.
Biogen downgraded after Q4 shortfall.
Wells Fargo downgraded Biogen (NASDAQ:BIIB) to Equal Weight from Overweight, with a price target of $240.00 (down from $315.00), following the company’s reported Q4 earnings shortfall, which resulted in a share price decline of more than 7% yesterday.
Palantir Technologies downgraded to Hold at HSBC.
Palantir Technologies (NYSE:PLTR) was downgraded from Buy to Hold by HSBC, with a price objective of $22.00 based on the company’s entire value.
The bank recognized Palantir’s 2024 guidance, emphasizing its concentration on operational efficiency and revenue growth, which drove the company’s strong financial achievements in 2023. HSBC believes Palantir is well-positioned to benefit on strong demand for its artificial intelligence technologies, notably in the rapidly increasing Commercial category. Furthermore, the Government segment is predicted to regain economic momentum, owing to the completion of government contracts in 2024 and increasing defense spending.
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