Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at AT&T, Progressive, Alcoa, and SoFi Technologies.
InvestingPro subscribers got this news before anyone else. Start your 7-day trial to get on board.
AT&T slashed to Neutral at JPMorgan
AT&T (NYSE:T) shares fell more than 1% pre-market today after JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $17.00 from $22.00, noting that the company is experiencing slightly increased pressure in the Mobility sector from Verizon Communications (NYSE:VZ), T-Mobile US (NASDAQ:TMUS), and cable providers, as well as in the Consumer Wireline segment from cable and FWA providers. Additionally, AT&T is facing ongoing challenges in the Business Wireline sector.
Despite AT&T shares currently trading at a historically low valuation, JPMorgan believes any substantial rebound is limited given repeated downward revisions for its key wireless and fiber growth divisions, as well as the high-interest rate environment and the emergence of uncertainties surrounding lead sheathed cables.
Progressive downgraded following Q2 miss
Wells Fargo downgraded Progressive (NYSE:PGR) to Equal Weight from Overweight with a price target of $128.00, as reported in real time on InvestingPro.
Shares plunged more than 13% yesterday after the company reported its Q2 results, with EPS of $0.57 and revenue of $14.72 billion coming in worse than the consensus estimate of $0.89 and $15.01B, respectively.
2 more downgrades
JPMorgan downgraded Alcoa (NYSE:AA) to Neutral from Overweight and cut its price target to $36.00 from $54.00 amid weaker aluminum fundamentals and mine permitting uncertainty. Shares fell more than 2% pre-market today.
Morgan Stanley downgraded SoFi Technologies (NASDAQ:SOFI) to Underweight from Equalweight with a price target of $7.00 (from $6.50).
***
Get ready to supercharge your investment strategy with our exclusive discounts.
Don't miss out on this limited-time opportunity to access cutting-edge tools, real-time market analysis, and expert insights. Join InvestingPro today and unlock your investing potential. Hurry, the Summer Sale won't last forever!
