Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Airbnb, International Flavors & Fragrances, Petrobras, and TaskUs.
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Airbnb downgraded at PhillipCapital
PhillipCapital downgraded Airbnb (NASDAQ:ABNB) to Accumulate from Buy while raising its price target to $152.00 from $143.00, as reported in real time on InvestingPro.
The analysts said the downgrade was on valuation after Airbnb's monster rally this year, but added that the company is "well-positioned to benefit from shift towards alternative accommodations as it offers record levels of active listings on its platform, benefits from travelers looking for long-term stays, and is more family and group travel-friendly."
Earlier this month, the company reported a better-than-expected Q2 results, but shares fell as the company indicated softening U.S. domestic demand even after Q3 revenue guidance came in above targets.
Shares were up about 1.4% shortly after the opening bell.
International Flavors & Fragrances receives another downgrade
Goldman Sachs downgraded International Flavors & Fragrances (NYSE:IFF) to Neutral from Buy and cut its price target to $78.00 from $120.00 after the company reported a Q2 miss and cut its guidance, which resulted in a share price drop of more than 19% on Tuesday.
After these results, Goldman said it perceives as increasingly challenging the company's ability to reach its medium-term EBITDA goals, which it had outlined during its investor day this past December.
The company was also downgraded by two other Wall Street firms, Stifel and Societe Generale, earlier this month.
Still, shares were up some 1.3% soon after market open.
Petrobras receives two downgrades
Petrobras (NYSE:PBR) received downgrades from two Wall Street firms. HSBC downgraded the company to Hold from Buy with a price target of $13.00. Meanwhile, Citi downgraded to Neutral Buy with a price target of $14.00 (from $19.00).
Citi highlighted that Petrobras' successful strategy, which rested on pillars like production growth, dividend policy, capital allocation, and pricing approach, might face challenges under the new administration's views on pricing, dividends, and investments.
TaskUs downgraded following Q2 earnings
Two Wall Street firms downgraded TaskUs (NASDAQ:TASK) following Q2 guidance miss, which resulted in a share price drop of more than 13% pre-market today.
JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $12.00 from $16.00 as it sees limited near-term catalysts that could drive stock outperformance.
"Longer-term TASK remains well-positioned as its proximity to high-growth tech-related companies should drive its growth rate back in double digits, but we move to the sideline until a catalyst for that change emerges."
Meanwhile, RBC Capital downgraded the company to Sector Perform from Outperform and cut its price target to $16.00 from $21.00.
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