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4 big analyst cuts: RTX hit with 2 new downgrades on engine snag warning

AuthorDavit Kirakosyan Stock Markets

Published Sep 15, 2023 06:47AM ET

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4 big analyst cuts: RTX hit with 2 new downgrades on engine snag warning

RTX

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VNO

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NEWR

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CARR

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By Davit Kirakosyan

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at RTX, Vornado Realty Trust, New Relic, and Carrier Global.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

RTX received two more downgrades

RTX (NYSE:RTX) received two new downgrades yesterday after the company warned that it would take a $3 billion financial hit and told airlines that it may need to ground hundreds of airplanes due to a manufacturing flaw related to its Geared Turbofan (GTF) engines. The company also lowered its annual sales guidance by $5.5B and decreased its 2025 free cash flow target to $7.5B from $9B.

BofA Securities downgraded the company to Underperform from Neutral and cut its price target to $75.00 from $95.00. This rating change is attributed to heightened risks related to GTF in the near term. The bank believes that the company will underperform its coverage universe until there is a clearer understanding of the required fixes, customer concessions, and potential organizational changes resulting from this serious manufacturing oversight.

Meanwhile, DZ Bank downgraded the company to Hold from Buy with a price target of $79.00.

Earlier this week, the company received downgrades from Barclays and RBC Capital.

Vornado Realty slashed to Hold at Truist

Truist Securities downgraded Vornado Realty Trust (NYSE:VNO) to Hold from Buy with a price target of $27.00 (from $22.00), as reported in real-time on InvestingPro.

According to the firm, this downgrade is primarily due to the recent strong performance of the stock, as well as inherent risks in the office sector and Vernado's high financial leverage.

Two more downgrades

DA Davidson downgraded New Relic (NYSE:NEWR) to Neutral from Buy with a price target of $87.00.

Mizuho Securities downgraded Carrier Global (NYSE:CARR) to Neutral from Buy and cut its price target to $61.00 from $63.00.

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Comments (1)

jzut Sep 15, 2023 1:35PM ET

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Nibbling on RTX. Bad news now. Not a spec stock and not going out of business. Buy when there's blood.

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4 big analyst cuts: RTX hit with 2 new downgrades on engine snag warning

RTX received two more downgrades

Vornado Realty slashed to Hold at Truist

Two more downgrades

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