Here is your Pro Recap of the biggest analyst cuts you may have missed since Friday: downgrades at Tesla, Nio, Bill.com, and Floor & Decor.
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Tesla downgraded to Buy, shares gain on a partnership deal with General Motors
CFRA downgraded Tesla (NASDAQ:TSLA) to Buy from Strong Buy while raising its price target to $300.00 from $250.00, as InvestingPro reported in real time.
Tesla shares surged more than 4% on Friday after the company announced a partnership with General Motors (NYSE:GM) that gives GM EV owners access to Tesla's Supercharger network from early next year.
This boosts Tesla's position as the industry standard for EV charging. Despite potential frustration from Tesla owners due to increased congestion, CFRA noted that higher network usage is expected to benefit Tesla's bottom line.
Nio gets 2 downgrades following a Q1 miss
Nio (NYSE:NIO) received two downgrades after reporting its Q1/23 results on Friday, highlighted by a revenue miss, lackluster deliveries of 31,041 vehicles, and eroding gross margin profile.
Nomura/Instinet downgraded the company to Neutral from Buy and cut its price target to $7.50 from $25.80. Meanwhile, CMB International Securities downgraded to Hold from Buy and cut its price target to $8.50 from $21.00.
2 more downgrades
Bill.com (NYSE:BILL) shares fell more than 4% pre-market today after Morgan Stanley downgraded the company to Equalweight from Overweight with a price target of $105.00.
Evercore ISI downgraded Floor & Decor (NYSE:FND) to In Line from Outperform with a price target of $95.00, accounting for incremental risk to H2 earnings in a declining home improvement market.
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