Here’s your Pro Recap for the biggest analyst cuts you might have missed since yesterday: cuts at Tesla, Equinix, Celanese, and Planet Fitness.
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Tesla receives another cut
Morgan Stanley downgraded Tesla (NASDAQ:) to Equalweight from Overweight with a price target of $250.00 (from $200.00), marking the third downgrade this month.
Analysts, who have been one of Tesla’s most vocal street bulls in recent years, are now edging to the sidelines after the explosive rally in Tesla shares (up 111% year-to-date vs. 14% increase in) pushed the valuation to “fair” levels.
Acknowledging the huge rally in Tesla shares due to the ongoing AI craze on Wall Street, the analysts stated that the company is “an AI beneficiary and a car company.”
Equinix pieces to perform at Oppenheimer
Oppenheimer downgraded Equinix (NASDAQ:) to Performance from Outperform after the company’s analyst day, as reported in real time on InvestingPro. Shares fell more than 2% yesterday.
The company said its rating change was due to valuation concerns and guidance that fell short of expectations. According to Oppenheimer, investors were expecting confirmation that AI would drive significant growth, however, management tempered expectations by saying it was too early to make accurate forecasts while also warning that operating and capital expenditures would remain high.
2 more cuts
Downgrade of Bank of America Securities Celanese (NYSE:) to neutral from buying and lowered its price target to $116.00 from $123.00, indicating that it sees additional weakness in acetylcholine.
Exane BNP Paribas downgraded Planet Fitness (NYSE:) to underperform from neutral. Shares fell more than 1% before being released to the market today.
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