By Davit Kirakosyan
Investing.com — Right here is your each day Professional Recap of the most important analyst cuts you’ll have missed since yesterday: Downgrades for Rivian and Algonquin, plus three extra slashed rankings.
Rivian downgraded to Sector Carry out, shares down
RBC Capital downgraded Rivian Automotive (NASDAQ:) to Sector Carry out from Outperform and minimize its value goal to $14.00 from $28.00. Shares are down practically 2% pre-market at present.
InvestingPro customers acquired this information first. Get real-time headlines for a superior portfolio.
Final week, the corporate was downgraded by Piper Sandler to Impartial from Chubby, with a value goal minimize to $15.00 from $63.00. The agency views Rivian’s technique as too expensive, noting that the corporate wants over $4 billion to fund development past 2025.
The corporate is ready to report its Q1/23 earnings outcomes on Could 9. Consensus estimates stand at ($1.61) for EPS and $644.49 million for revenues.
Algonquin downgraded to Impartial following the termination of Kentucky Energy transaction
BofA Securities downgraded Algonquin Energy Utilities (NYSE:) to Impartial from Purchase with a value goal of $8.50.
Shares closed greater than 5% decrease yesterday. On Monday, the corporate introduced that Liberty Utilities, its oblique subsidiary, has mutually agreed with American Electrical Energy (NASDAQ:) to terminate the inventory buy settlement concerning Kentucky Energy and AEP Kentucky Transmission.
3 extra downgrades
Northland Capital Markets downgraded MP Supplies (NYSE:) to Market Carry out from Outperform. Whereas the corporate continues to make good progress in the direction of its Stage II asset commissioning and Stage III arrange, the brokerage believes the backdrop has gotten murky with NdPr pricing having a precipitous fall in the previous few months.
Shares dropped practically 6% yesterday.
BofA Securities downgraded Core Laboratories (NYSE:) to Underperform from Impartial and minimize its value goal to $21.50 from $26.50.
The corporate is ready to report its Q1/23 earnings outcomes on April 26.
RBC Capital downgraded Magna Worldwide (NYSE:) to Sector Carry out from Outperform and minimize its value goal to $52.00 from $58.00 because it believes extra significant margin and FCF enhancements might not happen till 2025+ as the corporate accelerates funding in its core development initiatives.