Today's most important downgrades

Truist Securities downgraded Interface (NASDAQ: TILE) to Hold from Buy and cut its price target to $9.00 from $13.00. The firm lowered its 2023 EPS estimates to $0.92 from $1.40 assuming the market will contract in 2023 and early 2024.

Non-residential demand trends have been positive since mid-2021 on recovery from COVID. While construction remains positive, the firm continues to see signs that the market will continue to weaken throughout 2023 as nonresidential markets continue to pull back from spending given economic fears.

Shares plunged more than 23% today.

Wells Fargo downgraded Cerevel Therapeutics (NASDAQ: CERE) to Equal Weight from Overweight and cut its price target to $30.00 from $38.00.

Shares dropped more than 13% today despite the company reporting a Q4 EPS of ($0.59), better than the consensus estimate of ($0.64).

Evercore ISI downgraded Occidental Petroleum (NYSE: OXY) to Underperform from In-line and cuts its price target to $60.00 from $74.00.

“Pref redemption quells shareholder return. Overhang should persist over near/mid-term. Less crude leverage than perceived,” said the firm.

While the firm doesn’t see a significant absolute downside to the shares, they see this dynamic creating a more rangebound outcome for common shareholders than peers, leading them to conclude OXY is a good source of funds.

BTIG downgraded LGI Homes (NASDAQ: LGIH) to Sell from Neutral with a price target of $73.00, largely based on relative valuation as opposed to a specific catalyst or change in view on housing demand.

Shares fell more than 8% yesterday after the company reported a Q4 EPS and revenue miss.

Piper Sandler downgraded Horizon Bancorp (NASDAQ: HBNC) to Neutral from Overweight.

Shares fell more than 3% today.

By Davit Kirakosyan

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