Today's Most Important Downgrades

JPMorgan downgraded Olaplex Inc (NASDAQ: OLPX) to Underweight from Overweight and lowered its price target to $8.00 from $16.00. Shares plunged more than 56% today after the company cut its full-year forecasts to reflect slowing sales.

Evercore ISI downgraded Boston Beer Company (NYSE: SAM) to In Line from Outperform with a price target of $330.00. Shares fell more than 5% intra-day today. The analysts believe that 2023 estimates are too high and that the stock may need some time for investors to regain confidence. Second, the analysts are concerned by increased and more formidable competition in the RTD space. Furthermore, while the analysts concede that there is room to improve margins as pricing takes hold, commodities move lower, and production moves in-house, they believe it is highly unlikely the company will reach prior highs given the complexity introduced into the system as Truly and Twisted Tea have ramped SKUs.

Hubbell (NYSE: HUBB) shares were down more than 5% intra-day today after JPMorgan downgraded the company to Underweight from Overweight with a price target of $200.00. The analysts believe that the valuation more than fully reflects the potential upside from utility growth and price/cost benefits. Furthermore, the analysts see approximately 50% of the portfolio that is more cyclically exposed in a more challenging macro which is not contemplated in what has become the most inflated multiple in the Sector.

Craig-Hallum downgraded Exact Sciences (NASDAQ: EXAS) to Hold from Buy, noting it sees asymmetric risk forming in shares and the likelihood that shares could be capped. Shares plunged more than 7% intra-day today.

Evercore ISI downgraded Best Buy (NYSE: BBY) to In Line from Outperform and lowered its price target to $70.00 from $80.00 as it believes that comps could continue to run negative into 2023 as deflation sets in. Shares fell more than 4% intra-day today.

Exane BNP Paribas downgraded Home Depot (NYSE: HD) to Neutral from Outperform with a price target of $286.00. Shares were down more than 3% intra-day.

By Davit Kirakosyan

Want this type of news in real-time as it happens? Upgrade to StreetInsider.com Premium Here

You May Also Be Interested In

• Boston Beer Company (SAM) PT Lowered to $325 at Jefferies
• General Motors (GM) PT Raised to $60 at JPMorgan
• Visa (V) stock rises as Q2 earnings, revenue come ahead of estimates