Today's Most Important Downgrades

JPMorgan downgraded Crown Holdings (NYSE: CCK) to Neutral from Overweight and lowered its price target to $71.00 from $115.00. The shares are now trading at about 8x estimated 2023 EBITDA down from roughly 10.0x. The analysts believe it is difficult for the company to capture an enhanced trading multiple with little free cash flow generation likely for 2022 or 2023, earnings headwinds from elevated interest and pension values, and slow and uncertain EBITDA growth prospects.

Cleveland Research downgraded Roku Inc. (NASDAQ: ROKU) to Neutral from Buy. Shares plunged more than 4% intra-day today.

CFRA downgraded Gap, Inc. (NYSE: GPS) to Strong Sell from Sell and lowered its price target to $5.00 from $8.00. Yesterday, the company announced that it is taking immediate steps to remove Yeezy Gap product from its stores and the company have shut down YeezyGap.com due to a recent string of controversial comments. The company’s shares have been unaffected by the news so far – up more than 1% yesterday and today.

Raymond James downgraded Regeneron Pharma (NASDAQ: REGN) to Underperform from Market Perform.

Wells Fargo downgraded Baker Hughes (NASDAQ: BKR) to Equal Weight from Overweight and lowered its price target to $29.00 from $32.00.

Compass Point downgraded Ally Financial (NYSE: ALLY) to Neutral from Buy.

By Davit Kirakosyan

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