Today's most important downgrades

Best Buy (NYSE: BBY) shares fell more than 3% today after BofA Securities downgraded the company to Underperform from Neutral and lowered its price target to $69 from $80. The analysts expect a challenging environment for the company to achieve earnings growth in both the near term and the medium term.

Chardan Capital Markets downgraded Moderna (NASDAQ: MRNA) to Neutral from Buy with a price target of $191.00, citing swollen valuation, while the market was evidently enthusiastic about the Phase 2b results. Shares gained another 5% today adding to yesterday’s nearly 20% after the company’s mRNA cancer vaccine, developed together with Merck (NYSE: MRK), met the primary efficacy endpoint in Phase 2b trials.

Exane BNP Paribas downgraded Chevron (NYSE: CVX) to Underperform from Neutral with a price target of $190.00.

By Davit Kirakosyan

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