Today's most important downgrades

Coinbase Global Inc. (NASDAQ: COIN) shares plunged more than 11% today after Cowen downgraded the company to Market Perform from Outperform with a price target of $36.00. The firm mentioned two key drivers behind the downgrade: (1) low visibility per stabilization in retail trading volumes in 2023, and (2) elevated potential for SEC enforcement action.

BofA Securities downgraded Ally Financial (NYSE: ALLY) to Underperform from Buy and cut its price target to $26.00 from $35.00, noting that macro factors are having an outsized impact on fundamentals, which are likely to get worse before they get better.

Gap, Inc. (NYSE: GPS) shares fell more than 3% today after UBS downgraded the company to Sell from Neutral and lowered its price target to $7.00 from $12.00. The firm believes the macro backdrop is going to be weak over the next twelve months and this will amplify the issue the company faces from ongoing share loss.

Jefferies downgraded Palantir Technologies Inc. (NYSE: PLTR) to Hold from Buy with a price target of $7.50. Shares plunged nearly 4% today.

Wells Fargo downgraded Delek US (NYSE: DK) to Underweight from Overweight and cut its price target to $24.00 from $40.00.

By Davit Kirakosyan

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