Today's Most Important Downgrades

Citi downgraded Varonis Systems (NASDAQ: VRNS) to Neutral from Buy with a price target of $21.00. Shares plunged more than 35% intra-day today following the company’s reported Q3 miss.

William Blair downgraded ABIOMED (NASDAQ: ABMD) to Market Perform from Outperform. Shares surged nearly 50% intra-day today after Johnson & Johnson (NYSE: JNJ) announced it had entered into a definitive agreement to acquire through a tender offer all outstanding shares of ABIOMED, for an upfront payment of $380.00 per share in cash, corresponding to an enterprise value of approximately $16.6 billion.

KeyBanc downgraded Avista (NYSE: AVA) to Underweight from Sector Weight with a price target of $33.00 following the company’s reported below-consensus Q3 results and lowered guidance for 2022 and 2023. Shares were down more than 8% intra-day today.

Wedbush analyst Tom Nikic downgraded Steven Madden (NASDAQ: SHOO) to Neutral from Outperform and lowered its price target to $29.00 from $43.00.

By Davit Kirakosyan

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