Today's most important downgrades

Citi downgraded Bank of America (NYSE: BAC) to Neutral from Buy with a price target of $40 as it sees downside risk to net interest income (NII) estimates for the next year due to “a catch up on deposit repricing and noninterest bearing deposit outflows outweighing the benefits of fixed rate assets repricing.”

Hasbro (NYSE: HAS) shares fell nearly 10% today after Bank of America downgraded the company to Underperform from Buy following its analysis of 'Magic: The Gathering', a trading card game, which generates about 15% of the company’s total revenue and 35% of EBITDA. According to the analysts, the primary concern is that the company has been overproducing Magic cards which has propped up its recent results but is destroying the long-term value of the brand.

JPMorgan downgraded Teva Pharma (NYSE: TEVA) to Underweight from Neutral and lowered its price target to $10.00 from $11.00 given continued growth challenges. While the company has made significant progress in addressing its debt and cost structure over the past several years, the analysts mentioned they continue to struggle with the relative lack of growth in the portfolio over time.

Morgan Stanley downgraded Oscar Health Inc (NYSE: OSCR) to Equalweight from Overweight and lowered its price target to $5.00 from $9.00. Shares fell more than 4% today.

By Davit Kirakosyan

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