In this article, we discuss the 5 stocks receiving price-target cut from analysts. If you want to see more such stocks on the list, go directly to Analysts Are Cutting Price Targets of These 10 Stocks.
05. BILL Holdings, Inc. (NYSE:BILL)
Number of Hedge Fund Holders: 58
On May 2, Jefferies analyst Samad Samana lowered the price target on BILL Holdings, Inc. (NYSE:BILL) from $125 to $100 while maintaining a Buy rating on the shares. According to the analyst, BILL Holdings, Inc. (NYSE:BILL) is expected to meet at least consensus estimates for fiscal 2023. However, the firm does not anticipate a significant upside as third-party and macro data suggest that trends have largely slowed down. The analyst notes that investor expectations are subdued due to concerns about bank sector uncertainty and the potential threat from Intuit (INTU). Despite the recent sharp decline in the stock price, Jefferies contends that BILL Holdings, Inc. (NYSE:BILL) needs to demonstrate that its growth has stabilized to regain investor confidence.
04. IQVIA Holdings Inc. (NYSE:IQV)
Number of Hedge Fund Holders: 60
On May 1, Truist analyst Jailendra Singh lowered the price target on IQVIA Holdings Inc. (NYSE:IQV) stock to $244 from $265 while maintaining a Buy rating on the shares following its Q1 earnings report. The analyst notes that the IQVIA Holdings Inc. (NYSE:IQV) results in the Technology & Analytics Solutions division were lower than expected, overshadowing the strong performance in the CRO business. Despite this, the stock has been somewhat insulated compared to its CRO peers due to its advanced tech capabilities and longitudinal data.
03. Pinterest, Inc. (NYSE:PINS)
Number of Hedge Fund Holders: 61
On May 2, Loop Capital analyst Rob Sanderson lowered the price target on Pinterest, Inc. (NYSE:PINS) stock to $28 from $32 while maintaining a Buy rating on the shares. The analyst believes the company’s Q1 results were solid with conservative guidance. The 19% drop in the stock price is due to a valuation reset following missed expectations rather than any fundamental issues with the business. Loop Capital adds that the unique nature of the Pinterest, Inc. (NYSE:PINS) platform and its growing monetization opportunity has become more visible to investors.
02. AbbVie Inc. (NYSE:ABBV)
Number of Hedge Fund Holders: 73
On April 28, Wells Fargo lowered the price target on AbbVie Inc. (NYSE:ABBV) stock to $195 from $200 but maintained an Overweight rating on the shares. The firm is not worried about pricing rebates in the I&I (immunology and inflammation) space, as they expect Rinvoq and Skyrizi to continue driving high double-digit growth. The analyst adds that they would be buyers of the stock at its current price. However, Wells Fargo sees a need for M&A due to concerns about AbbVie Inc. (NYSE:ABBV) pipeline.
Also, Guggenheim maintained a Buy rating on AbbVie Inc. (NYSE:ABBV) but lowered its price target to $171 from $172 on April 28. The analyst noted that the company’s Q1 results met the firm’s estimates and exceeded management guidance. However, the stock suffered an 8% decline due to weakness in key growth drivers Skyrizi and Rinvoq. After discussing with management, the analyst is not overly concerned and is making no changes to the estimates for either product.
01. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 240
On May 1, Barclays analyst Ross Sandler reduced the target price for Amazon.com, Inc. (NASDAQ:AMZN) shares from $150 to $140 but maintained an Overweight rating on the stock. Sandler noted that Amazon.com, Inc. (NASDAQ:AMZN) showed significant improvements in all areas of its business during Q1, with retail revenue and operating income exceeding expectations and Web Services performing strongly. The analyst remains optimistic about the company’s prospects and believes the shares are attractive at current levels.
See also 12 Cheapest Penny Stocks According to Analysts and 10 Penny Stocks with Insider Buying.
