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. Verizon Communications Inc. (NYSE:VZ)
Number of Hedge Fund Holders: 59
Verizon Communications Inc. (NYSE:VZ), commonly known as Verizon, is an American multinational telecommunication conglomerate. In the first quarter of 2023, the telecommunications firm reported an increase of 633,000 subscribers. On July 26, investment analysts at Raymond James revised the price target for Verizon Communications Inc. (NYSE:VZ) from $51 to $42. The research report also reaffirmed the brokerage’s outperform rating on the cell phone carrier’s stock. According to Raymond James’ target price, there is a potential upside of around 22% from Verizon Communications Inc. (NYSE:VZ) current price. This adjustment in the price target suggests that the analysts at Raymond James have reevaluated their outlook for Verizon Communications Inc. (NYSE:VZ) valuation, resulting in a more conservative target compared to their previous assessment. However, despite the reduction in the target price, the analysts still maintain a positive stance on the stock, expecting it to outperform the market.
04. The Home Depot, Inc. (NYSE:HD)
Number of Hedge Fund Holders: 65
On July 26, Argus, a research firm, lowered the price target for The Home Depot, Inc. (NYSE:HD) from $400 to $350 in their report. This revision indicates that Argus has reassessed their valuation outlook for The Home Depot, Inc. (NYSE:HD), resulting in a more conservative price target compared to their previous estimate.
Madison Sustainable Equity Fund made the following comment about The Home Depot, Inc. (NYSE:HD) in its second quarter 2023 investor letter:
“The Home Depot, Inc. (NYSE:HD) celebrates 30 years of giving back. Team Depot was created in 1993 as a way of organizing associates who were eager to volunteer in their communities. For 30 years, Team Depot associates have worked side by side with non-profits around the United States. Focus areas include spending time with the elderly and activities with at risk youth. Team Depot also improves the homes and lives of veterans and helps communities impacted by natural disasters.
During the quarter, Home Depot set a goal for battery-powered products to represent over 85% of outdoor lawn equipment sales in the U.S. and Canada by the end of fiscal 2028. Push lawn mowers and handheld leaf blowers and trimmers will run on rechargeable battery technology instead of gas. This will reduce 2 million metric tons of greenhouse gas emissions annually.”
03. Biogen Inc. (NASDAQ:BIIB)
Number of Hedge Fund Holders: 67
Biogen Inc. (NASDAQ:BIIB) is a biotechnology company working on neurological and neurodegenerative diseases and their treatments. It is based in Cambridge, Massachusetts. Established in 1978, Biogen Inc. (NASDAQ:BIIB) has been a trailblazer in the field of biotechnology, introducing several groundbreaking innovations. Their achievements include developing a diverse range of medicines aimed at treating multiple sclerosis, becoming the first company to receive approval for a treatment for spinal muscular atrophy, and collaborating on two treatments targeting a crucial aspect of Alzheimer’s disease pathology. On July 26, BofA revised the price target for Biogen Inc. (NASDAQ:BIIB), reducing it from $320 to $310. This indicates that BofA’s analysts have reevaluated their assessment of Biogen Inc. (NASDAQ:BIIB) valuation and arrived at a slightly lower target price compared to their previous estimate.
02. Danaher Corporation (NYSE:DHR)
Number of Hedge Fund Holders: 90
On July 26, Stifel analyst Daniel Arias reiterated his “Hold” rating on Danaher Corporation (NYSE:DHR) and has revised the price target downward from $250 to $240. This suggests that while the analyst maintains a neutral stance on the stock’s outlook, he has reassessed the company’s valuation and arrived at a slightly lower price target compared to his previous estimate.
Madison Sustainable Equity Fund made the following comment about Danaher Corporation (NYSE:DHR) in its second quarter 2023 investor letter:
“Danaher Corporation (NYSE:DHR) stock continued to move lower following another earnings downgrade on bioprocessing weakness. The weakness is caused by elevated inventories at large customers and funding issues from emerging biotech customers. We remain confident in Danaher’s strong competitive position providing innovative products to Life Science companies.”
01. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 289
On July 26, Citi analyst Tyler Radke reduced the price target for Microsoft Corporation (NASDAQ:MSFT) from $425 to $420. This indicates that the analyst has reevaluated Microsoft Corporation (NASDAQ:MSFT) valuation and arrived at a slightly lower target price compared to their previous estimate.
The Ithaka Group made the following comment about Microsoft Corporation (NASDAQ:MSFT) in its second quarter 2023 investor letter:
“Microsoft Corporation (NASDAQ:MSFT) builds best-in-class platforms and provides services that help drive small business productivity, large business competitiveness, and public-sector efficiency. Microsoft’s products include operating systems, cross-device productivity applications, server applications, software development tools, video games, and business-solution applications. The company also designs, manufactures, and sells devices, including PCs, tablets, and gaming/entertainment consoles that all integrate with Azure, its cloud computing service. In the quarter Microsoft’s stock appreciated on the back of excitement surrounding the company’s positioning in the generative AI market and its ability to monetize the coming wave of corporate investment in supercomputing and AI.”
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