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 Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks.
05. Legacy Housing Corporation (NASDAQ:LEGH)
Price Reaction after the Price Target Cut: -0.03 (-0.14%)
On March 19, Wedbush, a prominent financial analysis firm, adjusted its assessment of Legacy Housing Corporation (NASDAQ:LEGH), a key player in the housing industry. Despite reducing the price objective from $31.00 to $25.00, the market response was relatively stable, with the stock price experiencing a minor decrease of 0.14% to $21.23 on the closing bell of the same day. Wedbush maintained an “Outperform” rating for the company. The decision to lower the price objective was based on a thorough evaluation of Legacy Housing Corporation (NASDAQ:LEGH) performance and the prevailing market conditions. While the revised target reflects a more conservative outlook, Wedbush remains optimistic about Legacy Housing’s long-term potential. Legacy Housing Corporation (NASDAQ:LEGH) position within the housing industry, coupled with its innovative products and strategic initiatives, are key factors supporting Wedbush’s continued confidence in the company’s growth trajectory. Despite the adjustment in the price objective, Legacy Housing Corporation (NASDAQ:LEGH) ability to adapt to changing market dynamics and capitalize on emerging opportunities remains a cornerstone of Wedbush’s positive assessment. The marginal decline in the stock price following the price target cut suggests a muted market reaction, indicating that investors may share Wedbush’s confidence in Legacy Housing Corporation (NASDAQ:LEGH) ability to deliver long-term shareholder value.
River Oak Capital stated the following regarding Legacy Housing Corporation (NASDAQ:LEGH) in its fourth quarter 2023 investor letter:
“Legacy Housing Corporation (NASDAQ:LEGH) builds and finances manufactured homes. It is our tenth largest position in the fund and now has a market cap of $580m.
In October, I went to the Legacy Housing Home Show where the company displayed its new manufactured home styles to dealers. Afterwards I was able to attend the annual dinner where I spent time with the two co-founders Curt Hodgson and Kenny Shipley as well as CEO Duncan Bates and some of their new team members.
Since being hired as CEO less than two years ago, Duncan has made amazing progress. He has done a fantastic job at professionalizing the business, improving investor relations, and continuing to hire top tier talent.…”(Click here to read the full text)
04. U.S. Bancorp (NYSE:USB)
Price Reaction after the Price Target Cut: -0.25 (-0.59%)
On March 19, Oppenheimer analyst Chris Kotowski revised the price target for U.S. Bancorp (NYSE:USB), a significant player in the financial services industry. Despite maintaining an “Outperform” rating for the company, Kotowski adjusted the price target downwards from $61.00 to $55.00. Following this announcement, the market response showed a slight decrease of 0.59%, with the stock price settling at $42.22 on the closing bell of the same day. While the revised target reflects a more conservative outlook, Kotowski maintains confidence in U.S. Bancorp (NYSE:USB) ability to deliver solid results and generate value for shareholders. U.S. Bancorp (NYSE:USB) position within the financial services industry, coupled with its robust fundamentals and strategic initiatives, are key factors supporting Kotowski’s continued endorsement of the company. Despite the adjustment in the price target, Kotowski believes that U.S. Bancorp (NYSE:USB) remains well-positioned to navigate challenges and capitalize on growth opportunities in the dynamic financial landscape. The “Outperform” rating reaffirms Kotowski’s belief that U.S. Bancorp (NYSE:USB) stock has the potential to outperform its peers and the broader market. This rating underscores Kotowski’s conviction in U.S. Bancorp (NYSE:USB) strong business model, prudent risk management practices, and commitment to delivering shareholder value over the long term.
Artisan Value Fund stated the following regarding U.S. Bancorp (NYSE:USB) in its fourth quarter 2023 investor letter:
“Banks were well represented among our top Q4 performers as the Treasury market rally drove big gains in the bank stocks. U.S. Bancorp (NYSE:USB), PNC Financial Services (PNC) and Bank of America—the three banks we hold in the portfolio—were each among our top five contributors to return. When bank stocks sold off in Q1 due to fears of contagion following Silicon Valley Bank’s failure, we took advantage of the market dislocation by purchasing top-10 US banks USB and PNC at what were, in our view, cheap prices. USB and PNC are banks we have known for years. They are well managed and well capitalized. As large banks, they were less impacted by the turmoil that affected smaller institutions as depositors sought the safest places to store their money. The recent rebound is an example of how our approach of investing in out-of-favor businesses can lead to alpha. USB and PNC are not immune from industry-wide headwinds from higher deposit costs, pressured net interest margins and fleeing deposits. However, we did not see these banks having a similar level of risk, with respect to uninsured deposits and unrealized losses, which contributed in varying degrees to the collapses of other banks in March 2023. As investors, we cannot avoid risk. However, we are willing to take risk if we are being compensated appropriately.”
03. Bitcoin Depot Inc. (NASDAQ:BTM)
Price Reaction after the Price Target Cut: -0.0100 (-0.4149%)
On March 19, Wainwright analyst Mike Colonnese revised the price target for Bitcoin Depot Inc. (NASDAQ:BTM), a prominent player in the cryptocurrency industry. Despite maintaining a “Buy” rating for the company, Colonnese adjusted the price target downwards from $6.00 to $5.00. Following this announcement, the market response showed a slight decrease of 0.4149%, with the stock price settling at $2.40 on the closing bell of the same day. Colonnese’s decision to lower the price target was driven by a thorough assessment of Bitcoin Depot Inc. (NASDAQ:BTM) performance and the prevailing market dynamics. While the revised target reflects a more conservative outlook, Colonnese maintains confidence in Bitcoin Depot Inc. (NASDAQ:BTM) long-term growth prospects and its ability to capitalize on opportunities in the cryptocurrency space. Bitcoin Depot Inc. (NASDAQ:BTM) position within the cryptocurrency industry, coupled with its innovative solutions and strategic initiatives, are key factors supporting Colonnese’s continued endorsement of the company. Despite the adjustment in the price target, Colonnese believes that Bitcoin Depot Inc. (NASDAQ:BTM) remains well-positioned to benefit from the growing adoption of cryptocurrencies and the expanding digital asset ecosystem. The “Buy” rating reaffirms Colonnese’s belief that Bitcoin Depot Inc. (NASDAQ:BTM) stock presents an attractive investment opportunity for investors seeking exposure to the cryptocurrency market. This rating underscores Colonnese’s conviction in Bitcoin Depot’s business model, technological capabilities, and potential for sustained growth in the evolving digital currency landscape.
02. Adverum Biotechnologies, Inc. (NASDAQ:ADVM)
Price Reaction after the Price Target Cut: -0.1200 (-6.7797%)
On March 19, RBC Capital analyst Luca Issi made adjustments to the price target for Adverum Biotechnologies, Inc. (NASDAQ:ADVM), a key player in the biotechnology industry. Despite maintaining a “sector perform” rating for the company, Issi revised the price target downwards from $3.00 to $2.00. Following this announcement, the market response was notable, with the stock price experiencing a decline of 6.7797%, settling at $1.65 on the closing bell of the same day. While the revised target reflects a more conservative valuation, Issi maintains a neutral stance on the company’s prospects. Despite the adjustment in the price target, Issi remains cautious about the company’s near-term outlook and believes that Adverum Biotechnologies, Inc. (NASDAQ:ADVM) may face challenges in achieving its growth objectives. The “sector perform” rating underscores Issi’s belief that Adverum Biotechnologies, Inc. (NASDAQ:ADVM) stock may perform in line with the broader biotechnology sector. This rating reflects Issi’s neutral stance on the company’s performance and its potential for delivering shareholder value in the current market environment.
01. Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP)
Price Reaction after the Price Target Cut: -0.4800 (-18.5328%)
On March 19, H.C. Wainwright analyst Ed Arce made revisions to the price target for Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP), a prominent player in the pharmaceutical industry. Arce reduced the price target from $14.00 to $12.00. Following this announcement, there was a significant market response, with the stock price witnessing a substantial decline of 18.5328% to $2.11 on the closing bell of the same day. The revised target reflects a more conservative valuation, reflecting potential challenges and uncertainties facing the company. Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) position within the pharmaceutical industry, along with its pipeline of innovative drug candidates and strategic initiatives, were key considerations in Arce’s assessment. Despite the downward revision in the price target, Arce remains cautious about the company’s near-term outlook and believes that Acurx Pharmaceuticals may encounter obstacles in achieving its growth objectives. The significant decrease in the stock price following the price target cut indicates a notable market reaction, underscoring investor concerns about Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) future performance and prospects in the competitive pharmaceutical landscape. Overall, while revising the price target downwards, Arce’s decision to maintain coverage on Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) reflects his cautious outlook on the company’s near-term prospects. The substantial market response highlights the significance of price target adjustments in influencing investor sentiment and market dynamics within the pharmaceutical industry.
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