Analyst Cuts Shake Texas Instruments and Silk Road Medical
Texas Instruments hit by Oppenheimer downgrade
Texas Instruments (NASDAQ:) suffered a blow as Oppenheimer downgraded the company from Outperform to Perform ahead of its Q3 earnings report. The analysts cited sustained margin pressure and increased investment in capacity as reasons for the downgrade. They also expressed concerns about gross margins due to under-utilization, increased depreciation, and aggressive pricing in China. Despite this, Oppenheimer expects Texas Instruments to report in-line figures for Q3 and provide guidance for Q4. The company’s shares were down 0.7% to $156.62 at the time of writing.
Silk Road Medical downgraded amidst a whirlwind of challenges
Silk Road Medical (NASDAQ:) faced a series of setbacks, resulting in three downgrades and a plummeting stock price. The company reported a Q3 preliminary revenue miss, reduced full-year guidance, and the retirement of its CEO, Erica Rogers (NYSE:). Citi downgraded Silk Road Medical by two notches to Sell from Buy, slashing the price target to $8.00 from $35.00. B.Riley and Stifel also downgraded the company to neutral ratings, reducing their price targets to $14 and $12, respectively. These downgrades were fueled by concerns about the CEO’s departure and a lack of visibility into the business. Silk Road Medical’s shares tumbled 51% to $6.86.
89bio downgraded due to disappointing trial data
Oppenheimer downgraded 89bio (NASDAQ:) from Outperform to Perform after disappointing trial data was released by a peer company developing a similar therapy. The trial for nonalcoholic steatohepatitis (NASH) therapy to treat fatty liver disease missed its main goal, leading Oppenheimer to have “reduced confidence” in 89bio’s approach. As a result, 89bio’s shares dropped 14% to $8.40.
HubSpot and Arista Networks face downgrades
HubSpot (NYSE:) shares fell 3.2% after Raymond James downgraded the company from Strong Buy to Outperform. Piper Sandler also downgraded Arista Networks (NYSE:) to Neutral from Overweight due to concerns about the company’s networking spend in 2024. HubSpot’s shares were trading at $452.94, while Arista Networks’ shares were valued at $188.24, both reflecting the impact of the downgrades.
It is important for investors to stay informed about analyst cuts, as they can significantly impact a company’s stock price. By monitoring these developments, investors can make more informed decisions about their investment portfolios.
Disclaimer: The information provided here is for informational purposes only and should not be considered as financial advice. Investing in stocks carries a high level of risk and may not be suitable for all investors. Always do your own research before making any investment decisions.
