BioNTech, Cummins, JD.com, Crown Castle, and KB Home Face Analyst Downgrades
BioNTech takes a long fall on Pfizer outlook: 5 big analyst cuts
Investing.com — Here is your Pro Recap of the biggest analyst cuts you may have missed today: downgrades at Cummins, JD.com, BioNTech, Crown Castle, and KB Home.
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BioNTech slashed at HSBC on lower COVID product sales forecast
HSBC downgraded BioNTech (NASDAQ:) to Hold from Buy after Pfizer’s (NYSE:) lowered sales projections for its COVID vaccine and treatment were worse than some analysts had anticipated.
HSBC also cut BioNTech’s price target to $111.00 from $124.00. Shares of the company, whose fortunes are tied to vaccine-related profit-sharing payments from Pfizer, were recently plunging 6% to $97.39.
Cummins cut to Underweight at JPMorgan
Cummins (NYSE:) was downgraded by JPMorgan to Underweight from Neutral and cut its price target to $255.00 from $270.00, as reported in real time on InvestingPro.
The company is set to report its Q3/23 earnings on Nov 2. Street estimates stand at $4.76 for EPS and $8.21 billion for revenues.
Shares dipped on the downgrade in the premarket, but were up fractionally in recent regular-session trading at $228.49.
JD.com receives another downgrade
JD.com (NASDAQ:) was cut by Bernstein to Market Perform from Outperform, with the price target slashed to $31.00 from $55.00.
The analysts highlighted the stock’s decline this year, which intensified after the company’s weaker-than-expected trajectory for the remainder of 2023. With the company’s struggles now evident to most, and despite it citing conservatism for its growth outlook, Bernstein remained skeptical of JD’s turnaround potential, especially given its vague strategies and limited growth expectations.
This follows a pair of downgrades last week: Morgan Stanley cut the company to Equalweight from Overweight, setting a price target at $33.00, down from $55.00, and Macquarie moved to Neutral from Outperform, with a revised price target of $32.00 (from $52.00).
Still, shares were lately up 1.9% to $27.56.
Two more downgrades
RBC Capital downgraded Crown Castle International (NYSE:) to Sector Perform from Outperform and cut its price target to $100.00 from $125.00.
The rating change was driven by concerns over near-term catalysts for the stock’s valuation, uncertainties about dividend growth compared to net leverage, and questions regarding the rate of small cell/fiber growth.
The company is set to report its Q3/23 earnings on Oct 18, after the market close.
Shares were off fractionally to $94.29 in recent trading.
Goldman Sachs downgraded KB Home (NYSE:) to Neutral from Buy and cut its price target to $48.00 from $54.00.
Shares took a hit in the premarket, but were recently ticking only marginally lower at $43.77.
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