Fly Intel: Top Five Analyst Downgrades
1. Tesla (TSLA) downgraded to Hold from Buy at Argus with analyst William Selesky saying during the pandemic, consumers will focus on basic concerns like food, safety, and employment while deferring large discretionary purchases, even though he maintains a positive view on Tesla's long-term prospects and believes that a price range of $350-$400 per share could offer an attractive buying opportunity for long term investors.
2. Ford (F) downgraded to Neutral from Buy at UBS.
3. Applied Materials (AMAT) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Toshiya Hari saying he expects heightened macro uncertainty and a multi-quarter negative earnings revision cycle to weigh on the stock over the next few quarters.
4. Texas Instruments (TXN) downgraded to Sell from Neutral at Goldman Sachs with analyst Toshiya Hari saying while Texas Instruments is perceived as a relative safe haven within the context of the broader Semiconductor group, weakness in many of its key end markets, coupled with its above-peer operating leverage, should pressure margins over the next few quarters and drive negative earnings revisions in excess of those for its peers.
5. Sysco (SYY) downgraded to Hold from Buy at Argus with analyst John Staszak citing the slowdown in the foodservice industry amid COVID-19 outbreak as more states require that restaurants close as well as the company's challenges in integrating its acquisitions in France and the impact of Brexit. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage,(click here.):(http://thefly.com/streetResearch.php)