4 big analyst cuts: Wolfspeed downgraded on dreary guidance | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Apr 28, 2023 12:38
By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Wolfspeed, ASGN, Progressive, and ManpowerGroup.
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ASGN receives a double-downgrade from BofA following a Q1 miss /h2
BofA Securities downgraded ASGN (NYSE:ASGN) to Underperform from Buy and cut its price target to $66.00 from $109.00 following a Q1 revenue miss, which resulted in a more than 4% stock price drop yesterday.
According to BofA, client demand for staffing services has proved to be more discretionary than it had anticipated, with sales growth deteriorating significantly from an already tough start to the year. The firm added that it is worried that results will continue to disappoint through year-end.
2 more downgrades/h2
BMO Capital downgraded Progressive (NYSE:PGR) to Market Perform from Outperform with a price target of $150.00, noting that near-term estimates are likely to continue resetting after the company reported a Q1 EPS miss earlier this month.
Argus downgraded ManpowerGroup (NYSE:MAN) to Hold from Buy following last week’s Q1 miss.
The firm noted that Manpower’s results have been hurt by weak economic conditions and soft demand for staffing services, and management projects continued declines in revenue and earnings in Q2.
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