Wall Street Analysts Alter their Predictions
Analysts at top Wall Street firms have recently made significant changes to their forecasts for various companies. To gain a comprehensive understanding of all the adjustments, spanning from upgrades to downgrades, it is advisable to peruse our analyst ratings page.
Price Target Adjustments and Stock Movements
- Seeing a decline, Jefferies trimmed the price target for ModivCare Inc. (Ticker: MODV) from $60 to $39. Brian Tanquilut, the analyst at Jefferies, downgraded the stock from Buy to Hold. Consequently, ModivCare shares saw a 2.8% drop, closing at $43.87 on Thursday.
- UBS also engaged in cuts, reducing the price target for Rivian Automotive, Inc. (Ticker: RIVN) from $24 to $8, accompanied by a downgrade from Buy to Sell by analyst Joseph Spak. With this alteration, Rivian Automotive shares plummeted by 25.6%, finishing at $11.45 on Thursday.
- In contrast, JP Morgan lowered the price target for Penumbra, Inc. (Ticker: PEN) from $284 to $250, and analyst Robbie Marcus switched the stock’s rating from Overweight to Neutral. Despite this, Penumbra shares managed a 1.7% rise, closing at $262.68 on Thursday.
- B. Riley Securities made adjustments as well, decreasing the price target for Applied Optoelectronics, Inc. (Ticker: AAOI) from $22 to $16. Analyst David Kang, from B. Riley Securities, moved the stock from Buy to Neutral. Consequently, Applied Optoelectronics shares surged by 6%, closing at $20.35 on Thursday.
- Piper Sandler contrastingly increased the price target for Intuit Inc. (Ticker: INTU) from $642 to $750. Arvind Ramnani, the analyst at Piper Sandler, retained an Overweight rating. With this modification, Intuit shares experienced a 3.1% gain, concluding at $657.92, marking an optimistic note amidst the fluctuations in the market.
- Telsey Advisory Group, echoing positive sentiment, elevated the price target for Floor & Decor Holdings, Inc. (Ticker: FND) from $95 to $110. Analyst Joseph Feldman, at Telsey Advisory Group, maintained a Market Perform rating. Consequently, Floor & Decor shares saw a 3.9% increase, closing at $113.53 on Thursday.
- On the more cautious side, Needham revised Bel Fuse Inc. (Ticker: BELFB) price target from $77 to $70. Analyst James Ricchiuti, from Needham, however, held on to a Buy rating. In the wake of this adjustment, Bel Fuse shares tumbled by 28.7%, concluding at $50.02 on Thursday.
- Canaccord Genuity took a bullish stance, heightening the price target for Q2 Holdings, Inc. (Ticker: QTWO) from $40 to $55. Joseph Vafi, the analyst at Canaccord Genuity, maintained a Buy rating. As a result, Q2 Holdings shares showcased a notable 9.9% increase, closing at $45.98 on Thursday.
- Citigroup manifested optimism by bolstering the price target for Fox Corporation (Ticker: FOXA) from $34 to $35. Analyst Jason Bazinet, at Citigroup, upgraded the stock from Neutral to Buy. Despite this, Fox shares experienced a slight decrease of 0.3%, culminating at $29.85 on Thursday.
- Lastly, Rosenblatt demonstrated a balanced approach, raising the price target for Altair Engineering Inc. (Ticker: ALTR) from $74 to $88 while also downgrading the stock from Buy to Neutral. Consequently, Altair Engineering shares rose by 3.4%, closing at $89.86 on Thursday.
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