PubMatic Inc. (NASDAQ: PUBM): Macquarie downgraded the shares to Neutral from Outperform and cut its $23 target price to $16. The consensus target is $20.11 for now. Wednesday’s $12.30 close was a 34% retreat on the day due to a second-quarter loss.
Qualcomm Inc. (NASDAQ: QCOM): Daiwa Securities downgraded the shares to Outperform from Buy and has a $125 price objective. The consensus target is $129.80. Wednesday’s close was at $116.57.
RBC Bearings Inc. (NYSE: RBC): Alembic Global Advisors upgraded the stock to Overweight from Neutral. Its $267 price target compares with a consensus target of $250.43 and Wednesday’s close at $226.14.
Rivian Automotive Inc. (NASDAQ: RIVN): Goldman Sachs reiterated a Neutral rating but lifted its $18 target price to $23. Baird maintained an Outperform rating and bumped its price target to $30 from $17. And Mizuho kept a Buy rating and its $30 price target rose to $32. The consensus target is $28.19, and shares closed at $22.35 on Wednesday.
SciPlay Corp. (NASDAQ: SCPL): Wedbush’s downgrade was from Outperform to Neutral with a $23 target price. The consensus target is $19.89. Wednesday’s $22.70 close up over 15% on the day despite earnings lagging estimates.
Splunk Inc. (NASDAQ: SPLK): CapitalOne started coverage with an Overweight rating and a $125 target price. The consensus target is $119.88. Wednesday’s closing share price was $99.27.
Squarespace Inc. (NYSE: SQSP): Goldman Sachs reiterated a Neutral rating but lifted the $30 target price to $34. The consensus target is $33.67. The stock ended Wednesday trading at $31.08.
United States Cellular Corp. (NYSE: USM): Wells Fargo’s upgrade from Underweight to Equal Weight included a target price hike to $38 from $16. The consensus target is $36.50 for now. Wednesday’s final trade was for $37.53 a share.
Vitesse Energy Inc. (NYSE: VTS): Northland Capital downgraded the shares to Market Perform from Outperform, yet it bumped its $23 target price up to $24. The consensus target is $23.67. The stock closed on Wednesday at $24.27.
The AI rally has pushed the markets higher even as fundamentals continue to deteriorate, so it makes sense now for investors to take their winnings and move to dividend-paying safe-haven stocks.
Wednesday’s top analyst upgrades and downgrades included Amazon.com, Beyond Meat, Compass, DraftKings, Genius Sports, Home Depot, International Flavors & Fragrances, Lowe’s, Palantir Technologies, Telephone and Data Systems and Walmart.
Originally published at 24/7 Wall St.
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