| 2021-07-22 09:54:05|
TXN, CVX… 09:54 07/22 07/22/21
Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Texas Instruments (TXN) downgraded to Hold from Buy at Summit Insights with analyst Kinngai Chan believing the company's Q3 outlook reflects some demand uncertainty in the PC and the smartphone markets. 2. Chevron (CVX) downgraded to Hold from Buy at HSBC with analyst Gordon Gray saying an oil sector "re-rating may continue to prove elusive" despite better results and higher cash distributions as critical mass low-carbon is still "years away" and climate pressures are intensifying. 3. Travelers (TRV) double downgraded to Underperform from Buy at BofA with analyst Joshua Shanker lowering his 2022 EPS forecast to a "Street low" $11.80 as Commercial P&C pricing begins to decelerate and underwriting margins begin to erode in personal auto and homeowners' insurance. 4. Williams-Sonoma (WSM) downgraded to Sell from Neutral at Goldman Sachs with analyst Kate McShane saying Williams-Sonoma has outperformed her and consensus sales expectations despite the supply chain disruptions that persisted for most of 2020 and carried well into this year, but she thinks consensus estimates for 2022 could be too high given the likely return of promotions in 2022 and comparisons that are more difficult than for other hardlines peers. 5. Atlassian (TEAM) downgraded to Market Perform from Outperform at Cowen with analyst J. Derrick Wood saying pressures from the company's medium-term model transition and the "near peak" historic valuation levels are likely to keep the shares range-bound for some time. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.