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Fly News Breaks for January 2, 2020
HBI, ICPT, SIG, UPWK, F
Jan 2, 2020 | 10:13 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Ford (F) downgraded to Underperform from In Line at Evercore ISI with analyst Chris McNally saying that in 2020, the "weak will likely get weaker" in 2020 and the strong OEMs/suppliers may start to dominate. 2. Upwork (UPWK) downgraded to Neutral from Buy at Citi with analyst Hao Yan citing the stock coming under pressure since the company's Q3 results amid a weaker growth outlook and believes that a Neutral rating with a "high risk" classification is warranted because of the sector re-rating, recent CEO departure, regulatory overhand, and decelerating Gross Services Volume. 3. Signet Jewelers (SIG) downgraded to Underweight from Equal Weight at Wells Fargo with analyst Ike Boruchow saying the retail group had a "very challenging" 2019 due to a confluence of factors including tariff concerns and tough compares, adding that Signet's core business continues to struggle, with credit remaining an overhang. 4. Intercept (ICPT) downgraded to Neutral from Buy at Citi with analyst Joel Beatty saying the 95% run-up in the stock since September and contends that its NASH launch has been "appropriately priced in." 5. Hanesbrands (HBI) downgraded to Underweight from Equal Weight at Wells Fargo with analyst Ike Boruchow saying the retail group had a "very challenging" 2019 due to a confluence of factors including tariff concerns and tough compares, and says core weakness is persisting at Hanesbrands, with Champion decelerating. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.