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Fly News Breaks for June 4, 2019
MELI, X, KSS, ENSG, BOX
Jun 4, 2019 | 10:20 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. U.S. Steel (X) downgraded to Sell from Neutral at Goldman Sachs with analyst Matthew Korn saying he expects the stock to weaken as the market continues to absorb the effects of materially lower steel prices. 2. Box (BOX) downgraded to Hold from Buy at Canaccord with Canaccord analyst Richard Davis saying the company's fundamental position is "too strong" for it to be executing this sporadically. 3. Kohl's (KSS) downgraded to Underweight from Neutral at Atlantic Equities. 4. MercadoLibre (MELI) downgraded to Neutral from Buy at BTIG with analyst Marvin Fong saying the stock's 94% advance year-to-date has fixed the "glaring price inefficiency" that its stock price had previously represented. 5. Ensign Group (ENSG) downgraded to Hold from Buy at SunTrust with analyst David MacDonald saying he is positive on the company's "local structure and unique M&A strategy," along with its solid growth and value-unlocking pending spin. However, MacDonald notes that the upcoming changes in Ensign Group's reimbursement structure carry some "uncertainty" and also sees the risk/reward on the stock as "balanced" at 21-times his expected FY20 earnings multiple. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.