4 big analyst cuts: PacWest downgraded, stock crashes on sale talks | Pro Recap

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4 big analyst cuts: PacWest downgraded, stock crashes on sale talks | Pro Recap
Credit: © Reuters.

By Davit Kirakosyan

Investing.com -- Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday.

PacWest Bancorp downgraded to Neutral, shares plunge on potential sale talks

DA Davidson downgraded PacWest Bancorp (NASDAQ: PACW ) to Neutral from Buy after the bank confirmed it was in talks about strategic options, including a sale. As a result, shares plunged more than 50% yesterday.

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The news comes after Bloomberg reported that the bank has been weighing a range of strategic options amid concerns about its financial health.

Regional bank shares remain under pressure, with PacWest shares down more than 86% YTD. Currently, shares are trading more than 18% higher premarket.

Enviva double downgraded after outlook cut & dividend elimination

Truist Securities downgraded Enviva (NYSE: EVA ) to Sell from Buy and cut its price target to $10.00 from $40.00. Shares plunged more than 67% yesterday after the company slashed its full-year outlook and eliminated its quarterly dividend.

While the firm continues to see the long-term market for biomass as supportive, it believes that recent downtrends in Enviva’s margin profile coupled with continued production shortfalls and accounting complexities call into question the longer-term ability to drive growth/returns.

2 more downgrades

Needham downgraded SiTime (NASDAQ: SITM ) to Hold from Buy based on several reasons, including the reduction of numbers for the fourth quarter in a row, as well as low visibility into the true run-rate of consumption of SiTime's oscillators. Furthermore, the firm highlighted a lack of visibility into when inventories will clear and the amount of inventory left to clear.

Shares plunged more than 20% yesterday following Q1 earnings .

BofA Securities downgraded Incyte Corporation (NASDAQ: INCY ) to Neutral from Buy and cut its price target to $84.00 from $93.00 as long-term value drivers are "uncertain."

The company reported its Q1 results earlier this week, missing on EPS and revenue and tightening its 2023 guidance for Jakafi net product revenues.

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