5 big analyst cuts: Lam Research downgraded at Bernstein | Pro Recap

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5 big analyst cuts: Lam Research downgraded at Bernstein | Pro Recap
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By Davit Kirakosyan

Investing.com -- Here is your daily Pro Recap of the biggest analyst downgrades you may have missed on InvestingPro since yesterday’s close. Start your free 7-day trial to get this news first.

Lam Research downgraded at Bernstein

Bernstein downgraded Lam Research (NASDAQ: LRCX ) to Market Perform from Outperform with a price target of $500.00, noting that the stock is now more expensive.

The firm tweaked its CY2023 wafer fab equipment (WFE) forecast slightly upwards to $78 billion (still down 20% year-over-year), "mostly on more R&D from Samsung spends and strong backlog drawdown/ICAPS demand from AMAT."

Shares closed nearly 4% higher yesterday.

3 downgrades for Seagen following Pfizer buyout announcement

Morgan Stanley, BMO Capital, and JMP Securities downgraded Seagen (NASDAQ: SGEN ) following the announcement that Pfizer (NYSE: PFE ) has entered a definitive merger agreement to acquire Seagen for $43B, or $229 per share.

Morgan Stanley downgraded the stock to Equalweight from Overweight with a price target of $229.00 (from $173.00), while BMO Capital downgraded to Market Perform from Outperform with a price target of $229.00 (from $179.00). JMP Securities downgraded to Market Perform from Market Outperform.

Another trio of downgrades

Piper Sandler downgraded Traeger (NYSE: COOK ) to Neutral from Overweight and cut its price target to $4.00 from $6.00.

The company will report its Q4 earnings results tomorrow after the market close.

Shares are down more than 4% pre-market today.

JPMorgan downgraded Ovintiv (NYSE: OVV ) to Neutral from Overweight and cut its price target to $53.00 from $59.00.

Compass Point downgraded Acushnet (NYSE: GOLF ) to Neutral from Buy and cut its price target to $55.00 from $65.00.

Shares closed nearly 2% lower yesterday.

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