By Davit Kerakossian
Today, several brokerages have downgraded the stock of three companies, including Cisco (NASDAQ :), Micron Technology (NASDAQ :), and Sutera Health Company (NASDAQ:). Below, we’ve provided the details for each downgrade:
Barclays lowered Cisco’s rating to Equalweight from Overweight and lowered its price target to $46.00 from $56.00. According to analysts, the company doubled its relative share of cloud business from 2019 to 2021, but has since been on hold. Analysts believe the transition to a more software-based model has been slow, and product backlog growth has been a negative impact. Moreover, analysts see the company as more exposed to macro and project risks.
Mizuho Securities downgraded Micron Technology to Neutral from Buy and lowered price target to $56.00 from $75.00 as recent checks showed sharp price declines in the December quarter and first half of ’23. Moreover, analysts noted that major data centers/markets Servers are starting to show weakness, with demand in China/Europe waning and CPU/GPU ramps slowing.
JPMorgan cut Sotera Health’s rating to Underweight from Overweight and lowered its price target to $9.00 from $26.00.