Advertisement
Canada markets closed

  • S&P/TSX

    21,807.37
    +98.93 (+0.46%)
     

  • S&P 500

    4,967.23
    -43.89 (-0.88%)
     

  • DOW

    37,986.40
    +211.02 (+0.56%)
     

  • CAD/USD

    0.7275
    +0.0012 (+0.16%)
     

  • CRUDE OIL

    83.24
    +0.51 (+0.62%)
     

  • Bitcoin CAD

    87,373.74
    +1,844.66 (+2.16%)
     

  • CMC Crypto 200

    1,366.36
    +53.73 (+4.09%)
     

  • GOLD FUTURES

    2,406.70
    +8.70 (+0.36%)
     

  • RUSSELL 2000

    1,947.66
    +4.70 (+0.24%)
     

  • 10-Yr Bond

    4.6150
    -0.0320 (-0.69%)
     

  • NASDAQ

    15,282.01
    -319.49 (-2.05%)
     

  • VOLATILITY

    18.71
    +0.71 (+3.94%)
     

  • FTSE

    7,895.85
    +18.80 (+0.24%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

  • CAD/EUR

    0.6824
    +0.0003 (+0.04%)
     

4 big analyst cuts: Nu slashed at Citi, Futu gets 2 downgrades

Investing.com
·2 min read

Here is your Pro Recap of the biggest analyst cut you may have missed since yesterday: downgrades for Nu, Futu, Magellan Midstream, and Intercept Pharmaceuticals.

InvestingPro subscribers got this news before anyone else. Start your 7-day trial to get on board.

Nu downgraded at Citi on expected revenue deceleration

Citi downgraded digital banking platform Nu (NYSE:NU) to Neutral from Buy and cut its price target to $6.10 from $7.00, as reported in real time on InvestingPro.

Despite the impressive run, the firm sees several headwinds ahead, including a slowdown in cards TPV, caps in pre-paid cards’ interchange, potential changes in revolving lines, lower interest rates, and higher capital requirements.

ADVERTISEMENT

The firm believes that new initiatives (like Mexico and Payroll) should not be enough to offset such headwinds in the short term, leading to a material revenue deceleration.

The company reported its Q1 results on Monday, with EPS and revenues coming in better than the consensus estimates.

Futu receives 2 downgrades, shares fall

Futu (NASDAQ:FUTU) shares fell around 2% pre-market today after the company received downgrades from JPMorgan and Morgan Stanley following the announcement that the company is removing its app from China’s onshore app stores.

JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $46.00 from $65.00, noting that share price correction on the news has not factored in the potential decline in turnover from existing Mainland clients.

Meanwhile, Morgan Stanley downgraded the company to Underweight from Equalweight and cut its price target to $34.00 from $44.00.


2 more downgrades

Stifel downgraded Magellan Midstream (NYSE:MMP) to Hold from Buy while raising its price target to $64.00 from $61.00.

Raymond James downgraded Intercept Pharmaceuticals (NASDAQ:ICPT) to Market Perform from Outperform.

Shares dropped more than 14% yesterday after the FDA posted briefing documents ahead of a panel for NASH treatment on May 19.

Jump on the biggest news for your portfolio amid a barrage of market headlines: Always be the first to know with InvestingPro.

Start your free 7-day trial now.

Related Articles

4 big analyst cuts: Nu slashed at Citi, Futu gets 2 downgrades

NYSE to bust erroneous trades in CDW Corp shares

BNY Mellon prices $500 million debt offering via diverse bookrunners