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Today's most important downgrades

Published 2022/11/18, 05:06
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By Davit Kirakosyan

Norwegian Cruise Line (NYSE:NCLH) shares plunged more than 6% today after Credit Suisse downgraded the company to Underperform from Outperform and lowered its price target to $14 from $20. The key drivers behind the downgrade are (1) risk to the 23 EBITDA guidance, (2) valuation premium vs peers is likely unsustainable, and (3) the company hitting their guide implies more equity upside potential for Royal Caribbean Cruises Ltd. (NYSE:RCL) or Carnival (NYSE:CCL).

Citi downgraded Quest Diagnostics (NYSE:DGX) to Sell from Neutral and lowered its price target to $125.00 from $145.00 following recent multiple expansion given that it sees risk to the long-term guide of 4-5% growth in the base business along with additional cost headwinds.

Morgan Stanley downgraded Principal Financial Group (NASDAQ:PFG) to Underweight from Equalweight and raised its price target to $79.00 from $76.00 reflecting its concerns that the valuation, both in absolute terms and relative to its peers, looks stretched, and that capital flexibility now looks to be limited. Shares fell more than 3% today.

Evercore ISI downgraded Dominion Resources, Inc. (NYSE:D) to In Line from Outperform with a price target of $78.00 following the business review announced with the Q3 release on Nov 4th.

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