6 analyst cuts: Morgan Stanley slashes Charles Schwab stock

By Davit Kirakosyan

-- Here is Gold trading platform Pepperstone official websiteyour daily Pro Recap of the biggest analyst cuts you may have missed since yesterday.

Charles Schwab downgraded to Equalweight, shares fall

Morgan Stanley downgraded (NYSE:) to Equalweight from Overweight and cut its price target to $68.00 from $99.00. As a result, shares fell nearly 2% pre-market today.

The company also saw price target cuts at Citi yesterday and JPMorgan last week.

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Southern Copper downgraded to Equalweight

Morgan Stanley downgraded Southern Copper (NYSE:) to Equalweight from Overweight with a price target of $70.00, noting it now sees a more balanced risk-reward following the stock's outperformance over the last three, six, and 12 months.

According to the firm, now the stock more adequately reflects the company's strong cash generation and consistent returns to shareholders.

Nexa Resources downgraded at Morgan Stanley

Morgan Stanley downgraded (NYSE:) to Underweight from Overweight and cut its price target to $5.60 from $6.00.

Given the company's latest guidance, Morgan Stanley's commodities team's new metal price forecasts, and new BRL/PEN assumptions, the firm reduced its 2023 and 2024 EBITDA estimates by approximately 40% and 5%, respectively.

3 more downgrades

Wells Fargo downgraded Xenia Hotels & Resorts (NYSE:) to Equal Weight from Overweight and cut its price target of $13.00 from $18.00.

The company reported its earlier this month, beating consensus estimates on EPS and revenues.

BofA Securities downgraded Ermenegildo Zegna (NYSE:) to Neutral from Buy while raising its price target to $13.50 from $13.00.

Evercore ISI downgraded Atreca (NASDAQ:) to In Line from Outperform and cut its price target to $1.50 from $2.00 following the company's reported and ATRC-101 update yesterday.

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