Today’s most important downgrades

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Advanced Micro Devices Inc (NASDAQ:AMD) shares fell more than 2% today after Bernstein downgraded the company to Market Perform from Outperform and cut its price target to $80.00 from $95.00, highlighting a worsening PC environment.

This comes just one day after the company was upgraded by Barclays, which helped the stock climb 9% on Monday.

Baird downgraded Peloton Interactive (NASDAQ:PTON) to Neutral from Outperform and cut its price target to $12.00 from $14.00. Despite the sizable decline in the stock price, the firm still has a cautious view of the environment (including signs of accelerated return to gyms) which could cause the company to guide Q3 below consensus and lengthen the time needed to restore healthy profitability.

Shares plunged more than 5% today.

Bernstein downgraded Lululemon Athletica Inc. (NASDAQ:LULU) to Underperform from Market Perform and cut its price target to $290.00 from $340.00, noting that “Lululemon has a reset coming” after 25% sales growth and 30+% earnings growth for five straight years.

“The expectations vs. reality gap has been our biggest concern this past year. Now, with no more pent-up demand, a more cautious consumer outlook, and negative margin mix shifts, earnings growth will decelerate materially and we expect the multiple to follow,” added the firm.

BofA Securities downgraded Union Pacific (NYSE:UNP) to Neutral from Buy. Shares closed more than 3% lower after the company reported a Q4 miss.

MoffettNathanson downgraded Cognizant Technology Solutions (NASDAQ:CTSH) to Underperform from Market Perform with a price target of $60.00.

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