Today’s most important downgrades


Baird downgraded Boot Barn (NYSE:BOOT) to Neutral from Outperform with a price target of $86.00, noting that the company’s Q3 report last week highlighted continued solid execution, while disproving fears about “over-earning.”

Still, with the stock up 38% year-to-date, the firm is tempering its bullish view of the company’s long-term potential given its more cautious sector-wide outlook.

Shares fell more than 2% today.

Piper Sandler downgraded Edwards Lifesciences (NYSE:EW) to Neutral from Overweight and cut its price target to $80.00 from $95.00. The downgrade was based on three factors, including the firm’s proprietary doc survey, Piper Sandler believing the U.S. TAVR market is becoming increasingly competitive, and the fact they see a less-than-ideal stock set-up behind what it views as lofty 2023 guidance.

Shares were down more than 2% today.

CFRA downgraded Baidu (NASDAQ:BIDU) to Sell from Hold while raising its price target to $103.00 from $95.00.

Vertical Research Partners downgraded Eastman Chemical (NYSE:EMN) to Hold from Buy after the company reported a Q4 miss on Thursday.

Azek Company Inc (NYSE:AZEK) shares fell more than 2% today after BofA Securities downgraded the company to Neutral from Buy.

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