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4 big analyst cuts: Fox stock slips on Wells Fargo downgrade

Investing.com
·2-min read

Investing.com -- Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades for Fox, ImmunityBio, Northrop Grumman, and Diageo.

InvestingPro subscribers got these headlines in real-time. Start your 7-day free trial.

Fox downgraded to Equal Weight after Q3 beat

Wells Fargo downgraded Fox (NASDAQ:FOXA) to Equal Weight from Overweight and cut its price target to $34.00 from $44.00, as reported in real-time on InvestingPro. Shares fell more than 2% pre-market today.

The company reported its Q3 earnings on Tuesday, with EPS and revenues coming in better than the consensus estimates. Total revenues benefitted from advertising revenues rising 43%, primarily due to the impact of the Super Bowl, a higher volume of NFL games, and continued growth at Tubi.

ImmunityBio downgraded to Neutral, shares plunge on FDA’s decision

Piper Sandler downgraded ImmunityBio (NASDAQ:IBRX) to Neutral from Overweight and cut its price target to $4.00 from $10.00.

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Shares plummeted more than 55% yesterday after the company announced that it has received a complete response letter from the U.S. Food and Drug Administration (FDA) regarding its Biologics License Application (BLA) for its product candidate, Anktiva (N-803). The letter indicated that the FDA has determined that it cannot approve the BLA in its present form.

2 more downgrades

Barclays downgraded Northrop Grumman (NYSE:NOC) to Equalweight from Overweight and cut its price target to $450.00 from $580.00 to reflect a lower forecast for FCF during the ramp period for B-21/GBSD over the next several years.

According to the firm, Northrop's margins are likely to deteriorate more than expected, diluting a significant portion of growth that is seen on the outlook for B-21/GBSD.

Jefferies downgraded Diageo (NYSE:DEO) to Hold from Buy and cut its price target to $190.00 from $200.00. Shares are down more than 1% pre-market today.

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