Today's Most Significant Downgrades

Bank of America downgraded Meta Platforms Inc (NASDAQ:META) to Neutral from Buy and cut its price target to $150 from $196 ahead of the company's Q3 release. Analysts expect a much larger-than-expected slowdown for 2023, forecasting annual revenue growth of 4% to reach $120 billion, below the consensus estimate of 9% or $127 billion.

Jefferies downgraded Williams-Sonoma (NYSE:WSM) to Underperform from Hold and cut its price target to $100 from $160. Analysts expect the company's shares to underperform ahead of a softer macro, with the pain potentially lasting until 2025. Wells Fargo downgraded FedEx (NYSE:FDX) to Equal-weight from Overweight and cut its price target to $160.00 from $199.00. Aaron's (NYSE:AAN) shares fell more than 7% today after BofA Securities downgraded the company to Underperform from Neutral and cut its price target to $6.50 from $23.00 ahead of its Q3 earnings release. Analysts believe that the subprime consumer's financial health and demand for big-ticket products has deteriorated over the past few months. For the company, this will likely result in lower foot traffic, lower collections and higher write-downs. Barclays downgraded Qorvo Inc (NASDAQ:QRVO) from Overweight to Equal-weight and cut its price target to $90.00 from $120.00. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!