Story continues
Story continues Evercore ISI downgraded Chewy (CHWY) to In Line from Outperform with a price target of $35, down from $53, post the Q2 report. The "disappointing" decline in net additions after the Q1 modest increase, as well as management's "subdued outlook" for second half of 2023 net adds, warrants a more cautious stance, the firm says. Susquehanna downgraded C.H. Robinson (CHRW) to Negative from Neutral with a price target of $77, down from $88. Truck brokers "face a difficult cyclical path into 2024," says the firm, which adds that it sees the truckload brokerage model as "the most challenged in transports." Morgan Stanley downgraded Palantir Technologies (PLTR) to Underweight from Equal Weight with a price target of $9, up from $8. The frim says near-term optimism in the company's artificial intelligence product cycle and the stock's valuation premium create an unfavorable risk/reward in the shares.