6 analyst cuts: ADP downgraded to Underperform ahead of Q3 report | Pro Recap

By Davit Kirakosyan

Investing.com — Here is your daily Pro Recap of the biggest analyst cuts you may have missed today.

ADP downgraded to Underperform at BofA

BofA Securities downgraded Automatic Data Processing (NASDAQ:) to Underperform from Neutral and cut its price target to $211.00 from $249.00. Shares are down more than 1% pre-market today.

The company will report its Q3/23 earnings results on April 26. Wall Street analysts expect the company to post EPS of $2.44 and revenue of $4.87 billion.

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Paychex downgraded to Underperform, shares down

Paychex (NASDAQ:) shares fell more than 2% pre-market today after BofA Securities downgraded the company to Underperform from Neutral and cut its price target to $105.00 from $119.00.

The company reported its Q3 last week, with both EPS and revenues coming in above the consensus estimates.

First Solar shares fall on Morgan Stanley downgrade

First Solar (NASDAQ:) shares fell more than 3% pre-market today after Morgan Stanley downgraded the stock to Underweight from Equalweight, while raising its price target to $200.00 from $194.00.

Last week, EDP Renewables announced a multi-year order for 1.8 gigawatts (GWdc) of First Solar’s advanced thin film photovoltaic (PV) solar modules, which will be delivered up to 2028.

3 more upgrades

Goldman Sachs downgraded AGCO (NYSE:) to Neutral from Buy and cut its price target to $135.00 from $149.00. Shares are down more than 2% pre-market.

Marqeta (NASDAQ:) shares dropped more than 4% pre-market today after Morgan Stanley downgraded the company to Equalweight from Overweight and cut its price target to $4.50 from $8.00.

Goldman Sachs downgraded Oshkosh Corporation (NYSE:) to Neutral from Buy with a price target of $94.00.