Amid the biggest ratings changes in the past week, Carvana shares fell after several analysts downgraded them. Here are all the most important analyst-rating changes from the past week InvestingPro+. Sign up for rapid-fire protection of upgrades and downgrades.
Carvana was demoted by Wedbush, William Blair and Needham
Wedbush is the first store this week Come out and swing for the fences on Carvana, downgrading the stock to Underperform Wednesday by $1.
Analysts see bankruptcy risks and director of investor relations Mike Levin recently left the company.
Wedbush fears the embattled used-car vending machine operator’s debt restructuring will leave no value for holders of Carvana’s common equity.
William Blair quickly followed suit with its own Carvana downgrade from out perform to market perform.
And Needham was demoted Shares Buy-to-hold Friday.
Beyond fears of bankruptcy down the street, Needham notes that a second round of layoffs at the company has eroded confidence in management’s ability to execute a turnaround plan.
Carvana shares fell nearly 40% on the Wedbush downgrade, and the stock’s 5-day performance came in at a loss of 36.4%.
MGM Resorts was upgraded by Truist to buy
A faith researcher Monday reversed a historically more cautious outlook Las Vegas strip and in destination markets (think Macau).
The pullback, first reported on InvestingPro+, sent MGM (NYSE: ) shares higher in premarket trading — up to a handle of $38 at 4 a.m. EST.
Troost also noted that an in-house study showed that the room’s strength remained stable.
MGM ended the week down 4.5%.
Boston Beer: Downgraded to Sell by Deutsche Bank
Deutsche Bank downgraded the rating on Tuesday Boston Beer (NYSE: The industry outlook for 2023 is to sell, which saw seven downgrades across the US consumer staples space.
Hard Seltzer’s decline shows no signs of leveling off, according to Deutsche Bank.
The analyst said Boston Beer saw its Sam Adams brand overmarket as it rose in popularity with craft beer before slowing in specialty market growth.
Shares fell sharply in Tuesday’s session and fell 6.6% for the week.
Hershey Co was upgraded by UBS to buy
UBS upgraded Hershey Co (NYSE: Buy on Friday, citing the relative strength shown in the large-cap packaged foods sector.
The analyst suspects Hershey will benefit from investor euphoria as the company remains in “a boom and bust cycle through 2025.”
UBS also commented, “While we don’t expect HSY to fully close the gap with their high-growth counterparts, it underscores the potential for higher valuations over time for HSY.”
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