Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks

Umar Farooq
9 min read

In this article, we will discuss the 10 stocks whose price targets were recently trimmed by analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Just Trimmed Price Targets for These 5 Stocks.

In 2023, U.S. bankruptcy filings experienced a notable 18% surge, reaching a total of 445,186, driven by a confluence of factors such as higher interest rates, more stringent lending standards, and the gradual phasing out of pandemic-era support measures. Data from bankruptcy data provider Epiq AACER revealed that both commercial Chapter 11 reorganization filings and consumer filings contributed to this increase, rising by 72% to 6,569 and 18% to 419,55, respectively. While December saw a slight dip in total filings to 34,447 from November, a year-on-year increase of 16% was still evident, signaling the persistence of financial challenges for individuals and businesses. Looking ahead to 2024, the trajectory of bankruptcy cases is expected to continue its upward trend. Despite this, the figures remain below the peak observed in 2019, the year preceding the onset of the pandemic, when 757,816 bankruptcies were filed. Michael Hunter, Vice President of Epiq AACER, anticipates that the rise in both consumer and commercial filings seeking bankruptcy protection will persist in 2024. Contributing factors include the diminishing effects of pandemic stimulus, a higher cost of funds, increased interest rates, growing delinquency rates, and historically high levels of household debt. The financial landscape, tightened by the Federal Reserve's aggressive interest rate hikes over the past two years, showed some easing in the fourth quarter of 2023 following signals of the Fed concluding its rate-hike cycle. Moreover, recent indications from Fed officials suggest an expectation of rate cuts in the upcoming year.

Bond prices declined on January 4 following positive jobs data, leading to skepticism about the Federal Reserve's timing and extent of potential interest rate cuts. Technology stocks, particularly in the Nasdaq 100, faced instability, contributing to the index's potential prolonged losing streak, reported Bloomberg. Apple Inc. (NASDAQ:AAPL) experienced a dip after its second downgrade in the week, with Piper Sandler expressing worries about iPhone inventory levels. Meanwhile, the S&P 500 saw a slight uptick, recovering from a three-day selloff in the preceding session. Oil prices surged due to escalating tensions in the Middle East, adding another layer of market volatility. Against this backdrop, CreditSights' Zeng shared insights on China Tech's credit outlook, offering perspectives on the challenges and opportunities in the sector. In summary, the markets experienced fluctuations as positive job data raised questions about potential Fed actions, impacting bond prices and tech stocks. Specific concerns about Apple's inventory levels added to the tech sector's challenges. The S&P 500 showed modest gains, while oil prices reacted to geopolitical tensions. Additionally, insights on China Tech's credit outlook were provided to navigate the complex landscape.

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