4 big analyst cuts: Premier downgraded at Piper Sandler following Q4 earnings
Investing.com | Author Davit Kirakosyan
Published Aug 23, 2023 20:20
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Premier, Workday, Genpact, and Genprex.
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Premier downgraded at Piper Sandler following Q4/h2
Piper Sandler downgraded Premier (NASDAQ:PINC) to Neutral from Overweight and cut its price target to $25.00 from $44.00 following Q4 results, which resulted in a share price drop of more than 3% yesterday.
Q4 EPS came in at $0.68, better than the consensus of $0.66, while revenue of $340.36 million missed the consensus estimate of $356.34M.
According to Piper Sandler, their optimistic predictions, reflected in the Overweight rating, have not materialized. They had expected the SCS segment to show positive comps by the second half of 2023. Their projections included the anticipation of renegotiated and renewed GPO contracts providing extended visibility of 5-7 years, and they foresaw steady growth in SCS revenue as purchasing regained strength within GPO contracts and utilization normalized.
"This thesis has not played out. Intra-contract share-back rate revisions will obscure visibility, undermine growth and increase risk; we fear these types of concessions are a slippery slope."
Workday downgraded ahead of Q2/h2
OTR Global downgraded Workday (NASDAQ:WDAY) to Mixed from Positive, as reported in real time on
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Written By: Investing.com
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