- Morgan Stanley analyst Erik Woodring lowered Vivint Smart Home Inc (NYSE:VVNT) and Resideo Technologies Inc (NYSE:REZI) price targets and maintained an Equal Weight rating on the shares as part of the downgrade of their IT Hardware industry view to Cautious.
- Woodring lowered Vivint Smart Home price target to $10 (implying an upside of 17%) from $14, and Resideo Technologies price target to $31 (implying an upside of 30.9%) from $33.
- Woodring mentions that the firm’s U.S. Equity Strategy Team believes the market is in the later innings of a mid-cycle transition, and Hardware has been the worst-performing Tech group and underperformed the S&P by 11% over the past four months.
- He further points to emerging cautious data points – including a decelerating CIO Hardware spending growth outlook in 2022, rising channel inventory, and recent overconsumption of PC and peripheral products – as a signal of an “impending” shift to late cycle, which should bring with it underperformance for the IT Hardware group.
- Price Action: VVNT shares are trading lower by 8.66% at $8.54, while REZI is down by 3.38% at $23.75 on the last check Wednesday.
What 12 Analyst Ratings Have To Say About HCA Healthcare
Over the past 3 months, 12 analysts have published their opinion on HCA Healthcare (NYSE:HCA) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company's business to predict how a stock will trade over the upcoming year.
