4 big analyst cuts: Apple loses buy rating on slack iPhone demand

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades for Apple, Revolve, Rain Therapeutics, and Intercept Pharmaceuticals.

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Apple downgraded to Hold on downside risk to Q3 revenues

Loop Capital downgraded Apple (NASDAQ:AAPL) to Hold from Buy with a price target of $180.00.

The firm sees a material downside risk to revenue (both iPhone and overall) estimates for Q3, relative to both the company’s guidance and Street forecasts.

According to the firm, Apple will likely cut its Q3 builds and shipments by about 10%, and iPhone shipments will be likely down 5 million to 35M on weaker demand. This is incremental to management’s reduced Q3 guidance earlier this month.

Revolve downgraded on lack of near-term catalysts

TD Cowen downgraded Revolve Group (NYSE:RVLV) to Market Perform from Outperform and cut its price target to $19.00 from $30.00 as it sees a lack of near-term catalysts.

While labeling Revolve as the "hottest Gen Z retailer,” the firm said that growth has cooled, and it sees the stock as rangebound in the near term.

Earlier this month, the company reported its Q1 results, highlighted by a revenue miss and moderating active customer count growth (trailing 12 months, or TTM) as macro pressure weighs on consumers.

Rain Therapeutics receives downgrades following Phase 3 MANTRA data, shares plunge

Several analysts downgraded Rain Therapeutics (NASDAQ:RAIN) after the company announced its topline pivotal Phase 3 MANTRA data, as InvestingPro reported in real time. The trial did not meet its primary endpoint to treat patients with dedifferentiated liposarcoma. As a result, shares plummeted more than 87% yesterday.

Oppenheimer downgraded the company to Perform from Outperform, Citi downgraded to Neutral from Buy with a price target of $1.50 (from $24.00), and Piper Sandler downgraded to Neutral from Overweight. The company also received downgrades from SVB MoffettNathanson, EF Hutton, and Jones Trading.

Intercept Pharmaceutical downgraded after FDA panel decision

H.C. Wainwright downgraded Intercept Pharmaceuticals (NASDAQ:ICPT) to Sell from Neutral and cut its price target to $8.00 from $14.00.

Shares plunged more than 27% yesterday and were trading around 3% lower pre-market today after the FDA panel opposed accelerated approval for Ocaliva in NASH.

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