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4 big analyst cuts: PacWest slashed, stock crashes on sale talks | Pro Recap

By Davit Kirakosyan -- Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at PacWest Bancorp, Enviva, SiTime, and Incyte.

InvestingPro subscribers got these headlines in real time. Never miss another share-busting downgrade.

PacWest Bancorp downgraded to Neutral, shares plunge on potential sale talks

DA Davidson downgraded PacWest Bancorp (NASDAQ:PACW) to Neutral from Buy after the bank confirmed it was in talks about strategic options, including a sale. As a result, shares plunged more than 50% yesterday.

The news comes after Bloomberg reported that the bank has been weighing a range of strategic options amid concerns about its financial health.

Regional bank shares remain under pressure, with PacWest shares down more than 86% YTD. Currently, shares are trading more than 18% higher premarket.

Enviva double downgraded after outlook cut & dividend elimination

Truist Securities downgraded Enviva (NYSE:EVA) to Sell from Buy and cut its price target to $10.00 from $40.00. Shares plunged more than 67% yesterday after the company slashed its full-year outlook and eliminated its quarterly dividend.

While the firm continues to see the long-term market for biomass as supportive, it believes that recent downtrends in Enviva’s margin profile coupled with continued production shortfalls and accounting complexities call into question the longer-term ability to drive growth/returns.

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2 more downgrades

Needham downgraded SiTime (NASDAQ:SITM) to Hold from Buy based on several reasons, including the reduction of numbers for the fourth quarter in a row, as well as low visibility into the true run-rate of consumption of SiTime's oscillators. Furthermore, the firm highlighted a lack of visibility into when inventories will clear and the amount of inventory left to clear.

Shares plunged more than 20% yesterday following Q1 earnings.

BofA Securities downgraded Incyte Corporation (NASDAQ:INCY) to Neutral from Buy and cut its price target to $84.00 from $93.00 as long-term value drivers are "uncertain."

The company reported its Q1 results earlier this week, missing on EPS and revenue and tightening its 2023 guidance for Jakafi net product revenues.

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