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Top 3 major stock price cuts this week

Top 3 major stock price cuts this week

Despite broad optimism near New Year’s Day signaling that investors believe 2024 will present a strong bull market, the general attitude has since become remarkably mixed.

This uncertainty is well exemplified by the major banks’ expectations for the year, which range from very bullish to expectations of significant struggles and volatility.

Additionally, while the crypto market has been suffering from a downturn in the last few weeks, the stock market remains strong, with the S&P 500 market index even reaching a new all-time high (ATH) on Friday, January 19, despite many, including CNBC’s Jim Cramer, warning that a major pullback is likely.

Amidst the uncertainty and ever-shifting expectations on when the FED will start cutting interest rates, prominent experts and analysts have been constantly adjusting their price targets and have even lowered their expectations for several prominent stocks.

Charles Schwab (NYSE: SCHW)

Barclays analyst Benjamin Budish elected to lower his price target for Charles Schwab (NYSE: SCHW) from $68 to $64 on Thursday, January 18. He, however, retained his neutral stance on the stock by ranking it as “equal weight,” signaling the company is likely to perform along the lines of the industry average.

The Barclays target is noteworthy as it also signals that Schwab is likely to stagnate in 2024, as the previous price target was nearly equal to the company’s stock value on January 1, and the current estimate is only slightly above the press time price of $63.67.

The wider analyst consensus, however, remains somewhat optimistic, and the average target of 19 experts taken into account by TipRanks stands at $72.39 – a 13.52% upside compared with the January 22 opening.

SCHW 12-month forecast. Source: TipRanks

Boeing (NYSE: BA)

Given the mid-air detaching of a Boeing 737 MAX 9 airplane door that occurred on January 5, it is perhaps not surprising that Susquehanna analyst Charles Minervino reduced his target for BA from $306 to $279.

What may be somewhat more surprising is that, despite the accident’s implications for things like the planned exports to China, the analyst remained overall positive when it comes to the aviation giant.

Additionally, the analyst consensus still foresees an upside for Boeing stock as the average estimate stands at $267.84 – an overall upside of 25.12% compared to the press time price of $214.16 – and ranks the company as a “strong buy.”

BA 12-month forecast. Source: TipRanks

Tesla, Inc. (NASDAQ: TSLA)

Investors and traders have generally been rather optimistic when it comes to Elon Musk’s electric vehicle (EV) giant, Tesla (NASDAQ: TSLA). The company recorded a successful 2023 with significant growth in the stock market and a new record in terms of vehicle deliveries.

Despite this, Morgan Stanley’s (NYSE: MS) Adam Jonas decided to lower his previous 12-month price target of $380 per share down to $345 per share on Monday, January 22. 

Despite the downward revision, Jonas’ stance is still decisively bullish, as the new target represents a 64% upside from the current price. Finally, the Morgan Stanley analyst retained his opinion that TSLA stock is a buy in 2024.

Overall, analysts are, on average, neutral on Tesla, with 10 out of 24 taken into consideration by TipRanks seeing it as a buy.

TSLA 12-month forecast. Source: TipRanks

An additional 10 believe investors should hold TSLA, and 4 consider selling the best option. The average price target for the EV maker stands at $249.75.

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