Last Updated on January 11, 2023 by Bitfinsider
Salesforce — The software giant slumped almost 3% after Bernstein downgraded the stock to underperform from market perform, saying it had entered a “growth limbo” and may struggle to get out of it. This comes only a week after the corporation declared its intention to cut its workforce. Bernstein believes that shares might tumble another 20%.
Coinbase — Shares of the crypto services provider tumbled roughly 3% after Bank of America downgraded the company, saying consensus expectations on Coinbase are “far too high” given the current crypto outlook. This happened a day after the firm announced a second wave of layoffs totaling around 950 positions, or roughly one-fifth of the company. Coinbase shares fell 86% in 2022 as macroeconomic factors and a scandal pulled down the cryptocurrency sector.
Tesla — Tesla shares jumped 2% after the electric vehicle manufacturer registered with the state of Texas to expand its Austin electric vehicle facility this year. Goldman Sachs has also called the stock a high choice for 2023.
Levi Strauss & Co. — The garment company’s stock fell 2.2% after Citi downgraded it to neutral from buy. The company identified weaker denim patterns as a potential source of pressure in the near to medium term.
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