Wall Street Slashes Price Targets on Meta, Chevron, Regional Banks

Investment banks issued sweeping price target cuts across multiple sectors, with KBW, J.P. Morgan, Jefferies, RBC, Piper Sandler, HSBC, Canaccord Genuity and Zephirin Group all revising estimates lower.

KBW led cuts in the banking sector, lowering its target for Bank of Hawaii Corp (BOH) to $92 from $95 and reducing its target for BankUnited Inc (BKU) to $49 from $51. The firm also cut T. Rowe Price Group Inc (TROW) to $115 from $120 and SouthState Corp (SSB) to $35 from $37.

J.P. Morgan trimmed its target for Brookfield Renewable Partners LP (BEPC) to $36 from $38 and cut Colgate-Palmolive Co (CL) to $103 from $104. The bank also lowered targets for Tradeweb Markets Inc (TW) to $117 from $125 and Unum Group (UNM) to $98 from $101.

The steepest J.P. Morgan cut fell on Manitowoc Co Inc (MTW), where the bank slashed its target to $369 from $549. J.P. Morgan also reduced targets for Prime Materials Recovery Inc (PRM) to $45 from $50 and Tempur Sealy International Inc (TPX) to $45 from $50.

Jefferies delivered the day's most aggressive reductions among large-cap names. The firm cut Meta Platforms Inc (META) to $710 from $825—a $115 reduction—and trimmed Citigroup Inc (C) to $160 from $165. Jefferies also lowered GoDaddy Inc (GDDY) to $85 from $95, Sonos Inc (SONO) to $20 from $21 and FTAI Aviation Ltd (FTAI) to $325 from $400.

HSBC cut energy major Chevron Corp (CVX) to $218 from $221 as analysts revised oil and gas outlooks.

RBC reduced its target for FMC Corp (FMC) to $11 from $12, cut Huntington Ingalls Industries Inc (HII) to $10 from $11 and lowered Olin Corp (OLN) to $20 from $24. In healthcare, RBC trimmed Universal Health Services Inc (UHS) to $183 from $190. Gaming and Leisure Properties Inc (GLPI) received a revised target of $52 from $54.

Piper Sandler cut Inovio Pharmaceuticals Inc (INO) to $4 from $6 and lowered Omnicell Inc (OMCL) to $45 from $55. Canaccord Genuity reduced Veracyte Inc (VCYT) to $50 from $60.

Zephirin Group cut SpaceX Holdings Inc (SPCX) to $190 from $310, the largest percentage reduction of the session.

HSBC cut energy major Chevron Corp (CVX) to $218 from $221 as analysts revised oil and gas outlooks.

Piper Sandler cut Inovio Pharmaceuticals Inc (INO) to $4 from $6 and lowered Omnicell Inc (OMCL) to $45 from $55. Canaccord Genuity reduced Veracyte Inc (VCYT) to $50 from $60.

Zephirin Group cut SpaceX Holdings Inc (SPCX) to $190 from $310, the largest percentage reduction of the session.