Today's Most Important Downgrades

Bank of America downgraded shares of Apple (NASDAQ: AAPL) to Neutral from Buy and cut its price target to $160 from $185. The analysts believe the strong year-to-date share outperformance due to its “safe haven” status, is now at risk, as they expect material negative estimate revisions driven by weaker consumer demand (Services already in slowdown and products are expected to follow).

CFRA downgraded CarMax (NYSE: KMX) to Hold from Buy and lowered its price target to $75.00 from $115.00.

Craig-Hallum downgraded MillerKnoll (NASDAQ: MLKN) to Hold from Buy. According to the analysts, the company remains on track to unlock substantial synergies from its merger with Knoll, but now the growing likelihood of a global recession gives them less confidence in the company’s ability to meaningfully grow sales over the next 2-3 years.

BofA Securities downgraded MPLX LP (NYSE: MPLX) to Underperform from Buy with a price target of $34.00.

By Davit Kirakosyan

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