Today's most important downgrades

Citi downgraded HUYA Inc. (NYSE: HUYA) to Sell from Neutral and lowered its price target to $3.00 from $4.00 as it turns cautious since the eSports industry could face a structurally more challenging growth outlook with limited headroom for user growth and monetization potential given fewer eSports titles under a normalized slower pace of new games approval process. Shares fell more than 12% today.

UBS downgraded Advance Auto Parts (NYSE: AAP) to Neutral from Buy and lowered its price target to $182.00 from $230.00. Shares plunged more than 15% today following the company’s reported Q3 miss and lowered guidance.

Raymond James downgraded Home Depot (NYSE: HD) to Market Perform from Outperform following the company’s Q3 results announcement. According to the analysts, the downgrade was not a reflection of the company’s execution, but more of their view that the risk/reward for the company entering 2023 now appears more balanced, with the ongoing risk/headwinds to the U.S. housing industry and the stock recovering nicely off its 2022 lows.

By Davit Kirakosyan

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