Today's most important downgrades

BofA Securities downgraded Centene (NYSE: CNC) to Underperform from Neutral with a price target of $85.00, noting it is concerned about the potential for Medicaid redeterminations beginning next year to be a drag on margins in 2023. Shares closed more than 4% lower today.

Goldman Sachs downgraded Bright Health Group (NYSE: BHG) to Sell from Neutral with a price target of $0.50. Following the wind-down of the company’s HIX insurance business, the analysts see risks and uncertainties with its new strategic focus on NeueHealth and path to profitability. Shares plunged more than 16% today.

KeyBanc downgraded Carrier Global (NYSE: CARR) to Sector Weight from Overweight, noting it has become increasingly concerned around the magnitude of Res'l de-stocking and slowing Comm'l orders negating limiting further upside to the stock and current estimates.

Morgan Stanley downgraded NetApp (NASDAQ: NTAP) to Underweight from Equalweight and lowered its price target to $58.00 from $66.00 on its view that the company's multiple has room for downside in the current period of cloud business digestion, which had been the driver of premium in the name.

JPMorgan downgraded KeyCorp (NYSE: KEY) to Underweight from Neutral and cut its price target to $17.00 from $18.50.

By Davit Kirakosyan

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