Shares of the used car seller slid 4.8% after JPMorgan downgraded them to underweight, saying investors aren’t fully pricing the risks surrounding the company and hope for a recovery looks “premature.” CarMax fell 53% in 2022 but has risen 18% since its disappointing quarterly results in December.
Sale force The software giant fell about 3% after Bernstein downgraded from shares to underperform from market perform, saying they’re falling into a “growth purgatory” and could have difficulty climbing out of it. That comes a week after the company announced its plan to reduce staff. Shares could fall another 20%, according to Bernstein.
Coinbase Shares of the crypto services provider fell about 3% following a downgrade from BoA, which said consensus estimates on Coinbase are “way too high” given the current crypto outlook. That came a day after the company announced a second round of layoffs comprising about 950 jobs, of a fifth of the company. Coinbase shares dropped 86% in 2022 as macro conditions and scandal dragged down the crypto market.