Citigroup Cuts Targets Across the Board

Citigroup dominated analyst activity on Tuesday, slashing price targets across multiple sectors in a sweep that signals broad caution from the bank's research desk.

AppLovin took the biggest hit in absolute dollar terms. Citi analyst Jason Bazinet cut his target from $600 to $500, a $100 drop, while holding his Buy rating. The ad-tech firm carries a market cap of $81 billion and short interest of just 4% of free float, so bears are not piling in yet.

Oilfield services names also felt the knife. Citi's Scott Gruber trimmed targets on both SLB and Baker Hughes. SLB moved from $63 to $62, Baker Hughes from $75 to $72. Both remain Buy-rated. The broader SLB consensus target also edged up slightly to $62.41, suggesting other banks are more upbeat.

JP Morgan added to the pressure on Xylem, cutting its target sharply from $137 to $118. That is a 14% reduction. The water technology firm's Hold rating was unchanged.

PNC Financial and Bank of New York Mellon both saw Citi's Benjamin Gerlinger trim targets. PNC fell from $290 to $270. BNY dropped from $160 to $157.

The one bright spot came from logistics. Prologis was upgraded to Buy at the consensus level, with the average target rising from $152.85 to $155.85. The $120 billion warehouse giant has short interest below 2% of free float, a sign the market is not betting against the rebound thesis.

Gilead Sciences saw its consensus target trimmed slightly to $159.20 from $159.85, with 21 Buy ratings still in place.