Citi Trims Oilfield Targets; AppLovin Stays a Buy at $500

Citigroup swept through its energy-services coverage on Tuesday, trimming price targets across the board. SLB fell from $63 to $62. Baker Hughes dropped from $75 to $72. Both stocks keep their Buy ratings. The moves track softer near-term drilling sentiment, with EU commercial aircraft movements at a four-year March low also pointing to cooler industrial activity globally.

The bigger eye-catcher came in tech. Citi's Jason Bazinet cut his target on AppLovin from $600 to $500. That is still a 25-spot above the consensus average. The Buy rating stayed intact, suggesting this is a recalibration rather than a retreat.

Barclays was busy on utilities. Nicholas Campanella lowered targets on NextEra Energy, Dominion Energy, Entergy, and Exelon in one sweep. NextEra fell hardest in relative terms, to $84 from $91. All remain rated Hold or Buy, but the direction is clear: rate-sensitive utility multiples are under pressure.

One upgrade stood out. Prologis was lifted to a Buy on the consensus view. The logistics REIT's average target nudged to $155.85 from $152.85. Analysts appear more comfortable with industrial real estate demand.

JP Morgan's Mark Strouse cut Xylem target sharply, to $118 from $137, while keeping a Hold. That is a $19 drop and among the largest single-analyst target cuts in today's session.