Reddit Dropped, Defence and Pharma Lifted

Evercore ISI analyst Mark Mahaney downgraded RDDT from Buy to Hold on Monday. His target price fell from $265 to $120. That is a 55% cut in one move. Reddit carries short interest of 15% of free float, so bearish analyst pressure lands on an already crowded short.

Guggenheim swept through the healthcare sector with upgrades. Analyst Vamil Divan raised his ABBV target to $322 from $288, keeping a Buy rating. The pharma giant sits at a $521 billion market cap. Colleague Yatin Suneja lifted his REGN target to $1,100 from $1,030, also on a Buy.

The defence sector drew attention too. Wells Fargo analyst David Strauss raised his LMT target by $100 to $700, maintaining a Hold. The MSCI Index Rebalance Radar flags that CTVA (Corteva) faces a 77% deletion probability from MSCI World, with $555 million of forced selling possible on 30 November. Lockheed's index position remains stable for now.

CLX (Clorox) received a rare upgrade from Evercore ISI, moving from Sell to Hold. The consumer staples stock has had a difficult year.

Wells Fargo also raised targets on RSG (Republic Services) to $270 from $234 and on chemicals name LYB to $76 from $70, both on Buy ratings.