Mounting pressure from “higher for longer” interest rates means there’s likely more bad news ahead for the tech-heavy Nasdaq Composite . The index slid 2.4% on Wednesday, posting its worst day since February. The Nasdaq is now down more than 10% from its July 19 high this year, meaning it’s officially entered correction territory. Alphabet , which slid 9.5% Wednesday on the back of disappointing cloud revenue, contributed to the index’s decline. So did Tesla , which just last week posted its worst week of the year after its third-quarter earnings and revenue came in below analyst expectations . The negative performance of these two stocks certainly isn’t unique, with multiple names within the Nasdaq already in a bear market, or down more than 20% from their 52-week highs. CNBC Pro recently screened for a list of these stocks, shown here: The list of names includes Tesla, which is down 29% from its 52-week high in July. In all, 21 of the 46 analysts covering the stock maintain a rating of hold, calling for an average upside of 10%, per LSEG. Analysts across Wall Street reduced their price targets both before and after the electric vehicle maker’s disappointing third-quarter results. Even Morgan Stanley’s Adam Jonas, who has an outlier overweight position on the stock, trimmed his price target to $380 from $400. On the more skeptical side, Bernstein’s Toni Sacconaghi maintained an underperform rating with a $150 price target, which implies a potential 29% downside. “5% auto revenue growth, collapsing margins and trading at 200x FCF — is the story broken?” he wrote. “In many ways, Tesla is increasingly looking like a regular auto company.” Airbnb , down 23.5% from its 52-week high in July, has a hold rating from half of the analysts covering the stock and a corresponding 23% upside estimate, per LSEG. KeyBanc Capital markets downgraded shares of the vacation rental to sector weight from overweight earlier in October. “Our call is that leisure travel has experienced a material recovery from 2021-2023E, resulting in outsized margin expansion,” wrote analyst Justin Patterson. “As these tailwinds fade, we see elevated risk to [room nights and experiences] and [average daily rate] growth.” Another name on the list was Enphase Energy , which is down 72.2% from its 52-week high on Dec. 5. Just over 6 out of 10 analysts covering the stock rate it a buy or a strong buy, and the average consensus price target suggests 75% upside from here, per LSEG. Shares of the solar product manufacturer are down nearly 64% since the start of the year. The stock slid 15% last Friday after competitor SolarEdge warned investors of weakening demand in European markets. Daiwa downgraded the stock to neutral from buy, citing slowing growth drivers and lingering inventory destocking. Enphase is slated to report quarterly earnings after the bell on Thursday. Dollar Tree is off 36% from its 52-week high in November 2022. Analysts polled maintain an average rating of buy and potential upside of 37%. The stock has sold off more than 23% so far this year as broader dollar stores have been slammed by resuming student loan payments and rising gas prices. As a result, both consumer fundamentals and investor sentiment have deteriorated. Goldman Sachs upgraded shares of Dollar Tree to buy from neutral earlier this month. The accompanying price target of $137 corresponds to a potential 26.5% upside from Wednesday’s close. – CNBC’s Michael Bloom contributed reporting.
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