Wells Fargo and RBC Cut Price Targets for Incyte and Trimble Following Earnings Updates

Major financial institutions, including Wells Fargo and RBC, have lowered their price targets for Incyte (INCY) and Trimble (TRMB) following recent quarterly performance updates and revised future guidance. Wells Fargo reduced its price target for Trimble from $94.00 to $79.00, despite the company announcing a significant $1.00 billion share repurchase program. Incyte faced similar pressure as both RBC and Wells Fargo slashed their targets due to soft revenue guidance for 2026 and an EPS miss. Analysts expressed particular concern regarding patent exposure risks for Incyte’s key drug, Jakafi, which weighed heavily on the stock's valuation. While Trimble reported a revenue beat, the downward revision reflects a broader recalibration of market expectations by analysts. These revisions highlight a cautious stance from major banks regarding the future growth trajectories of both the technology and biotech firms.