D. Boral Capital downgraded Tevogen to Hold from Buy without a price target citing the company's 50:1 reverse stock split. While the move is largely technical in nature, reverse stock splits are often perceived negatively by the market, and historically, stocks tend to trade lower following such events, the analyst tells investors in a research note. D. Boral believes the split will add additional near-term trading pressure and reflects Tevogen's weaker capital markets position.
