Despegar.com downgraded to Sell from Buy at TD Cowen

TD Cowen analyst Kevin Kopelman downgraded Despegar.com (DESP) to Sell from Buy with a price target of $14, up from $12. With the shares up 98% year-to-date, near-term expecatatations are “overheated,” the analyst tells investors in a research note. The firm believes the market is underestimating Despegar.com’s investment needs. The company’s recovery is below the market and deteriorated in Q3, contends TD. The firm adds that Despegar.com’s free cash flow conversion is low.