When the going gets tough, the tough cut their price targets. That only makes sense. After all, if a stock has dropped by, say, 50%, in three or four months, chances are pretty good that an older price target is out the window.

One of the sectors hardest hit in 2022 is information technology, which is down more than 18%. So analysts are fine-tuning their expectations, both before and after the companies report quarterly results. After Alphabet/Google reported results last week, a baker’s dozen brokerages reiterated their equivalent of a Buy rating on the stock, but all 13 lowered their price targets.

Here is a look at four firms that are reporting earnings this week and two others that may report by mid-May.

Cloudflare

Cloud services provider Cloudflare Inc. (NYSE: NET) traded up by about 3% over the past 12 months at noon on Monday. When the company reports first-quarter results after markets close Thursday, May 5, analysts expect revenue to rise by 6.2% to $205.65 million sequentially and by 48.5% year over year. The company is also expected to break even on earnings per share (EPS), just as it did in the prior quarter, and better than the $0.03 per-share loss in the year-ago quarter.

Analysts at Cowen have reiterated their Outperform rating on the stock and lowered their price target from $250 to $200 per share. Cowen thinks the Wall Street revenue estimate is too low, citing the strong results posted by Amazon’s AWS and Microsoft’s Azure cloud service. Cowen’s analysts expect Cloudflare estimates to follow a “beat and raise” pattern in 2022.

The stock traded up about 2%, at $87.88 in a 52-week range of $64.84 to $221.64. Since reaching a high of $216.27 in early November, Cloudflare’s consensus price target has dipped to a current average of $153.00.

Etsy

Online marketplace Etsy Inc. (NASDAQ: ETSY) has dropped more than 52% of its share price over the past 12 months. Shares were trading up about 2.2% ahead of the company’s earnings report, due out after markets close Wednesday. Analysts expect revenue to drop nearly 20% sequentially, while rising 4.4% year over year, as EPS tumbles 46.7% sequentially and 4.4% year over year.