Companies and Brands

Wednesday’s Top Analyst Upgrades and Downgrades: Activision-Blizzard, Airbnb, Intel, Intuit, Lyft, Peloton, Toll Brothers, and More

Lee Jackson

Published: November 23, 2022 8:32 am

The futures are flat on this Thanksgiving eve as trading volume will slow to a trickle with the holiday tomorrow and an early 1 pm EST close for Friday. The major indices all ended Tuesday higher with the Nasdaq and the S&P 500 closing leading the way, both oddly closing up 1.36%. With most of the inflation and labor market data not due until next month, and the Federal Reserve still maintaining a hawkish tone in front of their December meeting, most investors still appear to have a wait-and-see attitude as November winds down.

Yields were lower across the Treasury curve as buyers stepped back into the government market in front of the aforementioned December data. As we mentioned earlier in the week, the focus for bond traders is now turning to the widening inversion between the three-month treasury bill, which closed at a 4.41% yield, and the 10-year note, which ended Tuesday at 3.78%. The 63 basis-point spread is the widest in 40 years, and signals recession to the bond market.

Oil prices for Brent Crude and West Texas Intermediate closed the day higher after a wild day Monday that saw both benchmarks plummet lower on headlines, and then reversed and rallied after OPEC and the Saudis said they will be staying with the 2 million barrel-per-day production cuts through 2023. Natural gas also closed the day higher after a big move higher Monday. Gold and Bitcoin also both closed the day higher.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.

These are the top analyst upgrades, downgrades and initiations seen on Wednesday, November 23, 2022.

Activision-Blizzard, Inc. (NASDAQ: ATVI) Baird upgraded the shares to Outperform from Neutral with a $95 target price. The consensus target on Wall Street for the company is set at $92.58. The stock closed trading on Tuesday at $75.88.

Airbnb Inc. (NASDAQ: ABNB) Baird downgraded the stock to Neutral from Outperform and also lowered its price target objective to $100 from $120. The consensus target across Wall Street is posted at $133. The stock was last seen Tuesday at $95.28.

Amphenol Corporation (NYSE: APH) Jefferies downgraded the shares to Hold from Buy and bumped its target price up to $88 from $87. The consensus target is posted at $84.46. The shares were last seen Tuesday at $80.09.

Belden Inc. (NYSE: BDC) Jefferies started coverage with a Hold rating to go with a $86 target price. The consensus is $85.40. The shares were last seen Tuesday at $79.67.

Box Inc. (NYSE: BOX) Credit Suisse initiated coverage with an Outperform rating and a $36 target price. The consensus target is set at $33.14. The stock closed Tuesday at $28.27.

Carvana Inc. (NASDAQ: CVNA) Baird downgraded the shares to Neutral from Outperform and guillotined the target price to $7 from $30. The consensus is $21.11 for now. The shares closed Tuesday at $6.82 down over 3%.

Denbury Inc. (NYSE: DEN) ROTH Capital upgraded the stock to Buy from Neutral and raised the target price to $108 from $103. The consensus is set at $106. The stock closed Tuesday at $94.69 up over 5% on the energy rally.

HubSpot, Inc. (NASDAQ: HUBD) Credit Suisse started coverage on the stock with an Outperform rating and a $400 target. The consensus target is set at $380.04. The stock ended trading on Tuesday at $272.55 up over 3%.

Intel Corporation (NASDAQ: INTC) Mizuho resumed coverage of the legacy chip giant with a Neutral rating and a $32 target price. That is versus the $31.59 consensus and Tuesday’s last trade of $28.94.

Intuit Inc. (NASDAQ: INTU) Credit Suisse started coverage with an Outperform rating and has a $500 target price. The consensus is posted higher at $508.14. The last trade Tuesday was filled at $29.82 up 3%.

Lyft Inc. (NASDAQ: LYFT) Cowen downgraded the shares to Market Perform from Outperform and lowered the price target to $14 from $36. The consensus target is set at $24.47. The stock closed Tuesday at $11.05.

Peloton Interactive, Inc. (NASDAQ: PTON) Cowen downgraded the company to Market Perform from Outperform and trimmed the price target to $12 from $14. The consensus is set at $13.50. The last trade Tuesday was filled at $9.65.

The Procter & Gamble Company (NYSE: PG) Wolfe Research initiated coverage on the consumer staples giant with an Outperform rating and a $156 target. The consensus is set lower at $146.52. The shares ended trading Tuesday at $145.63.

Raymond James Financial, Inc. (NYSE: RJF) UBS initiated coverage with a Neutral rating and has a $127 target price. The consensus target is set at $123.11. The final Tuesday trade was reported at $123.50.

Sensata Technologies Holdings plc (NYSE: ST) Jefferies upgraded the stock to Hold from Buy and lifted the price objective to $53 from $43. The consensus is $49.63. The last trade Tuesday came in at $45.09 up 3%.

STAG Industrial, Inc. (NASDAQ: STAG) Wells Fargo downgraded the stock to Equal Weight from Overweight and trimmed their target price to $34 from $36. The consensus target is $32.69.

Toll Brothers Inc. (NYSE: TOL) JPMorgan raised the luxury home builder to Overweight from Neutral and boosted the target price to $58 from $47. The consensus target for the company is $52.30. The shares closed Tuesday at $46.01.

Walgreens Boots Alliance, Inc. (NYSE: WBA) Cowen raised the pharmacy giant to Outperform from Market Perform and raised the target price to $54 from $43. The consensus is $41.01. The shares ended Tuesday at $41.29 up close to 3%.

Wayfair Inc. (NYSE: W) Cowen downgraded the company to Market Perform from Outperform and slashed the target price about in half to $38 from $80. The consensus is set at $49.59. The stock ended trading Tuesday at $33.03.

Zeta Global Holdings, Inc. (NYSE: ZETA) Credit Suisse started coverage with a Neutral rating and has a $9 target price. The consensus is posted higher at $12.590. The last trade Tuesday was filled at $8.34.