Markets had a decent start to Thursday following the Fed’s announcement to raise interest rates on Wednesday afternoon. Each of the major averages has held on to these initial gains and actually improved over the course of the day. This also came on the heels of second-quarter gross domestic product (GDP) numbers which failed to impress.
According to the Bureau of Economic Analysis, the first estimate of second-quarter GDP came in at a decrease of 0.9% on an annualized pace. Bloomberg had consensus estimates that were calling for an increase of 0.4% in GDP for the three-month period ended June 30.
There has been much debate politically about the definition of a recession, as the Biden Administration is seemingly looking to shift blame for these ongoing economic woes. Until recently the accepted definition of a recession was basically two quarters of negative GDP growth. However, this is now up for debate but a few things are clear: Inflation is at its worst level in over 40 years, the broad markets are in correction territory, and there is a huge ongoing global supply-chain problem. So while politicians may be debating definitions, economists, analysts and investors alike are looking at a bigger picture
24/7 Wall St. is reviewing additional analyst calls seen on Thursday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Alphabet, Biogen, Chipotle, McDonald’s and more.
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Best Buy Co., Inc. (NYSE: BBY | BBY Price Prediction): Jefferies downgraded to a Hold rating from Buy and cut the price target to $71 from $106. The shares traded near $77 on Thursday. The 52-week trading range is $64.29 to $141.97 a share.
Credit Suisse Group AG (NYSE: CS): BofA Securities upgraded to a Neutral rating from Underperform. The 52-week trading range is $5.05 to $11.04, and shares traded over $5 apiece on Thursday.
The Kraft Heinz Co. (NASDAQ: KHC): Stifel upgraded to a Buy rating from Hold with a $43 price target. Goldman Sachs upgraded to a Neutral rating from Sell with a $37 price target. The 52-week trading range is $32.78 to $44.87. The stock traded near $36 on Thursday.
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Qualcomm Inc. (NASDAQ: QCOM): Edward Jones upgraded to a Buy rating from Hold. The 52-week trading range is $118.23 to $193.58, and shares were trading near $149 on Thursday.
Stitch Fix, Inc. (NASDAQ: SFIX): MKM Partners resumed coverage with a Neutral rating and a $6 price target. The stock traded near $6 on Thursday. The 52-week trading range is $4.66 to $56.86.
Shopify Inc. (NYSE: SHOP): Piper Sandler downgraded to a Neutral rating from Overweight and cut the price target to $32 from $38. The 52-week range is $29.72 to $176.29. Shares traded near $35 apiece on Thursday.
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Teladoc Health, Inc. (NYSE: TDOC): Goldman Sachs downgraded to a Neutral rating from Buy and cut the price target to $36 from $55. The 52-week trading range is $27.38 to $156.82, and shares traded near $36 apiece on Thursday.
Verizon Communications Inc. (NYSE: VZ): BofA Securities downgraded to a Neutral rating from Buy with a $51 price target. The stock traded near $45 on Thursday, in a 52-week range of $43.77 to $56.26.
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