More Tuesday Upgrades and Downgrades: After Fed Comments, Analysts Target Canopy Growth, Procter & Gamble, Philip Morris and More

Investing

Published: March 22, 2022 10:30 am

Markets rebounded on Tuesday morning after Federal Reserve Chair Jerome Powell made hawkish comments on Monday afternoon about raising interest rates in the near term. While the Russia-Ukraine conflict is at the forefront of many minds, inflation is a close second, and the consensus seems to be an interest rate hike.

Powell’s remarks follow the Fed’s most recent decision to raise the federal funds rate by 25 basis points last week. The initial response from markets was fairly positive as well. In the past, the Fed has been critiqued for “caring too much about equities markets” and not raising rates when necessary. However, the current situation demands an increase in rates, but it also could be beneficial to broad markets. In this case, there does not appear to be a downside for a rate hike.

Equities markets rallied last week, and the S&P 500 notched one of its strongest weeks in recent memory, with over a 6% gain for those five trading days. The question remains whether the bottom is in and markets are finding a new direction, especially with the help of the Fed. Analysts still seem to think it is a stock pickers’ market.

24/7 Wall St. is reviewing more big analyst calls seen on Tuesday. 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 Altria, American Airlines, Bumble, Chevron, General Motors, Mastercard, Tesla and many more.

AnaptysBio Inc. (NASDAQ: ANAB): Guggenheim downgraded the stock to Neutral from Buy. The 52-week trading range is $19.40 to $37.89, and shares were trading near $25 on Tuesday.

Black Diamond Therapeutics Inc. (NASDAQ: BDTX): H.C. Wainwright’s downgrade was to Neutral from Buy. The stock traded near $3 on Tuesday. The 52-week range is $2.60 to $29.02.

Canopy Growth Corp. (NASDAQ: CGC): Barclays lowered its Equal Weight rating to Underweight. The 52-week trading range is $5.62 to $33.67, and shares were trading near $7 apiece on Tuesday.

ContextLogic Inc. (NASDAQ: WISH): Loop Capital’s downgrade to Hold from Buy included a price target cut to $2 from $4. The stock was trading near $2 on Tuesday, and the 52-week range is $1.60 to $17.87.

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Cronos Group Inc. (NASDAQ: CRON): Barclays lifted its Underweight rating to Equal Weight. The 52-week trading range is $2.95 to $9.87, and shares were trading near $3.60 on Tuesday.
Ecolab Inc. (NYSE: ECL): BofA Securities upgraded the shares to Buy from Neutral. It also cut the $210 price target to $196. The stock was trading near $174 on Tuesday, and the 52-week range is $154.85 to $238.93.

Helios Technologies Inc. (NYSE: HLIO): Stifel’s upgrade to Buy from Hold came with a price target hike to $95 from $85. Shares were trading near $80 on Tuesday. The 52-week range is $67.29 to $114.89.

Keurig Dr Pepper Inc. (NASDAQ: KDP): Truist downgraded it from Buy to Hold with a $40 price target. Shares were trading near $37 on Tuesday. The 52-week range is $32.44 to $39.35.

LyondellBasell Industries N.V. (NYSE: LYB): BofA Securities dropped its Neutral rating to Underperform but raised the price target to $108 from $107. Shares were trading near $104. The 52-week range is $84.17 to $118.02.

Philip Morris International Inc. (NYSE: PM): Goldman Sachs downgraded the stock to Neutral from Buy and cut the $116 price target to $100. The stock traded near $95 on Tuesday. The 52-week range is $85.64 to $112.48.

Procter & Gamble Co. (NYSE: PG): The upgrade to Buy from Hold at Truist included a price target hike to $175 from $165. The 52-week trading range is $129.99 to $165.35, and shares were trading near $152 on Tuesday.

Sherwin-Williams Co. (NYSE: SHW): BofA Securities upgraded the shares to Buy from Neutral, yet the firm cut its $325 price target to $296. The 52-week trading range is $233.32 to $354.15, and shares were trading near $250 apiece on Tuesday.

Upstart Holdings Inc. (NASDAQ: UPST): Wedbush’s downgrade was to Underperform from Neutral. The 52-week trading range is $75.15 to $401.49, and shares were trading near $114 on Tuesday.

ALSO READ: 3 Top Stocks to Buy Now Are Expected to Have Their Dividends Raised This Week

Analysts at Jefferies have a dividend playbook for the rest of 2022. They consider eight blue-chip stock picks in a variety of sectors to have “rock solid” dividends that are unlikely to be cut or lowered.

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