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Friday Analyst Upgrades and Downgrades: Carnival, Farfetch, Fortinet, Materialise, Switch Teva Pharma and More
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Markets were mixed going into the weekend giving back their gains from Thursday. However, this tumultuous trading that has happened over the past week could signal some optimism as the broad markets are bouncing back. The labor market has improved and interest rates are rising, both positive signs in the fight against inflation.
Even though there is obvious strength in the labor market as more Americans are returning to work, inflation is still a top concern for many. Federal Reserve Chair Jerome Powell has been fairly sanguine on the labor market recently, and this has contributed in part to the Fed’s decision to raise interest rates going forward.
24/7 Wall St. is reviewing more analyst calls seen on Friday. 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 Biogen, Freeport McMoran, Hyatt, KB Home, Verterx Pharma and many more.
Amcor PLC (NYSE: AMCR): BofA Securities downgraded to an Underperform rating from Buy and cut the price target to $12.30 from $13.40. Truist initiated coverage with a Hold rating and a $12 price target. The 52-week trading range is $10.66 to $12.92, and shares were trading near $11 on Friday.
Carnival Corp. & PLC (NYSE: CCL): Argus downgraded to a Hold rating from Buy. The stock traded near $18 on Friday. The 52-week range is $14.94 to $31.52.
Farfetch Ltd. (NYSE: FTCH): Societe Generale upgraded to a Buy rating from Hold with a $22 price target. The 52-week trading range is $10.75 to $55.58, and shares were trading near $15 apiece on Friday.
Fortinet Inc. (NASDAQ: FTNT): BofA Securities downgraded to a Neutral rating from Buy and cut the price target to $355 from $385. The stock was trading near $327 on Friday, and the 52-week range is $170.38 to $371.77.
The Honest Company, Inc. (NASDAQ: HNST): Jefferies downgraded to a Hold rating from Buy and cut the price target to $5 from $11. Guggenheim downgraded to a Neutral rating from Buy. Shares were trading near $4.50 on Friday. The 52-week range is $4.20 to $23.88.
MarketWise, Inc. (NASDAQ: MKTW): Raymond James downgraded to a Market Perform rating from Outperform. Shares were trading near $5 on Friday. The 52-week range is $4.03 to $16.97.
Materialise NV (NASDAQ: MTLS): Bryan Garnier downgraded to a Neutral rating from Buy with a $20 price target. Shares were trading near $19. The 52-week range is $17.06 to $40.67.
Switch, Inc. (NYSE: SWCH): Wells Fargo downgraded to an Equal Weight rating from Overweight and raised the price target to $31 from $28. The 52-week trading range is $15.34 to $30.27, and shares were trading near $29 on Friday.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA): Bernstein upgraded to an Outperform rating from Market Perform with an $11 price target. The stock traded near $8 a share on Friday. The 52-week range is $7.24 to $11.74.
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