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Tuesday's Top Analyst Upgrades and Downgrades: Adobe, AMD, Bank of New York, Carlyle, Chewy, CVS Health, Fifth Third Bancorp, Luminar, Nike, Pinterest, Walgreens and More
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The futures traded higher on Tuesday, after a back-and-forth start to the trading week, though all the major indexes posted gains on Monday, including the beleaguered Russell 2000. A variety of items continue to keep investors nervous. Among them is the yield curve inversion in the Treasury market, with the five-year note yield higher than the 10-year security. A massive COVID-19 lockdown in China is again straining the supply chain. And the hawkish policy shift from the Federal Reserve has more Wall Street firms looking for 50-basis-point hikes in May and June, which continues to hammer the bond market. Plenty of issues are stirring the pot now.
Beleaguered motorists got a break Monday, as oil prices traded lower, basically due to the huge shutdown in China. Both Brent and West Texas Intermediate crudes closed down. Gold closed almost 1.5% lower, and Treasury yields were modestly lower as there was some buying across the curve.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh 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 Tuesday, March 29, 2022.
Adobe Systems Inc. (NASDAQ: ADBE): Goldman Sachs reiterated a Buy rating and has a $605 target price. The consensus target for the legacy tech giant is $568.12. The shares closed Monday at $450.01, which was up close to 5% for the day.
Advanced Micro Devices Inc. (NASDAQ: AMD): Goldman Sachs removed the chip leader from the Conviction List but kept a Buy rating and lowered the target price to $127 from $159. The consensus target is up at $151.54. The stock closed Monday at $120.24 a share.
Anthem Inc. (NYSE: ANTM): Jefferies reiterated a Buy rating with a $559 target price. The consensus target is $484.79. The shares ended trading on Monday at $484.79.
Bank of New York Mellon Corp. (NYSE: BK): Morgan Stanley raised the banking giant to Equal Weight from Underweight and lowered the target price to $58 from $65. The consensus target is $67.25. The stock was last seen on Monday at $52.51.
24/7 Wall St.Carlyle Group Inc. (NASDAQ: CG): Goldman Sachs lowered the $66 price target to $56 and kept a Buy rating on the private equity giant. The consensus target is $66.21. The stock closed Monday at $46.54.
CF Industries Holdings Inc. (NYSE: CF): Scotiabank downgraded the stock to Sector Perform from Sector Outperform but boosted the price target to $118 from $81. The consensus target is $93.58. The final Monday trade was reported at $105.12, down just over 4% on the day.
Chewy Inc. (NYSE: CHWY): Jefferies reiterated a Buy rating and has a $90 target price. The consensus target is $71.25. The last trade on Monday was for $48.80, which up close to 7% for the day.
Cleveland-Cliffs Inc. (NYSE: CLF): Goldman Sachs raised the $27 price target to $31 and maintained a Buy rating. The consensus target is $29.93. Monday’s $33.07 close was above both targets.
Cutera Inc. (NASDAQ: CUTR): Stifel boosted its $60 price target on the Buy-rated shares to $70. The consensus target is $63. The stock closed Monday at $60.92, up close to 11% after the FDA approved the company’s AviClear treatment for acne.
CVS Health Corp. (NYSE: CVS): Deutsche Bank downgraded the health care heavyweight to Hold from Buy and has a $110 target price. The consensus target is $117.24. The last trade for Monday was reported at $108.04.
Fifth Third Bancorp (NASDAQ: FITB): Morgan Stanley downgraded the shares to Equal Weight from Overweight and sliced the price objective to $50 from $56. The consensus target is $51.91. Shares closed on Monday at $45.80.
Fortinet Inc. (NASDAQ: FTNT): Barclays upgraded the cybersecurity leader to Overweight from Equal Weight and boosted the target price to $395 from $364. The consensus target is $358.73. The stock closed on Monday at $338.53.
Jakks Pacific Inc. (NASDAQ: JAKK): Zacks has named this toy company its Bull of the Day stock, citing its shift in focus to boosting online sales. Shares last closed at $14.17 and have a consensus price target of $15.33.
Kennametal Inc. (NYSE: KMT): J.P. Morgan downgraded the stock to Underweight from Neutral and chopped the price target to $31 from $37. The consensus target is $38. Monday’s final trade was reported at $28.88.
Knight-Swift Transportation Holdings Inc. (NYSE: KNX): Stifel trimmed its price target on the trucking giant to $71 from $72 while keeping a Buy rating on the shares. The consensus target is $68.42. The shares were last seen on Monday at $53.35.
Lending Tree Inc. (NASDAQ: TREE): Oppenheimer maintained an Outperform rating with a $190 target price. The consensus target is $187.13. The last trade Monday was posted at $119.50.
Luminar Technologies Inc. (NASDAQ: LAZR): SMBC Nikko started coverage with a Neutral rating and a $16 target price. The consensus target is up at $23.91. The stock was last seen Monday trading at $14.82.
Nike Inc. (NYSE: NKE): Goldman Sachs reiterated a Buy rating and has a $177 target price. The consensus target is $168.40. The shares were last seen Monday at $134.80.
NuVasive Inc. (NASDAQ: NUVA): Wells Fargo started coverage with an Overweight rating and a $58 target price. The consensus target is $62. The stock closed almost 8% higher on Monday to $55.97.
Pinterest Inc. (NYSE: PINS): Morgan Stanley lowered its Overweight rating to Equal Weight and slashed the $53 target price to $30. That compares with the $39.83 consensus target and Monday’s closing print of $26.45, which was up close to 4% on the day. The shares were down over 2% in the premarket action.
QuantumScape Corp. (NYSE: QS): SMBC Nikko started coverage on the electric vehicle battery maker with a Neutral rating and a $20 target price. The consensus target is $23.50. The shares were last seen Monday at $18.48, up close to 7% on reports the company is working on a deal with Porsche to supply the luxury carmaker batteries.
SL Green Realty Corp. (NYSE: SLG): The Truist Securities downgrade to Hold from Buy included a target price trim to $85 from $87. The consensus target is $83.80. The stock closed Monday at $81.10.
STAAR Surgical Co. (NASDAQ: STAA): Benchmark upgraded the shares from Hold to Buy with a $97 target. The consensus target is $103. The stock was last seen Monday at $80.71, up almost 11% after the company announced that the U.S. Food and Drug Administration (FDA) has approved the EVO/EVO+ Visian Implantable Collamer Lens for correcting myopia and myopia with astigmatism.
Unity Software Inc. (NYSE: U): Daiwa Securities started coverage with an Outperform rating and a $110 target price. That compares with the higher $153.73 consensus and Monday’s closing print of $98.11.
Walgreens Boots Alliance Inc. (NASDAQ: WBA): Baird reiterated an Outperform rating on the drugstore heavyweight and has a $70 target price. The consensus target is $53.43. The shares closed Monday at $47.19.
Wingstop Inc. (NASDAQ: WING): This stock is the Bear of the Day at Zacks. The analyst makes a case for avoiding this overvalued pick until the situation shows major signs of improvement. Shares have traded as high as $187.35 in the past year but closed most recently at $110.80. That is down almost 36% year to date.
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Six diverse top energy stocks come with big dividends and still have room to run to the posted Wall Street price targets, as the companies are well positioned to profit from higher energy prices.
Monday’s early top analyst upgrades and downgrades included Alaska Air, Alcoa, Altria, Amcor, Commscope, Deere, Emerson Electric, Moderna, Philip Morris, Prudential Financial, Rio Tinto, Shopify and Toast. Analyst calls seen later in the day were on Bank of America, Campbell Soup, Citigroup and more.
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