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Tuesday's Top Analyst Upgrades and Downgrades: Amgen, Boeing, Carvana, Enterprise Products Partners, Johnson Controls, Nvidia, PayPal, PG&E, T-Mobile, Uber and More
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The futures were mixed Tuesday, as investors prepare for a huge week of data and an inevitable lifting of the federal funds rate by 50 basis points. The major indexes closed mixed Monday, after last week’s tsunami of selling, and many think that the ISM manufacturing number will be closely watched this week after new orders dropped in March. The biggest data highlight will be the April nonfarm payrolls report on Friday. Wall Street strategists are predicting a 390,000 increase.
The biggest story on Monday was interest rates shooting higher again, with big selling across the treasury curve with the 30-year bond closing at a 3.06% yield and the 10-year note right behind closing at 3.00%. Both are 52-week highs, and the biggest yields both have traded at since early 2019. Brent and West Texas Intermediate crude closed flat, while natural gas once again pushed higher, closing up almost 3% at $7.21. Gold finished the day down close to 2%.
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, May 3, 2022.
Amgen Inc. (NASDAQ: AMGN): Oppenheimer kept an Outperform rating on the biotech giant and has a $285 price target, as the company continues to battle the IRS over tax issues. The consensus target is $248.99. The last trade on Monday was reported at $230.92.
Array Technologies Inc. (NASDAQ: ARRY): Truist Financial resumed coverage with a Hold rating and a $14 target price. The consensus price objective is $18.60. The shares were last seen Monday at $7.21, which was up over 10% for the day.
Biomarin Pharmaceutical Inc. (NASDAQ: BMRN): Stifel maintained a Buy rating with a $96 target price. The consensus target is $116.39. The shares were last seen on Monday at $83.31.
Bloomin’ Brands Inc. (NASDAQ: BLMN): Jefferies reiterated a Buy rating on the shares, which are on the firm’s Franchise List of top stock picks. Its $36 price objective is well above the $29.75 consensus target. Monday’s closing print of $23.08 was up almost 5% on the day.
Boeing Co. (NYSE: BA): Jefferies maintained a Buy rating and has a $225 target price on the aerospace and defense giant after solid first-quarter earnings. The stock hit a 52-week low of $143.38 on Monday but closed at $148.61.
Carvana Co. (NYSE: CVNA): Stifel reiterated a Buy rating but lowered its $140 target price to $115. This online auto retailer also is the Bear of the Day at Zacks, which cited widening losses. The consensus target is $168.10. Monday’s close at $60.47 was up over 4% on the day.
CBOE Global Markets Inc. (CBOE): Oppenheimer stayed with an Outperform rating while lifting the target price to $147 from $145. The consensus target is $136.62, and shares closed Monday at $111.96.
Celanese Corp. (NYSE: CE): Jefferies maintained a Buy rating after outstanding first-quarter results, and the firm has a $200 price target. That compares with the $183.60 consensus target and Monday’s final print of $145.95.
DocuSign Inc. (NASDAQ: DOCU): Wedbush downgraded the shares to Underperform from Equal Weight and cut the $80 price target to $60. The consensus target is up at $122.26. The stock closed almost 6% higher on Monday at $85.83.
Enterprise Products Partners L.P. (NYSE: EPD): Truist Financial resumed coverage of the MLP heavyweight with a Buy rating and a $27 target price. The consensus target is $30.25. The final trade for Monday was for $25.61 a share.
Fiserv Inc. (NASDAQ: FISV): Loop Capital started coverage with a Buy rating and has a $125 price objective. The consensus target is $127.97. The shares ended trading on Monday at $97.13.
Horizon Therapeutics PLC (NASDAQ: HZNP): Oppenheimer reiterated an Outperform rating and a $140 target price in front of the earnings report scheduled for Wednesday. The consensus target is $142.58. The last trade for Monday was reported at $98.06.
Johnson Controls International PLC (NYSE: JCI): BofA Securities started coverage with a Buy rating and an $85 price objective. The shares have traded as high as $81.77 in the past year. Monday’s closing trade was recorded at $61.55, up close to 3% for the day.
KLA Corp. (NASDAQ: KLAC): Goldman Sachs reiterated a Buy rating on the semiconductor capital equipment leader and raised the $430 target price to $437. The consensus target is $430.38. The shares closed at $326.64 on Monday.
Monster Beverage Corp. (NASDAQ: MNST): Stifel reiterated a Buy rating on the shares, which reside on the firm’s Select List of top picks. The $103 target price compares with a $100.79 consensus target. The last trade on Monday was reported at $84.75.
Nvidia Corp. (NASDAQ: NVDA): Morgan Stanley resumed coverage with an Equal Weight rating and a $217 target price. The consensus target for the semiconductor giant is $329. The stock closed on Monday at $195.33, which was up over 5% on the day.
PayPal Holdings Inc. (NASDAQ: PYPL): Goldman Sachs reiterated a Buy rating and a $126 price target. The consensus target is higher at $127.23. The shares were last seen Monday at 91.53, up over 4% for the day.
PG&E Corp. (NYSE: PCG): Goldman Sachs reiterated a Buy rating on the utility and bumped the $14 target price to $15. The consensus target is $16.54. The shares closed on Monday at $12.65.
Ryder System Inc. (NYSE: R): Shares of this logistics company are dirt cheap, even after it reported record first-quarter results, says Zacks, which named this stock as its Bull of the Day. The shares closed most recently at $71.05 and have a consensus target price of $85.13.
SolarEdge Technologies Inc. (NASDAQ: SEDG): Truist Financial resumed coverage with a Buy rating and a $340 target price. The consensus target is at $345.58. Monday’s last trade was reported at $255.31.
Textron Inc. (NYSE: TXT): Jefferies reiterated a Buy rating on the shares after solid first-quarter results, and the firm has a $90 price target on the shares. The stock has traded as high as $79.45 in the past year and closed on Monday at $70.07.
T-Mobile US Inc. (NASDAQ: TMUS): Goldman Sachs reiterated a Buy rating on the carrier, which is on the firm’s Conviction List. The analyst also raised the $153 target to $180, well above the $165.79 consensus target. The shares closed on Monday at $126.40.
2seventy Bio (NASDAQ: TSVT): Goldman Sachs started coverage with a Buy rating and a $26 target price. The consensus target is up at $36.75. The stock closed Monday at $14.62, up over 8%, presumably after Goldman Sachs jumped on the sharers.
Uber Technologies Inc. (NYSE: UBER): Oppenheimer reiterated an Outperform rating and a $45 target price in front of the company’s earnings scheduled for Wednesday. The consensus target for the popular ride-sharing and food delivery stock is much higher at $58.34. The stock was last seen Monday at $30.39, down almost 4% on the day.
Vertex Pharmaceutical Inc. (NASDAQ: VRTX): Morgan Stanley raised the shares to Equal Weight from Underweight and has a $250 price objective. The consensus target is up at $287.29. The stock closed Monday at $261.96, down over 4% for the day.
24/7 Wall St.Though the tech-heavy index is firmly in bear market territory, the highest-yielding Nasdaq stocks have solid defensive qualities and are offering some of the best entry points in years and serious upside potential.
One key analyst now sees huge potential in three solar stocks. And several tech stocks received price-target haircuts ahead of earnings this week and next.
Monday’s early top analyst upgrades and downgrades included Amazon.com, Apple, Caterpillar, Comcast, Comerica, Gilead Sciences, Intel, Lululemon Athletica and McDonald’s. Analyst calls seen later in the day were on Accolade, Bath & Body Works, CarMax, Empire State Realty Trust, KeyCorp, TAL Education, Weyerhaeuser and more.
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