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Friday's Top Analyst Upgrades Downgrades: Boeing, Disney, Gilead Sciences, IBM, Rivian, Roblox, Visa and More
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The futures traded higher, as weary investors are probably ready to shut the door on one of the most volatile trading weeks on Wall Street in years on this Friday the 13th. More discouraging inflation news came as the producer price index checked in with a brutal 11% year-over-year increase, above estimates for the month, but slightly lower than the reading for March.
While the major indexes moved back and forth after a big sell-off to start the day, all finally closed mixed, after each posted 52-week lows. With the S&P 500 falling below key support levels at the 4,000 mark and closing at 3,930, many strategists feel that the venerable index could be poised to sink to 3,700, and perhaps even more.
The Treasury market was an odd anomaly, as one thing has become clear. Despite the obvious and telegraphed increases coming for federal funds, likely a 50-basis-point raise at every Federal Reserve meeting this year, investors are seeking safe harbors, and obviously there are big concerns over an economic slowdown coming, which means more stagflation worries. Yields across the curve were lower Thursday, with the 10-year note well off the 3% level and the 30-year long bond closing at 2.98%.
Brent and West Texas Intermediate crude were modestly higher on the day but failed to post the super-charged gains from earlier in the week, while natural gas traded higher but remained well under the pivotal $8 mark. Gold closed the day down almost 2%, while once again the crypto market was hammered, with Bitcoin bouncing slightly to end the day marginally lower, after falling below $26,000 in the morning. The crypto leader is down 38% year to date.
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 Friday, May 13, 2022.
Amdocs Ltd. (NASDAQ: DOX): Oppenheimer reiterated an Outperform rating with a $99 price target. The stock is a top pick at the firm. Shares closed almost 8% higher on Thursday at $82.93.
AppLovin Corp. (NASDAQ: APP): While Oppenheimer maintained an Outperform rating, it also dropped its $100 price target to $74. The consensus target is $86.07. The shares closed Thursday at $36.74, up an incredible 35% after the company was reported to be considering a sale of its app business to focus on the higher-margin software silo.
BioCryst Pharmaceuticals Inc. (NASDAQ: BCRX): Oppenheimer maintained an Outperform but trimmed the $16 price target to $13. The consensus target is $17.73. Thursday’s close was at $7.89.
B&G Foods Inc. (NYSE: BGS): Cost inflation is hitting the maker of Green Giant, says Zacks, which named this stock as its Bear of the Day. Shares have traded as high as $36.52 in the past year but closed most recently at $23.83, which is down more than 22% year to date.
Boeing Co. (NYSE: BA): Jefferies reiterated a Buy rating on the aerospace and defense giant and has a $225 price target. The stock has traded as high as $258.40 in the past year but ended Thursday at $123.14, which was down close to 5% for the day.
CF Industries Holdings Inc. (NYSE: CF): Stifel lowered the $107 price target on the Hold-rated shares to $93. The consensus is target is $112.18. The shares closed over 3% higher on Thursday at $98.63.
Coupa Software Inc. (NASDAQ: COUP): Goldman Sachs downgraded the shares to Sell and slashed the $83 target price to $64. The consensus target is $105.71. The stock closed over 2% on Thursday at $66.01.
Crocs Inc. (NASDAQ: CROX): Baird is very positive on the Outperform-rated stock and added it to the firm’s Fresh Picks list of top new ideas. The $120 price target compares with the $110.22 consensus target and Thursday’s closing print of $56.05, which was up over 7% on the day.
Dutch Bros Inc. (NASDAQ: BROS): Baird kept an Outperform but cut the target price in half to $30. The consensus target is $65.44 for now, after the stock closed Thursday at $25.11, down close to 27% after first-quarter results missed the estimates on Wall Street.
DigitalOcean Holdings Inc. (NYSE: DOCN): Goldman Sachs started coverage with a Buy rating and a $49 price target. The consensus target is higher at $59.67. The last trade Thursday was reported at $33.68, up over 9% for the day on no reported news we could find.
Gilead Sciences Inc. (NASDAQ: GILD): Baird reiterated a Neutral rating on the biotech giant and has a $63 price target. The consensus target is $69.56. The shares closed over 3% higher on Thursday at $62.48.
24/7 Wall St.International Business Machines Corp. (NYSE: IBM): Jefferies maintained a Buy rating and a $165 price target on the venerable technology giant. The consensus target is $144.16. The stock closed at $132.90 on Thursday.
International Game Technology PLC (NYSE: IGT): Jefferies reiterated a Buy rating with a $26 target price. The consensus target is up at $36.09. Thursday’s close was at $20.18.
Playa Hotels & Resorts N.V. (NASDAQ: PLYA): This was selected as the Bull of the Day stock at Zacks, with the analyst suggesting that travelers are headed to Mexico and the Caribbean again. The stock last closed at $8.22 a share, and its $13.00 consensus price target would be a 52-week high.
Rivian Automotive Inc. (NASDAQ: RIVN): Baird reiterated an Outperform rating on the electric vehicle shares but lowered the $84 price objective to $67. The consensus target is $77.29. The stock was last seen Thursday at $24.30, up almost 18% after the company posted a very solid forward-looking scenario.
Roblox Inc. (NYSE: RBLX): Goldman Sachs stuck with a Neutral rating on the shares and has a $39 price target. That compares with the much higher $52.89 consensus target and Thursday’s $28.58 closing print, which was up almost 20% for the day. Despite it posting a big sales miss, bargain hunters are very keen on the shares at this level.
VICI Properties Inc. (NYSE: VICI): Baird remains very bullish on the gaming real estate investment trust and has a $33 price target objective. That compares with the higher $35.08 consensus and Thursday’s close at $27.44.
Visa Inc. (NYSE: V): Baird reiterated an Outperform rating on the legacy credit card heavyweight. The $290 price objective is higher than the $268.92 consensus target. The last trade for Thursday was reported at $193.97.
Walt Disney Co. (NYSE: DIS) Goldman Sachs reiterated a Buy rating on the media and theme park giant but slashed the $205 target price to $148. The consensus target is near $159, but shares were last seen Thursday at $104.31, which is down a stunning 47% this year.
Yeti Holdings Inc. (NASDAQ: YETI): Though Baird reiterated an Outperform rating on the cooler heavyweight, it also lowered the $90 target price to $70. The consensus target is $80.29. The $45.30 a share final trade on Thursday was over 3% higher on the day.
ZipRecruiters Inc. (NYSE: ZIP): Goldman Sachs reiterated a Buy rating after solid results, and it has a $30 price target. The consensus target is $33. The last trade on Thursday was reported at $18.88, up a massive 15% after a solid increase in first-quarter revenue.
Five Goldman Sachs Conviction List stock picks are ideas that aggressive investors with longer time horizons and a higher risk tolerance may want to consider, given the host of woes that continue to pressure the equity markets.
Thursday’s early top analyst upgrades and downgrades included Alcon, Array Technologies, AZEK, Boeing, Capital One Financial, Coinbase Global, Corning, Electronic Arts, Harley-Davidson, ON Semiconductor, Playtika, Peloton Interactive, Unity Software, Walmart and Wynn Resorts. Analyst calls seen later in the day were on American Express, AppLovin, Beyond Meat, Ford, General Motors, Rivian Automotive, Synchrony Financial, Zoom Video Communications and more.
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