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More Jobs, More Problems: Analysts Upgrade or Downgrade Regions Financial, Snowflake, Travelers and More
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Markets pushed lower to close out the week, with the Nasdaq leading the charge, down over 2%. The S&P 500 was down about 1.5% and the Dow Jones industrials down about 1%. All this comes on the heels of a stronger-than-expected employment report for the month of May.
On Thursday, we saw a fairly strong jobless claims report that beat expectations, with continuing claims coming in at a number not seen since 1969. As for the monthly report, numbers impressed yet again, with 390,000 jobs created and the unemployment rate holding steady at 3.6%. Consensus estimates had called for 318,000 jobs and a 3.5% unemployment rate.
Overall, these numbers represent a tightening within the labor market and continued strength. Despite current headwinds, this seems to be the one bright spot in the market.
24/7 Wall St. is reviewing additional 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 Costco, GE, Meta, Micron, Schlumberger and more.
BankUnited Inc. (NYSE: BKU): Keefe Bruyette downgraded the stock to Market Perform from Outperform and has a $51 price target. The stock traded near $41 on Friday, in a 52-week range of $37.08 to $48.72.
Canadian National Railway Co. (NYSE: CNI): CIBC upgraded the shares to Outperform from Neutral. The 52-week trading range is $100.66 to $137.19, and shares traded above $118 apiece on Friday.
Fate Therapeutics Inc. (NASDAQ: FATE): Robert Baird started coverage with a Neutral rating and a $28 price target. The 52-week trading range is $20.49 to $97.43, and shares were trading above $23 on Friday.
LendingTree Inc. (NASDAQ: TREE): William Blair resumed coverage with an Outperform rating. The stock traded near $60 on Friday. The 52-week trading range is $54.42 to $228.81.
Moody’s Corp. (NYSE: MCO): The Barclays downgrade to Equal Weight from Overweight included a price target cut to $285 from $350. The stock traded near $283 on Friday, in a 52-week range of $269.47 to $407.94.
Regions Financial Corp. (NYSE: RF): Keefe Bruyette raised its Underperform rating to Market Perform, and the $24 price target increased to $26. Shares were trading near $22, in a 52-week range is $18.02 to $25.57.
Snowflake Inc. (NYSE: SNOW): Raymond James started coverage with an Outperform rating and a $184 price target. The stock traded near $132 on Friday. The 52-week trading range is $112.10 to $405.00.
Travelers Companies Inc. (NYSE: TRV): Goldman Sachs downgraded it to Sell from Neutral and cut the $190 price target to $170. The 52-week trading range is $114.44 to $187.98, and shares were trading just under $176 on Friday.
Voya Financial Inc. (NYSE: VOYA): Goldman Sachs lifted its Neutral rating to Buy but trimmed the $81 price target to $80. The 52-week trading range is $48.97 to $74.97, and shares traded near $68 apiece on Friday.
Raymond James thinks the tide has turned for six top real estate investment trusts. They are offering the best entry points in some time and look like solid ideas for growth and income investors searching for reasonably safe total return.
Find out why one key analyst sees big upside for certain internet retail stocks.
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