The futures plunged Friday, as we end a volatile week across Wall Street. The consumer price index numbers were worse than expected, with the 8.6% print for May, the highest since December of 1981. While the volatile food and energy component is soaring, so are the prices for what make up the core inflation, which also came in higher than expected. Anticipating more of the same, all the major indexes were hammered Thursday including the transports. Even the utilities, which are deemed a safe haven, were hit hard.
Oil finally took a breather Thursday as both Brent and West Texas Intermediate crude closed flat, and natural gas was lower. The sellers returned to the Treasury market, with the five-year and 10-year notes and the 30-year long bond yields all closing higher, well over the 3% level once again. Both gold and Bitcoin closed lower as well.
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, June 10, 2022.
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Annaly Capital Management Inc. (NYSE: NLY | NLY Price Prediction): Keefe Bruyette upgraded the shares to Outperform from Market Perform and slid the target price up to $6.75 from $6.25. The consensus target is $6.53. The final trade for Thursday was reported at $6.64.
Ball Corp. (NYSE: BALL): Wells Fargo downgraded the stock from Equal Weight to Underweight with a $65 target price. The consensus is $87.50. The last trade for Thursday was reported at $70.39.
Carnival Corp. & PLC (NYSE: CCL): Susquehanna started coverage on the popular cruise line’s shares with a Neutral rating and a $15 target. The stock closed almost 10% lower on Thursday at $11.73, after pricing pressures appear to be hitting the stock.
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Charles River Laboratories International Inc. (NYSE: CRL): Baird maintained an Outperform rating on the stock but lowered the $351 target price to $336. The consensus target is $329. Thursday’s final trade was reported at $225.71.
Crown Holdings Inc. (NYSE: CCK): Wells Fargo lowered its Overweight rating to Equal Weight and cut the $150 price target to $110. The consensus target is $139.47. The stock closed almost 4% lower on Thursday at $102.75.
Deere & Co. (NYSE: DE): Cowen started coverage with a Market Perform rating and a $396 target price. The consensus target is up at $413.38. The shares closed Thursday at $345.33, which was down just shy of 3% on the day.
Five Below Inc. (NASDAQ: FIVE): Telsey Advisory reiterated an Outperform rating on the popular discount retailer but lowered the $175 target price to $158. The consensus target $209 for now. Thursday’s close was at $133.51.
Fluor Corp. (NYSE: FLR): Baird reiterated an Outperform rating with a $32 target price. Shares have traded as high as $31.32 in the past year but closed most recently at $29.49.
Freeport-McMoRan Inc. (NYSE: FCX): Credit Suisse upgraded the shares of the mining giant to Neutral from Underperform. It also lifted its price objective to $38 from $32. The consensus target price is $49.38. The stock closed almost 4% lower on Thursday at $40.55.
GitLab Inc. (NASDAQ: GTLB): Scotiabank started coverage with a Sector Outperform rating and a $62 target. The consensus target is up at $62.75. The shares were last seen at $49.16 Thursday, down just over 2% for the day.
Honest Company Inc. (NASDAQ: HNST): Loop Capital cut its Buy rating to Hold and lowered the price target to $3 from $5. The consensus target is $5.88 for now. Thursday’s close at $2.99 was down almost 10%, likely on the downgrade.
HubSpot Inc. (NYSE: HUBS): Scotiabank started coverage with a Sector Outperform rating and a $550 target price. The consensus target is $527.90. Shares closed at $353.31 on Thursday.
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iRhythm Technologies Inc. (NASDAQ: IRTC): Citigroup’s downgraded to Neutral from Buy included a target price cut to $155 from $180. The consensus target is $174.88 for now. The stock was last seen at $138.03, down almost 8% for the day, but was up 5% in the premarket.
Ollie’s Bargain Outlet Holdings Inc. (NASDAQ: OLLI): Craig Hallum upgraded the shares to Buy from Hold and boosted the target price to $75 from $43. The consensus target is $58.57. The stock closed on Thursday at $55.69, up almost 5% on the day despite earnings that missed estimates.
Pentair PLC (NYSE: PNR): Barclays raised its rating from Underweight to Equal Weight with a $50 target. The consensus target is up at $65.53. The stock closed on Thursday at $49.52.
Rev Group Inc. (NYSE: REVG): Goldman Sachs lowered its $13.25 price target to $11.50 while keeping a Sell rating. The consensus target is $11.92. The stock ended trading on Thursday at $11.04, down almost 5% on the day. The company missed earnings and revenue estimates when it reported earlier in the week.
Royal Caribbean Cruises Ltd. (NYSE: RCL): Susquehanna started coverage with a Positive rating and a $70 target price objective. The consensus target is $83.46. The stock closed almost 9% lower on Thursday at $49.39, retreating along with the other cruise lines.
Scotts Miracle-Gro Co. (NYSE: SMG): J.P. Morgan downgraded the stock to Neutral from Overweight and slashed the $130 price target to $95. The consensus target is $125.13 for now. Thursday’s last trade was posted at $92.41, after the company cut sales and earnings guidance for the year despite solid retail sales.
Shoals Technologies Group Inc. (NASDAQ: SHLS): Truist Financial upgraded the solar parts and equipment stock to Buy from Hold and raised the $16 price target to $25. The consensus target is $22.08. The final trade Thursday was for $18.49 a share.
Southwest Gas Holdings Inc. (NYSE: SWX): Argus upgraded the shares to Buy from Hold and has a $100 target price. The consensus target is $99.75. The shares closed on Thursday at $91.65.
Take-Two Interactive Software Inc. (NASDAQ: TTWO): J.P. Morgan resumed coverage with an Overweight rating but dropped the $205 price target to $175. The consensus target is $174.93, and the stock was last seen Thursday at $129.23.
Toast Inc. (NYSE: TOST): Baird reiterated its Outperform rating and a $25 target price. That compares with a $24.31 consensus price objective and Thursday’s closing print of $15.94.
Vacasa Inc. (NASDAQ: VCSA): JMP Securities resumed coverage on the vacation and travel rental company with a Market Outperform rating but cut the $12 price target almost in half to $6.50. The $10.20 consensus is higher, but Thursday’s close was at $3.30, after falling close to 8% for the day on no news we could find.
Yum China Holdings Inc. (NYSE: YUMC): Zacks selected this as its Bear of the Day stock, pointing out that shares have been in downtrend for the past year. They last closed at $43.56, which is more than 12% lower year to date.
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Seven defensive stocks may be somewhat off the radar, but they come with generous dividends and outstanding entry points, and the companies have a reasonably strong moat around their businesses.
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Thursday’s top analyst upgrades and downgrades included Affirm, Bloom Energy, Carlyle, Dutch Bros, Fiserv, Hanesbrands, LyondellBasell Industries, Microsoft, Rigel Pharmaceutical, Target, Tesla and Twilio.
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