Markets were only slightly lower on Tuesday, after taking an absolute beating on Monday. Each of the major averages was just barely negative after a relatively positive start to the day. Investors ultimately are still trying to calculate how the Federal Reserve will move on Wednesday, and that may have been creating Tuesday’s uncertainty.
As of Monday’s close, the S&P 500 is officially in bear market territory, with the index more than 20% below its recent record highs in January. However, the drop may not be over, as more Fed rate hikes are on the way, and it is debatable as to whether these hikes are priced in.
24/7 Wall St. is reviewing additional analyst calls seen on Tuesday. 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 AMD, Coinbase, Dell, Netflix, Spotify, Stitch Fix and more.
[nativounit]
Adobe Inc. (NASDAQ: ADBE | ADBE Price Prediction): RBC Capital Markets reiterated an Outperform rating but cut the price target to $500 from $600. The 52-week trading range is $367.31 to $699.54, and shares traded above $370 apiece on Tuesday.
AstraZeneca PLC (NASDAQ: AZN): UBS cut its Buy rating to Neutral. The 52-week trading range is $53.63 to $71.70, and shares were trading near $59 on Tuesday.
Best Buy Co. Inc. (NYSE: BBY): BofA Securities downgraded the stock to Neutral from Buy. The stock traded near $71 on Tuesday, in a 52-week range of $68.62 to $141.97.
Chemours Co. (NYSE: CC): The BofA Securities downgrade to Neutral from Buy included a price target cut to $44 from $48. The stock traded near $37 on Tuesday. The 52-week trading range is $22.56 to $44.95.
[recirclink id=1133911]
Oracle Corp. (NYSE: ORCL): Monness Crespi & Hardt reiterated a Buy rating but cut the $126 price target to $113. The 52-week range is $63.76 to $106.34, and shares traded near $69 apiece on Tuesday.
Royalty Pharma PLC (NASDAQ: RPRX): UBS resumed coverage with a Buy rating and a $47 price target. The shares traded near $38 on Tuesday. The 52-week trading range is $34.86 to $44.75.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA): UBS resumed coverage with a Neutral rating and a $10 price target. The 52-week trading range is $7.23 to $11.13, and shares were changing hands at just under $8 on Tuesday.
Tractor Supply Co. (NASDAQ: TSCO): BofA Securities upgraded the shares to Buy from Neutral and raised the $250 price target to $260. Shares were trading near $195, in a 52-week range is $166.49 to $241.54.
[wallst_email_signup]
Five Warren Buffett dividend stocks are most likely to avoid the devastating effects of inflation and look like outstanding ideas now for growth and income investors worried about surging interest rates and the potential for a steep market decline.
Also see which four cybersecurity stocks Jefferies thinks are most likely to benefit from growing security concerns.
Top Gaining Stocks
Top Losing Stocks