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Tuesday's Top Analyst Upgrades Downgrades: AMD, American Eagle Outfitters, Coinbase, Dell, Marathon Petroleum, Netflix, Spotify and More
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The futures were trading mixed Tuesday, as shell-shocked investors are standing by to see exactly what the Federal Reserve has up its sleeve when it announces a rate increase tomorrow. Many have speculated that the almost certain 50-basis-point hike may have spawned into a 75-basis-point increase after last week’s scorching hot consumer price index numbers. Goldman Sachs revised its rate forecast Monday to 75-basis-point hikes in June and July. The 8.6% year-over-year inflation increase is devastating consumers, and the 6% core inflation reading says that everyday items across the board, many of which are consumer staples, are all pressuring households in a big way.
All the major indexes joined in on the massive sell-off dumpster fire on Monday, with the Nasdaq leading the way to the downside, crumbling an astonishing 4.68%. It was reported that the opening sell program for Monday was the fifth largest ever reported. Yields were much higher across the Treasury curve, with the two-year note hitting its highest level since 2007 and briefly inverting to the benchmark 10-year note yield. The five-year note closed at a stunning 3.48% higher than the 30-year bond.
The only good sign for investors and consumers was that both Brent and West Texas Intermediate crude joined stocks and bonds in the woodshed, with both benchmarks closing down over 2% and natural gas ending a whopping 4% lower. Gold closed almost 3% lower, and cryptocurrencies were destroyed, with Bitcoin down a stunning 14.2%.
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, June 14, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD) Baird maintained a Neutral rating with a $100 target price after the semiconductor giant reiterated its full-year guidance at the recent analyst day. The consensus target is up at $138.16. The stock closed down over 8% on Monday at $86.99.
American Eagle Outfitters Inc. (NYSE: AEO): Zacks selected this apparel retailer as its Bear of the Day stock, citing its deep downtrend in the past year. The shares have traded as high as $38.99 in the past year but closed most recently at $11.87, which is down more than 53% year to date.
Azek Co. Inc. (NASDAQ: AZEK): Baird maintained an Outperform rating in front of the company’s analyst day, and the firm has a $30 target price. The consensus target is $27.71. The stock closed almost 8% lower on Monday at $18.61.
Bausch Health Companies Inc. (NYSE: BHC): J.P. Morgan resumed coverage with an Overweight rating and a $12 target price. The consensus target is up at $22.06. The final trade for Monday was at $7.58 a share.
Caribou Biosciences Inc. (NASDAQ: CRBU): Oppenheimer reiterated its Outperform rating with a $36 target price. The consensus target is $29.43. The shares were crushed Monday, down a sharp 26%, despite posting solid clinical data last Friday.
Coinbase Global Inc. (NASDAQ: COIN): J.P. Morgan downgraded the cryptocurrency brokerage to Neutral from Overweight and slashed the $171 price target to $68. The consensus target is $149.17. The stock closed almost 12% lower on Monday at $52.01.
Covetrus Inc. (NASDAQ: CVET): Stifel cut its Buy rating to Hold with a $22 target price. The consensus target is $21.33. The stock closed on Monday at $20.67.
Dell Technologies Inc. (NYSE: DELL): The Zacks Bull of the Day stock has seen Wall Street positively revising quarterly estimates, says the analyst. Shares last closed at $47.25, and the consensus target price is $60.06.
Editas Medicine Inc. (NASDAQ: EDIT): Goldman Sachs maintained a Sell rating and has an $8 target price. The consensus target is $32.23 for now. Monday’s $10.00 close was down over 10% on the day.
Fidelity National Information Services Inc (NYSE: FIS): Evercore ISI’s upgrade to Outperform from In Line included a price target boost to $135 from $115. The consensus target is $132.88. The final trade for Monday was reported at $94.96.
Generac Holdings Inc. (NYSE: GNRC): Baird reiterated an Outperform rating with a $298 target price. That compares with a $386.65 consensus target and the final print on Monday at $244.52.
Hannon Armstrong Sustainable Infrastructure Capital Inc. (NYSE: HASI) Oppenheimer maintained an Outperform rating and has a $62 target price. The consensus target is $59.13. The shares ended Monday down almost 9% to $34.88.
24/7 Wall St.Invesco Ltd. (NYSE: IVZ): BMO Capital Markets downgraded shares of the investment giant to Market Perform from Outperform and cut the $25 price target to $20. Monday’s closing trade was reported at $15.93, down close to 8% for the day, after hitting a 52-week low of $15.82 earlier in the day.
Kontoor Brands Inc. (NYSE: KTB): Goldman Sachs downgraded the stock to Neutral from Buy and lowered the price target to $34. The consensus target is $51.57. The shares were last seen Monday at $34.00.
Magellan Midstream Partners L.P. (NYSE: MMP): Goldman Sachs raised its Neutral rating to Buy with a $59 target price. The consensus target is $54.53. The stock closed at $51.61 on Monday.
Marathon Petroleum Corp. (NYSE: MPC): BMO Capital Markets started coverage with an Outperform rating and a $135 target price. The consensus target is $117.08. The stock closed on Monday at $102.17.
NetApp Inc. (NASDAQ: NTAP): Deutsche Bank upgraded the shares to Buy from Hold but lowered the target price to $84 from $90. The consensus target is $88.68. The stock closed on Monday at $64.47.
Netflix Inc. (NASDAQ: NFLX): Benchmark’s downgrade was from Hold to Sell with a $157 target price. The consensus target is $316.71 for now. The stock closed almost 8% lower on Monday at $169.69.
New Residential Investment Corp. (NYSE: NRZ): Piper Sandler cut its Neutral rating to Underweight and lowered its $12 price target to $10. The consensus target is $12.88 for now. The final trade Monday was reported at $9.05, down almost 17% on the day, on no news we could source.
Quanta Services Inc. (NYSE: PWR): The UBS upgrade to Buy from Neutral included a price target hike to $156 from $140. The consensus target is $144.31. The stock was last seen Monday at $125.81.
Spotify Technology S.A. (NYSE: SPOT): Goldman Sachs maintained a Neutral rating with a $133 target price after a reasonably positive analyst day. The consensus target is higher at $147.30. The stock closed on Monday at $98.61.
Stitch Fix Inc. (NASDAQ: SFIX): Baird lowered its $11 price target to $7 while keeping a Neutral rating. The consensus target is $9.07. The final trade Monday was filled at $6.34.
Textron Inc. (NYSE: TXT): Jefferies reiterated a Buy rating with a $90 price target. The consensus target is lower, and the shares ended Monday trading at $60.01.
Volta Inc. (NASDAQ: VLTA): Cantor Fitzgerald downgraded the shares to Neutral from Overweight and dropped the $6 target price to $4. The consensus target is $4.71 for now. The shares closed Monday at $1.65, down 25% on no news except the downgrade and the market sell-off.
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24/7 Wall St.Monday’s early top analyst upgrades and downgrades included DocuSign, Electronic Arts, Enterprise Products Partners, GoodRx, Netflix, Spirit Airlines, Take-Two Interactive Software, Target, Tesla and Vonage. Analyst calls seen later in the day were on BioMarin Pharmaceutical, Micron Technology, Quanta Services, Sangamo Therapeutics, Silvergate Capital, T. Rowe Price, Zendesk and more.
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