Investing
Tuesday's Big Bounce: Analysts Upgrade or Downgrade Etsy, Keurig Dr Pepper and More
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Markets bounced back on Tuesday, after one of the worst trading weeks since the onset of the pandemic. The Nasdaq was leading the charge higher with over a 3% gain on the day, while the S&P 500 and Dow Jones industrials were up 2.7% and 2.0%, respectively.
Last week, the Federal Reserve raised interest rates by a historic 75 basis points, an increase not seen since the mid-1990s. This was all in an effort to tamp down on inflation, which has been rising at levels not seen in the past four decades.
Given that markets are bouncing back to start out this truncated trading week, there are still more questions of whether the pain is over for investors—and then if markets are done falling.
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 Adobe, DoorDash, Exxon, Palantir, Under Armour and more.
Acadia Pharmaceuticals Inc. (NASDAQ: ACAD): Jefferies downgraded the stock to Underperform from Buy and cut the $25 price target to $10. The 52-week trading range is $12.24 to $28.06, and shares traded above $12 apiece on Tuesday.
Boston Beer Co. Inc. (NYSE: SAM): UBS downgraded the shares to Neutral from Buy and cut the $600 price target to $328. The stock traded near $295 on Tuesday. The 52-week trading range is $287.00 to $1,059.04.
CarGurus Inc. (NASDAQ: CARG): BTIG Research reiterated a Buy rating and cut the price target to $33 from $40. The 52-week trading range is $20.15 to $50.03, and shares were trading near $23 on Tuesday.
CubeSmart (NYSE: CUBE): The BofA Securities upgrade was to Buy from Neutral. The 52-week range is $38.67 to $57.34. Shares traded near $41 apiece on Tuesday.
Etsy Inc. (NASDAQ: ETSY): BTIG Research reiterated a Buy rating but cut the price target to $105 from $140. The stock traded near $74 on Tuesday, in a 52-week range of $67.01 to $307.75.
Keurig Dr Pepper Inc. (NASDAQ: KDP): UBS lowered its Buy rating to Neutral and cut the $42 price target to $38. The shares traded near $35 on Tuesday. The 52-week trading range is $32.44 to $39.35.
Molson Coors Beverage Co. (NYSE: TAP): UBS downgraded the stock to Neutral from Buy, and it cut the $60 price target to $54. The 52-week trading range is $42.46 to $57.45. Shares were changing hands at around $51 on Tuesday.
Wingstop Inc. (NASDAQ: WING): Piper Sandler reiterated an Underweight rating and cut the price target to $70 from $85. Shares were trading near $77, in a 52-week range is $67.67 to $187.35.
In a market that is very volatile, and that could be headed much lower if we are already in a recession, seven safe-haven stocks make a ton of sense now. With even moderate appreciation in the share prices of the top companies, investors should be looking at double-digit total return potential.
Kroger is among the companies expected to hike dividends this week.
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