Markets were relatively flat on Monday, after last week’s impressive advance of more than 6%. That was one of the strongest gains seen so far this year, at least since the Ukraine conflict started markets on their downtrend in February.
Note that the S&P 500 is off to its worst six-month start since 1970. However, while this may be a daunting start, more often than not, years that see losses of at least 15% at the halfway mark generally end with a gain for the year as a whole. So while the current outlook might be bleak, historically this is bullish.
Looking ahead to the rest of this week, a flurry of upcoming economic numbers will offer a clearer picture of where this economy stands. Look out for the core PCE inflation report, Conference Board’s consumer confidence survey, as well as the manufacturing and housing reports.
24/7 Wall St. is reviewing additional analyst calls seen on Monday. 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 American Airlines, Carnival, Coinbase, FedEx, Tesla, Walmart and more.
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AutoZone Inc. (NYSE: AZO | AZO Price Prediction): Goldman Sachs upgraded the stock to Buy from Neutral and raised the price target to $2,296 from $1,969. The 52-week trading range is $1,472.31 to $2,267.40, and shares traded above $2,184 apiece on Monday.
Bed Bath & Beyond Inc. (NASDAQ: BBBY): The B. Riley Securities downgrade to Neutral from Buy included a price target cut to $7 from $17. The 52-week trading range is $5,95 to $39.30, and shares traded above $6 apiece on Monday.
Chewy Inc. (NYSE: CHWY): Needham upgraded the shares from Hold to Buy with a $55 price target. The 52-week trading range is $22.22 to $97.74. The stock traded near $38 on Monday.
Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL): BofA Securities lowered its Neutral rating to Underperform and cut the $108 price target to $94. The stock traded near $88 on Monday. The 52-week trading range is $82.29 to $151.19.
Etsy Inc. (NASDAQ: ETSY): Needham’s downgrade was to Hold from Buy. The shares traded near $80 on Monday. The 52-week trading range is $67.01 to $307.75.
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Oracle Corp. (NYSE: ORCL): Goldman Sachs resumed coverage with a Sell rating and a $75 price target. The stock traded near $70 on Monday, in a 52-week range of $63.76 to $106.34.
Robinhood Markets Inc. (NASDAQ: HOOD): Goldman Sachs upgraded it to Neutral from Sell but cut the price target to $9.50 from $11.50. The 52-week trading range is $6.81 to $85.00, and shares were trading near $8 on Monday.
Simply Good Foods Co. (NASDAQ: SMPL): Stephens upgraded it to Overweight from Equal Weight, and the price target increased to $45 from $44. The 52-week range is $32.94 to $45.77. Shares traded near $40 apiece on Monday.
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Six top Warren Buffett stock picks look like solid ideas for the second half of what has been a rough 2022. These blue-chip financial companies are poised to thrive as interest rates continue to rise.
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