Dimon’s Take on the Economy: Analysts Upgrade or Downgrade Cisco, Costco, Dollar General, Starbucks and More

Investing

Published: July 14, 2022 3:35 pm

Last Updated: July 15, 2022 7:32 am

Markets pushed higher into the close after a rocky start to the trading session. The Nasdaq turned into positive territory with a slight gain on the day, breaking its four day losing streak, while the S&P 500 and Dow Jones lagged in the red.

JPMorgan reported disappointing earnings on Thursday morning and investors got the chance to hear CEO Jamie Dimon give his thoughts on the company and the economy. He lauded the recovery within the US economy with job growth and consumer spending but was skeptical about global affairs. High inflation, geopolitical tensions, and supply chain issues are likely to contribute to some “negative consequences” further on down the road, according to Dimon.

24/7 Wall St. is reviewing additional analyst calls seen on Thursday. 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, Alphabet, Amazon, Tesla, Twitter and more.

BHP Group Ltd. (NYSE: BHP): Goldman Sachs downgraded the stock to Neutral from Buy. It traded near $48 on Thursday, in a 52-week range of $46.28 to $71.81.

Cigna Corp. (NYSE: CI): Jefferies downgraded the shares to Hold from Buy and cut the price target to $271 from $330. The 52-week trading range is $191.74 to $282.33, and shares traded above $265 apiece on Thursday.

Cisco Systems Inc. (NASDAQ: CSCO): J.P. Morgan’s downgrade was from Overweight to Neutral with a $51 price target. The 52-week range is $40.82 to $64.29. Shares traded near $42 apiece on Thursday.

Costco Wholesale Corp. (NASDAQ: COST): Deutsche Bank upgraded it to Buy from Hold and raised the price target to $579 from $525. The 52-week trading range is $406.51 to $612.27. The stock traded near $510 on Thursday.

Dollar General Corp. (NYSE: DG): Citigroup’s downgrade was from Buy to Neutral with a $258 price target. The shares traded near $248 on Thursday. The 52-week trading range is $183.25 to $262.21.

Juniper Networks Inc. (NYSE: JNPR): J.P. Morgan lifted its Neutral rating to Overweight with a $36 price target. The stock traded near $28 on Thursday. The 52-week trading range is $26.12 to $38.14.

Mohawk Industries Inc. (NYSE: MHK): The Barclays downgrade to Underweight from Equal Weight included a price target cut to $129 from $152. The stock traded near $125 on Thursday, in a 52-week range of $114.96 to $211.75.

Squarespace Inc. (NYSE: SQSP): JMP Securities downgraded the stock to Market Perform from Outperform. The 52-week trading range is $14.43 to $59.37, and shares were trading near $21 on Thursday.

Starbucks Corp. (NASDAQ: SBUX): Deutsche Bank reiterated a Buy rating and cut the $103 price target to $91. The 52-week trading range is $68.39 to $126.32, and shares traded above $78 apiece on Thursday.

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