More Problems More Spending: Analysts Upgrade or Downgrade CSX, Qualcomm and More

Investing

Published: July 15, 2022 11:05 am

Markets pushed higher to close out the week, with the Dow Jones industrials leading the charge higher with a gain of around 1.5%. The Nasdaq and S&P 500 were each up closer to 1% thus far. This came on the heels of a better-than-expected retail sales report.

According to the report, retail sales rose by 1% for the month of June, edging out the Bloomberg consensus estimate of a 0.9% gain. At the same time, May’s retail sales were revised to show a drop of roughly 0.1% for the month.

The increase in retail sales makes sense as more Americans are looking to spend and unload the currency for goods as opposed to waiting around for it to lose value to inflation. At the moment, we are seeing more consumers put their money into durable goods, renovations and the like in an effort to ride out these historic levels of inflation as these assets increase in value as well.

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

Allogene Therapeutics Inc. (NASDAQ: ALLO): Goldman Sachs upgraded the stock to Buy from Neutral and raised the $9 price target all the way to $32. The stock traded near $13 on Friday, in a 52-week range of $6.43 to $27.86.

CSX Corp. (NASDAQ: CSX): Though Stifel upgraded the shares to Buy from Hold, it cut the $39 price target to $37. The 52-week trading range is $27.60 to $38.63, and shares traded near $29 apiece on Friday.

ManpowerGroup Inc. (NYSE: MAN): Truist’s downgrade was to Hold from Buy. The 52-week trading range is $73.76 to $123.84, and shares traded above $75 apiece on Friday.

Norfolk Southern Corp. (NYSE: NSC): Stifel raised its Hold rating to Buy rating but cut the $289 price target to $275. The 52-week range is $217.00 to $299.20. Shares traded near $227 apiece on Friday.

Qualcomm Inc. (NASDAQ: QCOM): Edward Jones upgraded it to Buy from Hold. The 52-week trading range is $118.23 to $193.58. The stock traded near $144 on Friday.

Rackspace Technology Inc. (NASDAQ: RXT): Barclays downgraded to an Underweight rating from Equal Weight rating with a $5 price target. The shares traded near $6 on Friday. The 52-week trading range is $5.63 to $19.39 a share.

10X Genomics Inc. (NASDAQ: TXG): BofA Securities downgraded it from Neutral to Underperform with a $35 price target. William Blair lowered its Outperform rating to Market Perform. The stock traded near $34 on Friday, in a 52-week range of $33.38 to $191.15.

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Toyota Motor Corp. (NYSE: TM): The Macquarie downgrade was to Neutral from Outperform. The stock traded near $155 on Friday. The 52-week trading range is $152.14 to $213.74.

Yelp Inc. (NYSE: YELP): The Buy rating at Goldman Sachs dropped to Neutral, and the firm $49 cut the price target to $33. The 52-week trading range is $26.28 to $43.28, and shares were trading near $26 on Friday.

Overall, the Dow Jones industrial average stocks have outperformed those of the Nasdaq or S&P 500. Five of the highest-yielding Dow stocks look like great ideas now, as they pay investors handsomely to wait out the bear market.

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