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ECB Agrees With Fed, Raises Rates: Analysts Upgrade or Downgrade CSX, Ford, Palantir and More
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Markets retreated Thursday morning. The Dow Jones industrial average led the charge lower with a drop of roughly 0.4%. The Nasdaq and S&P 500 were each lower as well, but less so thus far.
Perhaps the biggest story across global markets is that the European Central Bank (ECB) is raising its interest rate by 50 basis points. This marks the first interest rate hike from the ECB since 2011, and the largest hike seen since 2000. This move pushed the euro back above parity against the dollar.
In a sense, the ECB is agreeing with the Federal Reserve that the only way out of this recessionary climate is by reducing the money supply, and the best way to do that is by raising interest rates.
Separately, Tesla reported its most recent quarterly results after the markets closed Wednesday. Investors responded by pushing shares nearly 6% higher. This also comes on news that the electric vehicle giant liquidated roughly 75% of its Bitcoin holdings, causing some concern in the crypto community, as Elon Musk has often been an ardent supporter of cryptocurrencies like Bitcoin and Dogecoin.
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 Chevron, Datadog, Las Vegas Sands, Netflix and more.
Compass Inc. (NYSE: COMP): Morgan Stanley downgraded the stock to Equal Weight from Overweight and cut the $7 price target to $5. The shares traded near $4 on Thursday. The 52-week trading range is $3.31 to $17.70 a share.
Comstock Resources Inc. (NYSE: CRK): Citigroup resumed coverage with a Buy rating and a $17 price target. The 52-week trading range is $5.05 to $22.11. The stock traded near $13 on Thursday.
CSX Corp. (NASDAQ: CSX): Loop Capital lifted its Hold rating to Buy with a $38 price target. The 52-week trading range is $27.60 to $38.63, and shares were trading near $31 on Thursday.
DHT Holdings Inc. (NYSE: DHT): Jefferies initiated coverage with a Buy rating and a $9 price target. The stock traded near $7 on Thursday, in a 52-week range of $4.55 to $7.19.
DocuSign Inc. (NASDAQ: DOCU): Piper Sandler downgraded the shares to Underweight from Neutral and cut the $65 price target to $54. The stock traded near $66 on Thursday, in a 52-week range of $55.86 to $314.76.
Ford Motor Co. (NYSE: F): Nomura’s upgrade was from Reduce to Neutral with a $12.40 price target. The 52-week trading range is $10.61 to $25.87, and shares traded near $13 apiece on Thursday.
Palantir Technologies Inc. (NYSE: PLTR): Raymond James initiated coverage with a Strong Buy rating and a $20 price target. The 52-week trading range is $6.44 to $29.29, and shares traded above $10 apiece on Thursday.
PVH Corp. (NYSE: PVH): The Goldman Sachs downgrade to Neutral from Buy included a price target cut to $59 from $95. The 52-week range is $54.57 to $125.42. Shares traded near $61 apiece on Thursday.
Traeger Inc. (NYSE: COOK): Telsey Advisory downgraded it to Market Perform from Outperform and has a $5 price target. The stock traded near $4 on Thursday. The 52-week trading range is $3.63 to $32.59.
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