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Monday’s Top Analyst Upgrades and Downgrades: Activision Blizzard, Autodesk, Boston Beer Company, CBRE Group
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The futures are higher Monday as we start the final trading week of July after a bounce-back last week, despite Friday’s sell-off. For the week the S&P 500 rallied 2.5% higher, while the Nasdaq rose 3.3%. The big winner was the Russell 2000, where the small caps gained the most ground with a 3.6% rally last week.
Once again a massive slate of S&P 500 earnings are on tap for this week after generally positive results so far. The big economic event for this week will of course be the Federal Reserve meeting where it is all but guaranteed that the central bank will raise interest rates another 75 basis points before taking a break until September.
Interest rates have plunged over the last week as investors and big institutions run for the safe-haven of Treasury securities, and yields across the curve were once again down a lot on Friday with the entire Treasury curve closing below 3%. The 2-year and 10-year note inversion remained in place with the 2-year yield at 2.97% and the 10-year closing Friday at a 2.78% yield. The bond world views the inversion as a recession signal.
Oil prices were down across the board Friday with both Brent Crude and West Texas Intermediate tacking on losses. The big commodity news was the continuing surge in natural gas, which closed over the $8 mark Friday up almost 5%. Gold closed higher, while Bitcoin rolled over after some big gains last week, down almost 2% on Friday.
24/7 Wall St. reviews dozens of analyst research reports each day with a goal of finding new ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen across Wall Street on Monday July 25, 2022.
Activision Blizzard, Inc. (NASDAQ: ATVI) MoffettNathanson upgraded the popular video game creator to Buy from Neutral with a $95 target price. The consensus is posted across Wall Street at $94.22. The shares ended trading Friday at $79.23.
Ally Financial, Inc. (NYSE: ALLY) Piper Sandler downgraded the stock to Underweight from Neutral and lowered the target price objective to $34 from $45. The consensus target on Wall Street is $47.10. The stock was last seen Friday at $33.48.
Altice USA, Inc. (NYSE: ATUS) New Street upgraded the stock to Buy from Neutral with a $15 target. The consensus is $15.29 across Wall Street. The final trade for Friday was filled at $11.57 up over 3%.
Autodesk, Inc. (NASDAQ: ADSK) Bof A Securities resumed coverage on the stock with a Neutral rating and a $220 target price. The Wall Street consensus target is set higher at $249.94. The last trade on Friday was filled at $195.15.
The Boston Beer Company, Inc. (NYSE: SAM) Goldman Sachs lowered the price target on the Sell rated brewing giant to $258 from $318. That is versus a consensus target of $347.15 and Friday’s closing trade of $356.99, which was up over 6% despite another earnings disappointment last week.
CBRE Group, Inc. (NYSE: CBRE) Raymond James raised the real estate giant to Strong Buy from Outperform while lowering their price objective to $110 from $122. The consensus is posted at $103.83. The stock was last seen Friday at $82.26.
Colony Bancorp, Inc. (NASDAQ: CBAN) DA Davidson downgraded the shares to Neutral from Buy and trimmed the price target to $16.75 from $18. The consensus target is posted at $21.33. The shares ended Friday at $14.15 down more than 7% after earnings and revenues missed estimates.
Comstock Resources, Inc. (NYSE: CRK) Piper Sandler downgraded the shares to Underweight from Neutral while bumping the price target up to $17 from $16. The consensus is set at $18.20. The last trade Friday came in at $13.58.
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Continental Resources, Inc. (NYSE: CLR) Piper Sander downgraded the shares to Underweight from Neutral while dropping the target price on the company to $70 from $76. The consensus is set at $75.96. The last trade Friday was reported at $63.47.
DoubleVerify Holdings, Inc. (NYSE: DV) Capital One started coverage with an Overweight rating and a $30 target price. The consensus is set higher at $32.40. Friday’s closing trade was recorded at $23.99 down almost 4%.
Etsy, Inc. (NASDAQ: ETSY) Piper Sandler initiated coverage with a Neutral rating and a $95 target. The consensus is set at $121.65. The shares were last traded Friday at $97.11.
Global Payments, Inc. (NYSE: GPN) Credit Suisse downgraded the stock to Neutral from Outperform and slashed the price target to $145 from $180. That compares with the $170.65 consensus target and Friday’s closing print of $118.71.
Marvell Technology, Inc. (NASDAQ: MRVL) The Benchmark Company resumed coverage on the stock with a Buy rafting and a $70 target price. The consensus is set higher at $80.18. The final trade for Friday was reported at $52.02 down almost 5%.
Peloton Interactive, Inc. (NASDAQ: PTON) Oppenheimer resumed coverage with an Outperform rating and moved up its price target to $20 from $18. The consensus is set higher at $22.86. The last trade Friday was posted at $9.77, down 13% after a series of setbacks for the company last week.
Repay Holdings Corporation (NASDAQ: RPAY) Credit Suisse downgraded the stock to Neutral from Outperform while cutting the price target to $15 from $20. The consensus target is posted at $20.20. The stock closed Friday at $13.29 down almost 8% on zero news that we could source.
Seagate Technology Holdings plc (NASDAQ: STX) Craig Hallum downgraded the hard drive giant to Hold from Buy and chopped the price target down to $79 from $112. The consensus was not available. The final trade Friday came in at $76.83 down over 8% after both earnings and revenues missed Wall Street estimates.
The Scotts Miracle-Gro Company (NYSE: SMG) UBS downgraded the stock to Neutral from Buy and dropped their price target objective to $92 from $125. The consensus for the stock is set at $104.71. The last trade Friday was filled at $84.20.
Snap Inc. (NYSE: SNAP) All of Wall Street dogpiled the stock after a horrible dumpster fire earnings miss last week. Goldman Sachs downgraded the shares to Neutral from Buy and slashed its target by more than half to $12 from $25. JPMorgan downgraded the stock to Underweight from Overweight and butchered its price target to $9 from $24. Stifel downgraded the stock to Hold from Buy and lowered the target to $14 from $20. The consensus is set at $25 for now. The stock was hammered Friday closing down a stunning 40% at $9.96.
Splunk, Inc. (NASDAQ: SPLK) Citigroup reiterated a Neutral rating on the stock while trimming its target price to $118 from $120. The consensus target is posted at $133.95. The last trade Friday came in at $105.23.
SVB Financial Group, Inc. (NASDAQ: SIVB) Keefe Bruyette downgraded the stock to Market Perform from Outperform and shaved its price target to $450 from $600. The consensus target is posted at $594.51 for now. The last trade on Friday hit the tape at $361.36 down over 17% after a horrible earnings miss.
UDR Inc. (NYSE: UDR) UBS raised the shares to Buy from Hold and have a $52 target price. The consensus target is posted at $52.70. The stock closed Friday at $46.17.
United Airlines Holdings, Inc. (NYSE: UAL) Susquehanna downgraded the carrier to Neutral from Positive with a $35 target price. The consensus is $52.91. The stock closed Friday at $36.33 down almost 3%.
Walmart. Inc. (NYSE: WMT) Piper Sandler started coverage of the retail heavyweight with a Neutral rating and a $135 target price. The consensus target is set at $154.04. The stock ended trading Friday at $132.21.
Here are Friday’s top analyst upgrades and downgrades.
They included Alcoa, Blue Apron, Brixmor Property, Enterprise Product Partners, FIGS, GSK, Healthcare Realty, Nordstrom, Range Resources, Southwestern Energy, Tesla and more.
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