The futures were higher after the July consumer price index once again came in very hot. While not as high as the June print, Americans are still paying much more for gasoline and food, and that trend doesn’t look to end anytime soon.
All the major indexes closed lower on Tuesday, with investors casting an eye to the CPI data. Bulls have pointed to last Friday’s strong jobs number as a huge positive, while the bears maintain that the July rally (that has spilled into August) is nothing more than a bear market rally that should be sold. With soaring investor pessimism and worsening economic conditions, the fall could prove to be very volatile.
Treasury yields were slightly higher across the curve Tuesday, following the big selling on Friday and Monday. The continuing inflation data and the strong nonfarm payrolls report have the analysts at Citigroup saying that it is very possible that the Federal Reserve may have the door opened to increase the federal funds rate by a full percentage point next month. Current expectations are for an increase of 50 to 75 basis points.
Both Brent and West Texas Intermediate crude closed lower on Tuesday, and some cited Goldman Sachs cutting its target price on Brent to $110 for this quarter. Natural gas rebounded, closing up almost 4% Tuesday. Gold closed modestly higher, while Bitcoin traded down almost 3%.
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24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh 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 on Wednesday, August 10, 2022.
Amgen Inc. (NASDAQ: AMGN | AMGN Price Prediction): Oppenheimer reiterated a Buy rating on the biotech giant and has a $290 target price. The consensus target is $252.99. The shares closed on Tuesday at $248.36.
Atlas Air Worldwide Holdings Inc. (NASDAQ: AAWW): Loop Capital downgraded the shares from Buy to Hold with a $102.50 price objective. The consensus target is $111.50. The last trade on Tuesday was at $100.45.
Bed Bath & Beyond Inc. (NASDAQ: BBBY): Baird downgraded the meme stock darling to Underperform from Neutral while staying with a $4 target price. The consensus target is $3.49. The shares closed Tuesday at $9.79, down almost 15% on the day, after the retail army run-up recently.
Brunswick Inc. (NYSE: BC): Jefferies downgraded the stock to Hold from Buy and raised the $90 target price to $110. The consensus target is $100.79. Tuesday’s close was at $80.04.
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Carlyle Group Inc. (NASDAQ: CG): Evercore ISI downgraded the private equity giant to Hold from Buy and cut the $55 target price to $38. The consensus target is $53.58. The stock closed over 3% lower on Tuesday at $34.12.
C.H. Robinson Worldwide Inc. (NASDAQ: CHRW): Citing solid long-term growth potential and more, Zacks named this transportation and logistics services provider as the Bull of the Day stock. Shares last closed at $111.96, which is up more than 25% from six months ago.
Coinbase Global Inc. (NASDAQ: COIN): Keefe Bruyette downgraded the stock to Underperform from Market Perform and has a $45 target price. The consensus target is $108.23. Tuesday’s close at $87.68 was down almost 11% on the day after posting a wider-than-expected loss.
Eaton Corp. PLC (NYSE: ETN): Oppenheimer maintained an Outperform rating with a $170 target price. The consensus target is $161.65. The shares ended Tuesday trading at $146.41.
Enovix Corp. (NASDAQ: ENVX): Loop Capital began coverage on the battery company with a Buy rating and a $50 target. The consensus target is $23.80. The last trade Tuesday was reported at $14.41, up over 5% for the day on the strong upgrade.
Federal Realty Investment Trust (NYSE: FRT): BofA Securities raised its Neutral rating to Buy and lifted hiked the $110 target price objective to $130. The consensus target is $118.59. The stock closed on Tuesday at $107.41.
Garmin Ltd. (NASDAQ: GRMN): This stock was selected as the Bear of the Day at Zacks, which cited “tough-to-compete against periods” and downbeat guidance. Shares have traded as high as $178.81 in the past year but closed most recently at $95.12, which is down around 30% year to date.
GoodRx Holdings Inc. (NASDAQ: GDRX): Goldman Sachs raised its price target on the Neutral-rated shares to $10 from $9. The consensus target is $9.29. The stock closed on Tuesday at $7.81.
Healthcare Realty Trust Inc. (NYSE: HR): Citigroup resumed coverage with a Neutral rating and a $27 target. This consensus target of $32.79. The shares closed on Tuesday at $25.86, up 2% for the day.
Myovant Sciences Ltd. (NYSE: MYOV): SVB Leerink upgraded the stock to Outperform from Market Perform and boosted the $12 price target to $23. The consensus target is $18.20. The stock was last seen Tuesday at $16.68, up over 6% on the day. Tuesday, the FDA approved Myfembree, the joint venture with Pfizer for endometriosis-associated pain.
Micron Technology Inc. (NASDAQ: MU): Raymond James downgraded the chip giant to Outperform from Strong Buy. It also cut its $72 price target to $65, well below the $77.35 consensus target. Tuesday’s last trade of $59.15 was down close to 4% for the day.
NRG Energy Inc. (NYSE: NRG): Goldman Sachs lowered its target price on the utility giant to $46 from $52 but kept a Buy rating. The consensus target is $44.27. Tuesday’s close was at $38.33.
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Nutrien Ltd. (NYSE: NTR): Scotiabank upgraded the shares to Sector Outperform from Sector Perform, but it also trimmed the $118 target price to $110. The consensus target is $111.49. The stock closed over 3% higher on Tuesday at $88.34.
Nvidia Corp. (NASDAQ: NVDA): Baird stuck with a Neutral rating with a $150 price target on the chip giant. The consensus is target is up at $233.84 for now. The shares closed Tuesday at $170.86, down almost 4% on the day, as the semiconductor sector has been weak across the board.
PubMatic Inc. (NASDAQ: PUBM): Oppenheimer lowered its $30 price objective to $28 while maintaining an Outperform rating. The consensus target is $27.65. After posting outstanding results for the quarter, its $21.98 closing share price on Tuesday bounced up 24% on the day.
Restaurant Brands International Inc. (NYSE: QSR): Argus upgraded the stock to Buy from Hold and has a $67 target price. The consensus target is $84.17. The shares closed on Tuesday at $59.25.
Rigetti Computing Inc. (NASDAQ: RGTI): Deutsche Bank initiated coverage of the super-computing company’s stock with a Buy rating and a $10 target price. The consensus target is up at $11.50. The last trade on Tuesday came in at $4.35, down almost 5% on the day despite the new coverage.
Roku Inc. (NASDAQ: ROKU): MoffettNathanson downgraded the stock to Underperform from Market Perform and has a $62 target price. The consensus target is $103.86. The stock closed on Tuesday at $78.10, down almost 7% for the day.
Rover Group Inc. (NASDAQ: ROVR): Gordon Haskett’s downgrade to Hold from Buy included a price target cut to $3.50 from $5.50. The consensus target is $5.94, and Tuesday’s close was at $3.84.
Take-Two Interactive Software Inc. (NASDAQ: TTWO): BofA Securities downgraded the video game giant to Neutral from Buy and cut the $141 target price to $130. The consensus target is $169.88 for now. The last trade for Tuesday was at $120.76, almost a 4% retreat for the day after the company missed earnings estimates due to slowing consumer spending.
Tandem Diabetes Care Inc. (NASDAQ: TNDM): Wells Fargo downgraded the stock to Underweight from Overweight and slashed the $82 price target to $49. The consensus target is $95.17 for now. The stock closed Tuesday at $53.84, down over 10% on the day. The company posted horrible results last week.
Tellurian Inc. (NYSE: TELL): BofA Securities raised its Neutral rating to Buy from but lowered the $6.50 target price to $4.50. The consensus target is $5.76. The stock closed up close to 4% on Tuesday at $3.54.
Veeco Instruments Inc. (NASDAQ: VECO) Goldman Sachs maintained a Neutral rating and trimmed the price target to $24 from $28. The consensus target is higher at $33.50. The last trade on Tuesday hit the tape at $20.99. That was down close to 5%, despite the company surpassing revenue and earnings estimates for the second quarter.
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With demand still strong and prospects for the industry bright, Warren Buffett and Berkshire Hathaway are loading up on big oil stocks now. See which eight stocks with large and dependable dividends make sense for growth and income investors now.
Also, see which five Dow stocks may be value traps now.
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Tuesday’s early top analyst upgrades and downgrades included Alphabet, Amazon.com, Americold Realty Trust, Azek, Ball, Corteva, DraftKings, Dun & Bradstreet, Global Blood Therapeutics, Lululemon Athletica, Rhythm Pharmaceuticals and Western Digital. Analyst calls seen later were on Bed Bath & Beyond, Clorox, CRISPR Therapeutics, LivePerson, Nike, Palantir Technologies, Tyson Foods and more.
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