Investing
Tuesday's Top Analyst Upgrades and Downgrades: Broadcom, Deere, FedEx, Lululemon, LyondellBasell, Nvidia, Starbucks and More
Published:
Last Updated:
The futures traded higher Tuesday, after investors returned from the long Labor Day weekend. With the unofficial end to summer in the books, and the August nonfarm payrolls essentially in line with estimates last Friday, all eyes will be on the upcoming consumer price index reading for August. All the major indexes closed lower last Friday in what was a huge reversal from big gains early to big losses into the close. It is important to remember that, over the past 25 years, the S&P 500 average monthly return for September is approximately −0.4%, the worst month of the year.
Treasury yields were down across the Treasury curve on Friday, as buyers took advantage of the big spike in yields last week. The two-year note traded to a 15-year high yield of 3.50%, before closing at 3.40%. The inversion with the 10-year note held serve, with the benchmark security closing at 3.19%.
Brent and West Texas Intermediate crude rallied back to end the week modestly higher, after being absolutely battered on Thursday. Natural gas closed down over 4%, after a massive recent run. Gold closed slightly higher, while Bitcoin finished down, closing again below the $20,000 level.
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 Tuesday, September 6, 2022.
Afya Ltd. (NASDAQ: AFYA): Goldman Sachs raised its $12 target price on the shares to $13.50. The consensus target is higher at $17.20. Friday’s close was at $13.06 per share.
Broadcom Inc. (NASDAQ: AVGO): Baird reiterated an Outperform rating on the semiconductor heavyweight and has a $700 target price. The consensus target is $671.52. The last trade on Friday hit the tape at $500.22.
Ciena Corp. (NYSE: CIEN): J.P. Morgan downgraded the stock to Neutral from Overweight and cut the $62 price target to $45. The consensus target is $64.82. The stock closed on Friday at $44.22, which was down close to 3% on the day.
Clean Harbors Inc. (NYSE: CLH): Stifel raised its $127 target price on the Buy-rated shares to $145. The consensus target is $136.36., and the stock ended Friday trading at $116.78.
Deere & Co. (NYSE: DE): Baird maintained an Outperform rating with a $406 price target and noted that the company repurchased 3.8 million shares so far in the third quarter for $1.25 billion. The consensus target for the equipment giant is $399.00. The last trade on Friday was reported at $362.22.
Duluth Holdings Inc. (NASDAQ: DLTH): Baird reiterated a Neutral rating and trimmed the $11 target price to $9. The consensus target is $10.50. The stock closed Friday at $7.91, down over 8% on the day after the company missed earnings expectations and lowered its 2022 fiscal year outlook.
FedEx Corp. (NYSE: FDX): Citigroup downgraded the delivery giant to Neutral from Buy. It also cut the target price to $225 from $270, while the consensus target is $290.00. The stock closed on Friday at $208.72.
Greif Inc. (NYSE: GEF): Stifel initiated coverage with a Buy rating and a $90 price target. The consensus target is $65.80. The stock closed on Friday at $67.26.
GMS Inc. (NYSE: GMS): The analysts at Baird reiterated an Outperform rating with a $67 target price. The consensus target is $57.38. The stock closed on Friday at $46.05.
HashiCorp Inc. (NASDAQ: HCP): Stifel lowered its $51 price target on the Buy-rated shares to $45. The consensus target is $44.70, and Friday’s final trade was for $30.11 a share.
IMAX Corp. (NASDAQ: IMAX): Because movies “just don’t hit like they used to” in the post-pandemic world, Zacks selected this stock as its Bear of the Day. Shares have traded as high as $22.10 in the past year but closed most recently at $14.75. That is down more than 26% in the past six months.
Ironwood Pharmaceuticals Inc. (NASDAQ: IRWD): Capital One initiated coverage with an Overweight rating and a $15 target. The consensus target is $12.67. The stock closed on Friday at $10.88.
Lululemon Athletica Inc. (NASDAQ: LULU): Goldman Sachs reiterated a Buy rating on the stock, which resides on its Conviction List of top picks. Its $383 target price tops the consensus target of $378.85. The last trade on Friday at $314.72 was up close to 7% for the day after the company posted a huge second-quarter earnings beat.
LyondellBasell Industries N.V. (NYSE: LYB): J.P. Morgan downgraded shares of the chemical giant to Neutral from Overweight and lowered the $115 price objective to $80. The consensus target is $100.75. The last trade on Friday was reported at $80.78.
nCino Inc. (NASDAQ: NCNO): Truist Financial lowered its target price on the Buy-rated shares to $45 from $70. The posted consensus target is $44.80. The stock closed on Friday at $32.16, which was up almost 10% for the day after the company posted solid second-quarter results.
Nvidia Inc. (NASDAQ: NVDA): When Daiwa Securities downgraded the chip giant to Neutral from Outperform, it also slashed the $215 target price to $133. The consensus target is $214.03 for now. The stock closed on Friday at $136.47.
PagerDuty Inc. (NYSE: PD): Baird lowered its price target on the Outperform-rated shares to $35 from $40. That compares with a $36.71 consensus target and Friday’s closing trade of $23.51.
Patterson Companies Inc. (NASDAQ: PDCO): Baird reiterated a Neutral rating and trimmed its $35 target price to $33. The consensus target was last seen at $34.36. The stock ended Friday’s session at $25.35, down close to 3% for the day.
PROCEPT BioRobotics Corp. (NASDAQ: PRCT): Wells Fargo initiated coverage with an Overweight rating and a $49 price target. That compares with the $47.50 consensus target and Friday’s close at $40.37 a share.
Relay Therapeutics Inc. (NASDAQ: RLAY): Stifel began covering the stock with a Buy rating and a $40 target. The consensus target is $38.88. The stock closed trading most recently at $25.03.
Starbucks Corp. (NASDAQ: SBUX): Goldman Sachs maintained a Neutral rating on the ubiquitous coffee retailer and has a $90 target, in front of the company’s upcoming investor day with the new chief executive. The consensus target is $94.17. The stock closed trading Friday at $82.94, down almost 3% for the day.
Ternium S.A. (NYSE: TX): Goldman Sachs lowered its $60 price target on the Buy-rated shares to $52. The consensus target is $50.54. Friday’s last trade was reported at $29.67.
Seven stocks look like outstanding ideas for passive-income-oriented investors seeking some upside appreciation as well, as they have paid dependable monthly dividends for years, are way off the highs printed earlier this year and are rated Buy at major Wall Street firms.
Friday’s early top analyst upgrades and downgrades included Bed Bath & Beyond, Caterpillar, Costco Wholesale, CTI Biopharma, Futu, iQIYI, Nvidia, Nutanix, Pure Storage, Seagate Technology and Taiwan Semiconductor Manufacturing. Analyst calls seen later in the day were on CrowdStrike, Dow, Fortinet, Okta, Palo Alto Networks, Salesforce and more.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
