Credit Suisse's Horror Story, and Analysts Upgrade or Downgrade Citigroup, Southwestern Energy and More

Investing

Published: October 3, 2022 10:45 am

Markets ended September and the third quarter with a thud. The Nasdaq and S&P 500 saw their first three-quarter losing streak since the financial crisis in 2008. The Dow Jones industrial average was slightly more resilient but still had its worst span of losses since 2015. However, with the start of the fourth quarter hopefully comes new beginnings and opportunities for investors.

Each of the major averages opened on a positive note, with the Nasdaq and S&P 500 up about 1% each, while the Dow lagged with about a half a percent gain.

Even with this solid start, there is a dark cloud looms over Wall Street. Specifically, Credit Suisse issued a memo over the weekend looking to convince major investors of the firm’s good financial standing. However, this backfired in spectacular fashion and the stock is down roughly 4%. It was down as much as 10% in premarket trading.

Previously, Credit Suisse had said that it was looking into the potential liquidation of some assets and business units, but the full plan will not be revealed until later this month. It is anyone’s guess where the Swiss bank will go from here.

Here, 24/7 Wall St. is reviewing additional analyst calls seen on Monday. 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 Amgen, CrowdStrike, Microsoft, Nike, Wells Fargo and more.

Box Inc. (NYSE: BOX): Morgan Stanley upgraded the stock to Overweight from Equal Weight and raised the $32 price target to $34. Shares traded near $26 on Monday, in a 52-week range of $22.31 to $33.04.

Citigroup Inc. (NYSE: C): The Goldman Sachs downgrade to Neutral from Buy included a price target cut to $47 from $54. Shares were last seen trading near $41. The 52-week range is $41.06 to $73.72.

CF Industries Holdings Inc. (NYSE: CF): RBC Capital Markets upgraded the shares to Outperform from Sector Perform, and it raised the $110 price target to $135. Shares have traded as high as $119.60 in the past year but were near $101 on Monday, which is up about 36% year to date.

DocuSign Inc. (NASDAQ: DOCU): Morgan Stanley’s downgrade was to Equal Weight from Overweight, and it slashed the $73 price target to $47. Shares traded near $52 on Monday, in a 52-week range of $51.12 to $288.50.

Livent Corp. (NYSE: LTHM): BofA Securities cut its Neutral rating to Underperform and lowered the price target to $27 from $31. The stock was last seen trading near $29, in a 52-week range of $19.35 to $36.38.

Mosaic Co. (NYSE: MOS): The RBC Capital Markets downgrade to Sector Perform from Outperform came with a price target cut to $65 from $85. The shares traded near $49 on Monday. The 52-week range is $33.59 to $79.28.

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New Gold Inc. (NYSE: NGD): As RBC Capital Markets changed its Sector Perform rating to Outperform, it also nudged the $1.00 price target up to $1.25. The 52-week trading range is $0.61 to $2.02. Shares changed hands near $1 apiece on Monday.

New Relic Inc. (NYSE: NEWR): The Overweight rating at J.P. Morgan was reduced to Neutral, and the $150 price target was slashed to $57. The 52-week trading range is $41.66 to $129.70. The share price was near $56 on Monday.

Southwestern Energy Co. (NYSE: SWN): Truist upgraded it to Buy from Hold. The analyst also raised the $7 price target to $11. The 52-week trading range is $3.81 to $9.87. The share price was near $6 on Monday.

Thor Industries Inc. (NYSE: THO): Argus downgraded the stock from Buy to Hold. Shares were last seen trading near $70, in a 52-week range of $66.26 to $128.87.

Seven dividend-paying sin stocks look like outstanding values now and should hold up well even in a protracted bear market. For investors not put off by these alcohol, gambling, tobacco, weapons and other stocks, they may have solid portfolio potential, regardless of the economy.

With global electric vehicle sales surging, is Tesla keeping up?

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