Big Tech Disappointments: Analysts Upgrade or Downgrade Canopy Growth, Roku and Others

Investing

Published: October 26, 2022 12:35 pm

Markets were somewhat mixed on Wednesday, after some big tech earnings disappointments Tuesday evening. Alphabet and Microsoft reported their most recent quarterly results after the markets closed, and each of these giants fell short, contributing to the Nasdaq dipping in Wednesday’s session by roughly 0.3%. The S&P 500 and Dow Jones industrials were up about 1.0% and 0.5%, respectively.

A few notable highlights from the reports included Alphabet missing analysts’ expectations on the top line and YouTube posting its first decline in digital ad revenue since the firm began reporting performance. Microsoft posted its weakest quarterly revenue growth in five years as a result of a stronger U.S. dollar and weakening PC sales.

Be on the lookout for Meta earnings coming out later on Wednesday and for Apple and Amazon earnings coming out Thursday.

Here, 24/7 Wall St. is reviewing additional analyst calls seen on Wednesday. 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 FedEx, Hertz, Palo Alto Networks, Twilio, UPS and more.

Ally Financial Inc. (NYSE: ALLY): Compass Point downgraded the stock to Neutral from Buy. Shares traded near $27 on Wednesday, in a 52-week range of $25.33 to $53.83.

Baker Hughes Co. (NASDAQ: BKR): Wells Fargo downgraded the shares to Equal Weight from Overweight and has a $29 price target. The stock traded near $27 on Wednesday, in a 52-week range of $20.42 to $39.78.

Biohaven Ltd. (NYSE: BHVN): Though Cantor Fitzgerald lifted its Neutral rating to Overweight, it also slashed its $158 price target to $27. The 52-week trading range is $9.45 to $15.45, and the share price was near $15 on Wednesday.

Biogen Inc. (NASDAQ: BIIB): The Goldman Sachs upgrade to Buy from Neutral included a price target hike to $370 from $220. The stock was last seen trading near $281, in a 52-week range of $187.16 to $284.76.

Bumble Inc. (NASDAQ: BMBL): Jefferies resumed coverage with a Hold rating but cut the $32price target to $23. Shares have traded as high as $56.22 in the past year but were changing hands near $24 on Wednesday.

Canopy Growth Corp. (NASDAQ: CGC): The Sell rating at Canaccord Genuity is now at Hold. The shares traded near $3 on Wednesday. The 52-week range is $2.13 to $15.96.

Corning Inc. (NYSE: GLW): Fox Advisors downgraded the stock to Equal Weight from Overweight. The 52-week trading range is $28.98 to $43.47. Shares changed hands near $32 apiece on Wednesday.

Discover Financial Services (NYSE: DFS): Morgan Stanley’s upgrade to Overweight from Equal Weight included a price target hike to $116 from $104. The stock has traded as high as $130.81 a share in the past year but was last seen near $104. That is down nearly 13% year to date.

Humana Inc. (NYSE: HUM): Deutsche Bank upgraded it to Buy rating Hold, and it raised its $514 price target to $576. The stock traded near $539 on Wednesday, in a 52-week range of $351.20 to $540.78.

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Match Group Inc. (NASDAQ: MTCH): Jefferies resumed coverage with a Buy rating, but it lowered its $90 price target to $60. The shares traded near $45 on Wednesday. The 52-week range is $40.23 to $164.56.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN): The Raymond James downgrade was to Underperform from Market Perform. The stock has traded as high as $761.05 a share in the past year but was last seen trading around $751. That is up over18% year to date.

Roku Inc. (NASDAQ: ROKU): The downgrade at Cleveland Research was to Neutral from Buy. The 52-week trading range is $47.27 to $327.54. Shares changed hands near $55 apiece on Wednesday.

Silvergate Capital Corp. (NYSE: SI): Goldman Sachs downgraded the shares to Neutral from Buy, and its price target dropped from $108 to $64. The stock traded near $62 on Wednesday, in a 52-week range of $50.65 to $239.26.

Seven top oil stocks look like outstanding ideas now, as they are rated Buy and have dependable dividends and solid upside to the price objectives. Plus, Goldman Sachs analysts feel that the downside is limited at current levels.

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