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Tuesday’s Top Analyst Upgrades and Downgrades: Cheniere Energy, Cutera, Datadog, Disney, Intel, Mobileye Global, NetEase, Salesforce, Take-Two Interactive, Workday and More

Lee Jackson

Published: November 22, 2022 8:42 am

The futures are trading higher on Tuesday after a slow start to the holiday-shortened trading week. All of the major indices closed lower Monday, and one of the main reasons for the selling across Wall Street was yet another Covid lockdown in China. Those worries resurfaced after most strategists felt that the situation in China from a lockdown perspective was loosening. Toss in the ongoing worries of a higher terminal rate and some negative earnings revisions, and the sellers had all the ammo they needed.

Treasury rates were flat across the yield curve after serious buying last week knocked the yield on the 10-year note and 30-year bond back to levels printed in early October. The one new concern is the widening of the inversion between the 90-day t-bill and the 10-year note which closed Monday at 3.83% versus the 4.41% 3-month paper. Bond traders see the inversion as a recession indicator.

Brent Crude and West Texas Intermediate both initially plunged Monday after OPEC, in a huge reversal, said they are considering increasing production. Less than 60 days ago, they were talking about a 2 million barrel-per-day cut. With a strong afternoon rally, both the major benchmarks closed flat. Natural gas was the big winner Monday, closing up over 6% as cold weather swept across the nation. Gold and Bitcoin both closed lower Monday.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with the 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 on Tuesday, November 22, 2022.

Affiliated Managers Group, Inc. (NYSE: AMG) Goldman Sachs reinstates coverage on the stock with a Buy rating and a $182 target price. The consensus target across Wall Street is posted at $157.75. The shares were last seen Monday at $155.43.

Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) BofA Securities reinstated coverage with a Neutral rating and a $12 target price. The consensus is just lower at $11.17. The stock closed Monday at $11.91.

Bentley Systems Incorporated (NYSE: BSY) Oppenheimer reiterated an Outperform rating on the company with a $48 target price. The consensus is set just lower at $44.60. The shares were last seen Monday at $37.85.

Boyd Gaming Corporation (NYSE: BYD) Morgan Stanley initiated coverage with an Underweight rating and has a $54 target. The consensus target is set higher at $68.92. The stock closed Monday at $59.30.

Brightview Holdings, Inc. (NYSE: BV) Jefferies assumed coverage with a Hold rating and an $8 target. The consensus is higher at $13.50 for now. The stock closed Monday’s session at $7.19, down close to 4%.

Cheniere Energy, inc. (NYSEAMERICAN: LNG) Goldman Sachs maintained a Buy rating on the stock, which resides on the firm’s Conviction List of top stock picks and posted a $220 price target. The consensus is set at $208.15. The last trade on Monday was filled at $164.53.

ConocoPhillips (NYSE: COP) Societe Generale downgraded the energy giant to Sell from Hold with a $114 price target. That compares with the higher $135.67 consensus target price and Monday’s closing print of $125.49.

Cutera, Inc. (NASDAQ: CUTR) Stifel maintained a Buy rating on the stock with a $70 price target objective. The consensus is set just higher at $73.60. The shares closed Monday at $43.00.

Datadog, Inc. (NASDAQ: DDOG) Stifel reiterated a Buy rating on the stock with a $96 price target after meeting with management. The price target is set at $96, while the consensus is posted higher at $112.67. The stock ended trading on Monday at $73.35, down over 4%

Farfetch Limited (NASDAQ: FTCH) Oppenheimer reiterated an Outperform rating to go with their $14 target price. The consensus target is set at $13.90 for now. The stock closed Monday at $7.49, down almost 8% after posting results that missed estimates last week.

Intel Corporation (NASDAQ: INTC) Cowen resumed coverage of the legacy chip giant with a Market Perform rating and a $31 target price. That is versus the $31.59 consensus and Monday’s last trade of $28.94.

IQVIA Holdings Inc. (NYSE: IQV) Stifel raised their target price to $269 from $262 while keeping a Buy rating on the shares. The consensus is $252.95. The stock was last seen Monday at $214.90.

Mobileye Global Inc. (NASDAQ: MBLY) Goldman Sachs started coverage of the recent IPO with a Buy rating and has a $36 target price. BofA Securities began covering the company with a Neutral rating and a $34 target. The consensus target is also set at $36. The stock closed Monday at $27.22 despite street upgrades.

MongoDB, Inc. (NASDAQ: MDB) KeyBanc Capital Markets started covering the company with an Overweight rating and a $215 target price. The consensus target is posted much higher at a stunning $333.70. The shares ended Monday at $147.02, down over 8% as some analysts warned of near-term headwinds for the stock

NetEase, Inc. (NASDAQ: NTES) BofA Securities maintained a Buy rating on the stock while lowering their target price to $122 from $128. The consensus is set at $107.06. The shares ended Monday’s session at $66.28.

PGT Innovations, Inc. (NYSE: PGTI) Jefferies reiterated a Buy rating on the stock with a $31 target price. The consensus is lower at $27. The shares ended Monday at $20.17.

Salesforce, Inc. (NYSE: CRM) Jefferies reiterated a Buy rating on the stock with a $240 target price. The consensus is set at $218.56. The shares closed Monday at $144.85.

Seagen Inc. (NASDAQ: SGEN) Truist Financial initiated coverage with a Hold rating and a $135 target. The consensus is much higher at $166.40. The stock was last seen Monday at $123.48, down 6%

Take-Two Interactive Software, Inc. (NASDAQ: TTWO) BofA Securities reiterated its Buy rating on the stock to go with a $120 target. The consensus is set higher at $136.85. The stock closed Monday at $97.43.

TPG Real Estate Finance Trust, Inc. (NASDAQ: TRTX) BofA Securities reinstated coverage at Neutral with an $8 target price. The consensus is higher at $9.20. The shares closed Monday at $7.09.

Toyota Motor Corporation (NYSE: TM) BofA Securities reiterated a Buy rating on the automotive giant with a Buy and has a $171.57 target price. The consensus is $157.94. The stock closed Monday at $142.16.

The Walt Disney Company (NYSE: DIS) MoffettNathanson upgraded the House of Mouse to Outperform from Market Perform with a $120 target price. The consensus target is set at $126.27. The stock closed Monday at $97.58, up over 6% after Bob Iger returned to the CEO position.

Whirlpool Corporation (NYSE: WHR) Goldman Sachs reinstated coverage of the appliance giant with a Neutral rating and a $160 target price. The consensus is set at $145.71. The last trade on Monday was reported at $145.24.

Workday, Inc. (NASDAQ: WDAY) Goldman Sachs reiterated a Buy rating on the shares with a healthy $230 target price. The consensus is set at $209.38. The stock closed Monday at $143.20. The company is expected to report earnings on November 29.

Wynn Resorts Limited (NASDAQ: WYNN) Morgan Stanley initiated coverage of the casino giant with an Equal Weight rating and a $77 target price. The consensus is set at $83.08. The stock closed Monday’s session at $74.34.