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Tuesday's Top Analyst Upgrades and Downgrades: Boston Scientific, GM, JPMorgan, Match, Moderna, Snap, Uber, Wells Fargo and More
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The futures traded higher, after a solid start to the week in which all the major indexes rallied over the final hour of trading and finished the day higher. First-quarter earnings are center stage this week, as 60 S&P 500 companies will be reporting. Another huge issue for investors is one that many feel could hold the biggest tail risk, and that is the ongoing discussions on the debt ceiling.
Speaker of the House Kevin McCarthy outlined some of the Republican demands for spending cuts in a speech at the New York Stock Exchange Monday, pledging to pass a bill to raise the debt ceiling on the condition of capping future federal spending at 1%. Massive federal spending has been cited as one of the biggest reasons for the spike in inflation over the past 18 months.
Treasury yields were up across the curve to start out the week, as markets are now pricing in yet another 25-basis-point increase in the federal funds rate in early May. The increase would take the rate to 5.00% to 5.25%, a level that some feel could be where Federal Reserve Chair Powell is ready to pause. The 10-year note closed at 3.59%, while the two-year closed at 4.20%, both at the highest levels since early March, as the inversion between the two widened.
Brent and West Texas Intermediate crude both finished the day lower, after gaining more than 2% last week. The big energy story Monday was natural gas spiking over 8% to $2.29 as unseasonably cold weather settled in on the central United States. Gold also traded lower, back below the $2,000 level to close at $1,996, while Bitcoin was hammered, down almost 3% at $29,480.
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, April 18, 2023.
Agilon Health Inc. (NYSE: AGL): Truist Financial raised its $29 target price on the Buy-rated stock to $35. The consensus target is $29.35. Monday’s final trade was for $27.43 a share.
Backblaze Inc. (NASDAQ: BLZE): Oppenheimer lowered its $8.50 target price to $7.50 but kept an Outperform rating. The consensus target is $10.58. The shares closed up 2% on Monday at $4.75.
Boston Scientific Corp. (NYSE: BSX): Truist Financial reiterated a Buy rating, but its $59 target price fell to $54. The consensus target is $53.37. Monday’s close was at $51.74.
Chipotle Mexican Grill Inc. (NYSE: CMG): Truist Financial raised its $1,800 target price to $1,960 and maintained a Buy rating. The consensus target is $1,840.59. The last trade on Monday came in at $1,775.
Deckers Outdoor Corp. (NYSE: DECK): Stifel reiterated a Buy rating but boosted its $485 target price to $550. The consensus target is $490.31. The stock closed on Monday at $467.90.
General Motors Co. (NYSE: GM): Barclays reiterated an Equal Weight rating. The analyst also trimmed its $46 target price to $45, below the $48.09 consensus target. Monday’s close was at $35.14.
Globus Medical Inc. (NYSE: GMED): Jefferies reiterated a Buy rating with a $75 target. The consensus target is $66.92. The shares closed almost 3% higher on Monday at $59.03.
JFrog Ltd. (NASDAQ: FROG): Though Oppenheimer cut its $30 target price to $26, it kept its Outperform rating. The consensus target is $27.44. Monday’s close was at $20.60.
24/7 Wall St.JPMorgan Chase & Co. (NYSE: JPM): The $154 BMO Capital Markets target price is now $169, and the firm maintained its Market Perform rating. The consensus target is $152.87, and shares ended Monday’s session at $139.83.
Kaltura Inc. (NASDAQ: KLTR): BofA Securities lowered its Neutral rating to Underperform and its $2.75 target price to $1.75. The consensus target is $3.45. Monday’s $1.81 closed down over 3% for the day on the downgrade.
Match Group Inc. (NASDAQ: MTCH): TD Cowen cut its $74 target price on the Outperform-rated shares to $70. The consensus target is $60.83. On Monday, the closing share price was $36.06.
Moderna Inc. (NASDAQ: MRNA): Jefferies maintained a Buy rating with a $275 target price. The consensus target is $221.20. Monday’s close at $143.97 was down over 8% on the day after mixed analyst commentary on the cancer vaccine partnership with Merck.
Okta Inc. (NASDAQ: OKTA): Oppenheimer increased its $95 target price on the Outperform-rated stock to $110. The consensus target is $92.89. The shares closed on Monday at $77.74, which was up close to 5% on the day.
Palo Alto Networks Inc. (NASDAQ: PANW): Oppenheimer reiterated an Outperform rating and raised its target price to $250 from $220. The consensus target is $222.03. The stock closed on Monday at $201.16.
PHX Minerals Inc. (NYSE: PHX): Alliance Global Partners started coverage with a Buy rating and a $5 target price. The consensus target is $5.13. The stock closed on Monday at $2.79.
Prometheus Biosciences Inc. (NASDAQ: RXDX): Stifel’s downgrade was to Hold from Buy, but it hiked its $155 target price to $200. The consensus target is $159.54 from now. The stock saw a one-day of 70%, closing Monday at $193.51, after Merck acquired the company for $10.8 billion.
SAP S.E. (NYSE: SAP): Barclays reduced its $137 target price to $134, but it maintained an Overweight rating. The consensus target is $144.38, and Monday’s closing share price was $127.20.
Snap Inc. (NYSE: SNAP): TD Cowen reiterated a Market Perform rating and nudged the $8 target price up to $9. The consensus target is $10.33. Monday’s close was at $10.88.
Stratasys Ltd. (NASDAQ: SSYS): Citing a big move higher after a solid earnings report, Zacks selected this 3D printing stock as its Bull of the Day. Shares last closed at $15.25, and the $18.33 consensus price target represents more than 20% upside potential.
Uber Technologies Inc. (NASDAQ: UBER): Jefferies reiterated a Buy rating on the stock and named it a Top Pick. The firm’s $49 target price compares with a $46.81 consensus target and the most recent close at $32.08.
Wells Fargo & Co. (NYSE: WFC): Raymond James reiterated a Strong Buy rating, but its $46 target price is less than the $48.76 consensus target. The stock closed over 4% higher on Monday at $41.30.
While gold has exploded higher in 2023 on worries of a financial sector meltdown, it has backed up some recently, offering investors another chance to grab the glittering bullion. Six gold stocks look like great ideas now for worried investors.
Monday’s top analyst upgrades and downgrades included Altria, Archer Daniels Midland, Baidu, Beyond Meat, Bunge, General Electric, Hecla Mining, Kraft Heinz, Lowe’s Companies, Mosaic, Philip Morris International, Rivian Automotive, SLM, Sunrun, Toast and VFC.
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