Wednesday's Top Analyst Upgrades and Downgrades: Chevron, Microsoft, Nucor, Salesforce, Wheaton Precious Metals and More

Investing

Published: May 24, 2023 8:54 am

Last Updated: May 24, 2023 9:02 am

The futures were trading lower as we hit the middle of the trading week. While all the major indexes closed lower on Tuesday, the focus is increasingly skewed toward the impending debt ceiling default. Market commentators have noted this week that Treasury Secretary Yellen has a line-in-the-sand for June 1 as an “X-date” for the issue to be settled. One thing is for sure, to get a bill through both houses in time to meet the deadline, something likely has to be agreed to on Wednesday.

Treasury yields were modestly lower on Tuesday, after days of some of the biggest selling pressure this year. The two-year note, which has risen by over 30 basis points over just the past few weeks, finished the day unchanged at 4.32%, while the benchmark 10-year note closed at 3.70%. The inversion between the two has widened over the past two weeks, and it indicates the potential for a recession in the future.

Brent and West Texas Intermediate crude both finished the day higher. Analysts cited the Saudi Oil minister’s threats against short sellers, telling them to “watch out” as demand starts to spike with the beginning of the summer driving season in the United States starting with the Memorial Day weekend. Increasing demand also was a tailwind for the two benchmarks on Tuesday. Natural gas closed lower at $2.32.

Gold was modestly higher on Tuesday, despite the continued threat of the debt ceiling debacle. Bitcoin closed up 1.3% at $27,199 on hopes for an agreement to keep paying our bills.

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 Wednesday, May 24, 2023.

Biogen Inc. (NASDAQ: BIIB): Jefferies reiterated a Buy rating and has a $350 target price. The consensus target is lower at $332.26. The stock closed on Tuesday at $303.15 a share.

CCC Intelligent Solutions Inc. (NASDAQ: CCCS): Evercore ISI upgraded the stock to Outperform from In Line and has a $13 target price. The consensus target is $11.38. Tuesday’s close was at $10.00.

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Chevron Corp. (NYSE: CVX): HSBC Securities lifted its Hold rating to Buy and has a $189 target price. The consensus target is $189.19. The shares closed on Tuesday at $156.85.
Cleveland-Cliffs Inc. (NYSE: CLF): J.P. Morgan started coverage with a Neutral rating and an $18 price target. That compares with a $20.77 consensus target and Tuesday’s closing print of $14.77.

Five9 Inc. (NASDAQ: FIVN): Roth MKM resumed coverage with a Buy rating and an $80 target price. The consensus target is $83.75. The shares closed over 6% lower on Tuesday at $60.05.

Infosys Ltd. (NASDAQ: INFY): J.P. Morgan started coverage with a Neutral rating and a target price of $14. The consensus target is $18.34, and shares closed on Tuesday at $15.53.

Integra Lifesciences Holdings Corp. (NASDAQ: IART): Citigroup cut its Neutral rating to Sell and its $59 target price to $39. The consensus is $57.40 for now. Tuesday’s $40.48 close was down 20% on the day after the downgrade.

I3 Verticals Inc. (NASDAQ: IIIV): BTIG Research resumed coverage with a Buy rating and a $28 price target. The posted consensus target is $31.17. The shares closed on Tuesday at $23.75.

Knight-Swift Transportation Holdings Inc. (NYSE: KNX): Stifel resumed coverage with a Buy rating and a $63 target price. The consensus target is $65.11. The stock closed on Tuesday at $55.25.

Microsoft Corp. (NASDAQ: MSFT): Jefferies reiterated a Buy rating. Its $350 target price is higher than the $331.45 consensus target and Tuesday’s close at $315.26.

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Myriad Genetics Inc. (NASDAQ: MYGN): When Goldman Sachs upgraded the stock Buy from Sell, it also raised its $18 target price to $25, above the $21.56 consensus figure. Tuesday’s close at $22.68 was up over 12% for the day on the upgrade.

Nucor Corp. (NYSE: NUE) J.P. Morgan started coverage with an Underweight rating and a $130 target price. The consensus target is $148.46. Shares were last seen on Tuesday trading at $136.92.

Quanterix Inc. (NASDAQ: QTRX): The Goldman Sachs upgrade to Buy from Neutral included a target price hike to $27 from $13. The consensus target is $19.25. The stock closed on Tuesday at $21.18, which was up 13% for the day on the upgrade.

ResMed Inc. (NYSE: RMD): UBS initiated coverage with a Buy rating and a $290 target price. The consensus target is $258. Tuesday’s final trade was for $222.55 a share.
Revvity Inc. (NYSE: RVTY): Goldman Sachs resumed coverage with a Buy rating and a $150 target price. The consensus target is $149.71. The shares closed on Tuesday at $120.30.

Salesforce Inc. (NYSE: CRM): Jefferies reiterated a Buy rating with a $250 target price. The consensus target is $226.15. Tuesday’s closing share price was $206.34.

Silk Road Medical Inc. (NASDAQ: SILK): C.L. King initiated coverage with Buy rating and a $47 target price. The consensus target is $45.83. The shares closed on Tuesday at $31.52.

Steel Dynamics Inc. (NASDAQ: STLD): J.P. Morgan initiated coverage with an Underweight rating and an $82 target price. The consensus target is up at $95.83, nearly the same as Tuesday’s $95.84 close.

Weave Communications Inc. (NYSE: WEAV): Zacks named this software maker as its Bull of the Day stock, with the analyst making the case for the share price to potentially double or triple over the next 6 to 12 months. Shares last closed at $7.60, after surging nearly 69% in the past month.

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Werner Enterprises Inc. (NASDAQ: WERN): Stifel resumed coverage with a Buy rating, and its $51 target price was raised to $53. The consensus target is $50.94. The stock closed on Tuesday at $45.02.

Wheaton Precious Metals Corp. (NYSE: WPM): RBC Capital Markets cut its Outperform rating on the gold and silver royalty company to Sector Perform with a $45 price target. That is lower than the $57.21 consensus target and Tuesday’s $46.13 close, which was down almost 4% for the day on the downgrade.

Zoom Video Communications Inc. (NYSE: ZM): Moffett Nathanson’s upgrade was from Underperform to Market Perform with a $55 price target. The consensus target is $84.52. The stock closed over 8% lower on Tuesday at $65.65.

Some feel the stock market could be headed for a 20% or greater drop, with or without a debt ceiling default. Here is how investors should prepare now for a market crash.

Tuesday’s top analyst upgrades and downgrades included Apple, Azul, Conagra Brands, Corteva, CSX, Deere, DraftKings, Foot Locker, Intuit, KeyCorp, Nike, Salesforce, Take-Two Interactive Software, Union Pacific and Zions Bancorp.

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