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Tuesday's Top Wall Street Analyst Upgrades and Downgrades: Amgen, Coterra Energy, Eaton, Marriott, Monster Beverage, Mosaic, Urban Outfitters, Wayfair and More
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The futures were trading lower Tuesday on disappointing China economic data, after a solid start to the trading week that saw all the major indexes finish the day higher. With the inflation index readings out of the way until September, and the final second-quarter earnings on tap for this week with results from big retailers like Walmart and Target and tech giant Cisco, the stock market is likely poised to grind through the final two weeks of the summer with low volumes. One item that could stir the pot this week is the Friday options expiration, which some strategists view as having the potential to ignite selling if we trade through certain levels before Friday.
Treasury yields were modestly higher on Monday as some light selling came into the complex. Some analysts feel that the 30-year long bond could be headed back to highs hit last November. The last trade on Tuesday saw the yield at 4.30%. The 10-year note closed on Monday at 4.20%, while the two-year paper finished the day at 4.97%. While the inversion has narrowed some, many across Wall Street now feel a mild recession is on tap for 2024.
Brent and West Texas Intermediate crude finished Monday modestly higher, as more attention continued to focus on the energy rally, which has pushed the Energy Select Sector SPDR Fund close to a 52-week high. Brent closed at $86.36, while WTI finished Monday’s session at $82.60. Natural gas was last seen at $2.84.
Gold had a lackluster day Monday, and many feel that the precious metal will stay stuck in neutral for the balance of the summer. While many view the $1,950 level of the December contract as support, the environment for the safe-haven bullion is being challenged by short T-bill rates well above the 5% level. Gold closed Monday at $1,937.90. Bitcoin, which has had a so-so summer as well, closed flat Monday at $29,392.
24/7 Wall St. reviews dozens of analyst research reports each weekday 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 Wall Street analyst upgrades, downgrades and initiations seen on Tuesday, August 15, 2023.
Amgen Inc. (NASDAQ: AMGN): Jefferies reiterated a Buy rating on the stock and has a $310 target price. The consensus target is just $252.55, while shares closed on Monday at $260.97.
Berry Petroleum Inc. (NYSE: BRY): Piper Sandler’s downgraded was from Overweight to Neutral with a $9 target price. The consensus target is $9.40. Monday’s closing share price was $8.07.
24/7 Wall St.BWX Technologies Inc. (NYSE: BWXT): Truist Financial raised its $77 target price on the Buy-rated shares to $83. The consensus target is $78.71. Monday’s close was at $74.
CF Industries Holdings Inc. (NYSE: CF): Even though Barclays downgraded the stock to Equal Weight from Overweight, the analyst raised the $80 target price to $85. The consensus target is $86.30, and shares closed on Monday at $78.06.
Cogent Communications Holdings Inc. (NASDAQ: CCOI): Oppenheimer reiterated an Outperform rating with a $76 target price. The consensus target is $70.20. Monday’s final trade was for $70.71 a share.
Consolidated Water Co. Ltd. (NASDAQ: CWCO): When Janney upgraded the stock to Buy from Neutral, its $24 target price rose to $28. The consensus target is $24.00. The shares closed 13% higher on Monday at $25.59.
Coterra Energy Inc. (NYSE: CTRA): Piper Sandler’s upgrade was to Overweight from Neutral. The firm also raised its $30 target price to $35, above the $30.26 consensus target. Monday’s close was at $27.97.
CymaBay Therapeutics Inc. (NASDAQ: CBAY): UBS initiated coverage with a Buy rating and an $18 target price. The consensus target is $16.00. Monday’s $12.07 close was down over 10% for the day.
Eaton Corp. PLC (NYSE: ETN): Citing its investment in research and development initiatives, Zacks named this as its Bull of the Day stock. Its shares last closed at $219.04, and the $228.19 consensus price target would be an all-time high.
EnerSys (NYSE: ENS): Oppenheimer trimmed its $119 target price to $117 while maintaining an Outperform rating. The consensus target is $116.80. The closing share price on Monday was $96.18.
EPR Properties (NYSE: EPR): As BofA Securities downgraded the stock to Neutral from Buy, its $50 target price slipped to $45. The consensus is $49.28, and shares closed on Monday at $42.79.
Keysight Technologies Inc. (NYSE: KEYS): BofA Securities lowered its Neutral rating Underperform and its $163 target price to $148. The consensus target is up at $189.21. The shares closed on Monday at $157.04.
Marriott International Inc. (NYSE: MAR): Bernstein’s downgrade to Market Perform from Outperform included a price target hike to $218 from $204. The $200.33 consensus target is less than Monday’s closing share price of $206.84.
Monster Beverage Co. (NASDAQ: MNST): HSBC Securities started coverage with a Buy rating and a $72 target price. That compares with a lower $62 consensus target and Monday’s closing print of $59.01.
Mosaic Co. (NYSE: MOS): Barclays downgraded the stock to Underweight from Equal Weight and has a $40 target price. The consensus is $43.22. The shares closed on Monday at $40.61.
Northern Oil & Gas Inc. (NYSE: NOG): Piper Sandler downgraded the shares from Overweight to Neutral with a $46 target price. The $47.67 consensus target is also higher than Monday’s closing print of $40.96.
Nutrien Ltd. (NYSE: NTR): The Barclays downgrade to Underweight from Overweight came with a target price trim to $68 from $70. The consensus target is $75.16. Monday’s $63.83 close was down 4% on the day.
Parsons Corp. (NYSE: PSN): The prior Underperform rating at BofA Securities is now at Buy, and the analyst lifted the $46 target price all the way to $65. The consensus target is just $58.44, and shares closed on Monday at $55.31.
Public Service Enterprise Group Inc. (NYSE: PEG): The UBS downgrade to Neutral from Buy included a target price cut to $66 from $70. The consensus target is $66.63. On Monday, the stock closed at $60.04.
Urban Outfitters Inc. (NASDAQ: URBN): Though Citigroup downgraded the shares to Neutral from Buy, its $36 target price increased to $40. The consensus target is $34.67, less than Monday’s close at $36.39.
Wayfair Inc. (NYSE: W): Truist Financial reiterated a Buy rating. Its $96 price target is well above the $90.11 consensus target Monday’s close at $78.36.
W.P. Carey Inc. (NYSE: WPC): BofA Securities cut its Neutral rating to Underperform and its $78 price target to $67. The consensus target is $77.33, and the stock ended Monday trading at $65.46.
W.W. Grainger Inc. (NYSE: GWW): Jefferies reiterated a Buy rating with a $825 target price. The consensus target is just $773.18, but Monday’s closing share price was $715.68.
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Monday’s top analyst upgrades and downgrades included Alibaba, Amazon.com, AppLovin, Corteva, Hershey, Lucid, Medical Properties Trust, Palo Alto Networks, Rivian Automotive, Twilio, Ventas, Walmart and Wayfair.
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