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Wednesday's Top Wall Street Analyst Upgrades and Downgrades: Dick's Sporting Goods, Home Depot, Nvidia, Palo Alto Networks, TJX, Uber, Workday and More
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The futures were flat after a risk-off Tuesday that saw all the major indexes finish the day much lower after weak economic data out of China got the sellers’ juices flowing again. China and a host of additional issues, not the least of which will be this Friday’s options expirations, are concerns for investors. With the Nasdaq still up over 31% and the S&P 500 clocking in up over 16% for the year to date, it is no surprise that investors will be looking to take profits. And with August and September always among the worst months for stocks, the next six weeks could prove to be dicey.
Treasury yields were another item that had investors across Wall Street concerned Tuesday, as yields again were higher. The 10-year note closed the day at 4.22%, the highest level since October of last year, and the two-year short paper at 4.96%. The inversion between the two still indicates to bond traders that recession is on the way, though now likely to be a 2024 event.
Brent and West Texas Intermediate crude were both dragged down by the weaker Chinese economic data, each closing the day lower. Brent finished the day at $85.03, while WTI was last seen at $80.99. Natural gas also closed down almost 5% at $2.66.
Gold once again closed lower, with analysts citing the continued spike in interest rates and the ongoing strength of the U.S. dollar as helping to push the bullion lower. The December contract closed down 0.10% at $1,933.20. Bitcoin finished trading Tuesday at $29,196.90, lower by 0.71%, as the cryptocurrency continues its summer downtrend.
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 Wednesday, August 16, 2023.
Avid Technology Inc. (NASDAQ: AVID): Truist Financial downgraded the stock to Hold from Buy and slashed its $45 target price to $27. The consensus target is $28.86. Tuesday’s closing share price was $26.57.
CureVac N.V. (NASDAQ: CVAC): Jefferies reiterated a Buy rating with a $21 target price. The consensus target is just $15.86, Tuesday’s close was at $9.25.
Deckers Outdoor Corp. (NYSE: DECK): TD Cowen raised its $564 target price to $618 while keeping an Outperform rating. The consensus target is $613. Shares closed on Tuesday at $554.73.
24/7 Wall St.Delek US Holdings Inc. (NYSE: DK): BofA Securities maintained a Neutral rating but lifted its $27.50 target price to $31. The consensus target is $28.46. Tuesday’s final trade was reported at $27.27.
Dick’s Sporting Goods Inc. (NYSE: DKS): Citigroup raised their target price to $153 from $135 but stuck with a Neutral rating. The consensus target is $157.00. Tuesday’s close was at $148.27.
Dycom Industries Inc. (NYSE: DY): Wells Fargo reiterated an Overweight rating but lowered its $120 price target to $115. The consensus target is $125.88. On Tuesday, shares closed at $94.84.
Hannon Armstrong Sustainable Infrastructure Capital (NASDAQ: HASI): BofA Securities upgraded the stock to Buy from Neutral. Its $27 target price is well below the consensus target of $39.88. Tuesday’s $23.56 close was up almost 2% for the day.
Home Depot Inc. (NYSE: HD): Oppenheimer reiterated an Outperform rating with a $360 target price after the retailer posted mostly inline quarterly results. The consensus target is $323.08. The shares closed on Tuesday at $332.14.
Jinko Solar Holding Co. Ltd. (NYSE: JKS): Goldman Sachs lowered its $38 target price on the Sell-rated shares to $33. The consensus target is $58.57. Shares closed at $34.57 on Tuesday.
J.M. Smucker Co. (NYSE: SJM): BofA Securities reiterated a Buy rating with a $170 target price. The consensus target is $151.33. The stock closed on Tuesday at $144.61.
Navitas Semiconductor Corp. (NASDAQ: NVTS): BofA Securities trimmed its $11 target price to $10 while keeping a Neutral rating. The consensus target is $10.38. Tuesday’s close at $9.01 up almost 5% for the day after a beat and raise quarter was posted.
Nvidia Corp. (NASDAQ: NVDA): Wells Fargo lifted its $450 target price to $500 while reiterating an Overweight rating. The consensus target is $501.83, and shares closed on Tuesday at $439.40.
Palo Alto Networks Inc. (NASDAQ: PANW): Stifel reiterated a Buy rating with a $240 target price. The consensus target is $252.90. The stock closed at $215.66 on Tuesday.
Paylocity Holding Corp. (NASDAQ: PCTY): Truist Financial reiterated a Buy rating with a $250 target price. That compares with the $255.24 consensus target and Tuesday’s closing share price of $194.81.
PayPal Holdings Inc. (NASDAQ: PYPL): Citigroup reiterated a Buy rating with a $100 target price. The lower $86.06 consensus target is still well above Tuesday’s closing print of $59.47.
Quicklogic Corp. (NASDAQ: QUIK): Oppenheimer reiterated an Outperform rating on the shares. Its $10 target price is lower than the consensus target of $15.50. The stock closed over 13% higher on Tuesday at $8.57 after the semiconductor company posted solid results and said profitability is on the way.
Savers Value Village Inc. (NYSE: SVV): Jefferies reiterated a Buy rating with a $30 target price. The consensus target is $28.88. The last trade on Tuesday was reported at $25.08.
Synopsis Inc. (NASDAQ: SNPS): Stifel reiterated a Buy rating and its price target is $445. The consensus target is $465.99. The stock closed on Tuesday at $436.74.
TJX Companies Inc. (NYSE: TJX): Barclays reiterated an Overweight rating and raised its $95 target price to $101. The consensus target is $93.23. The close on Tuesday was at $85.77 a share.
Uber Technologies Inc. (NYSE: UBER): Zacks makes the case that the valuation levels of its Bull of the Day stock look enticing. Shares last closed at $44.08, and its $56.17 consensus price target would be a 52-week high.
Workday Inc. (NYSE: WDAY): Jefferies maintained a Buy rating with a $275 target price. This compares with the $235.41 consensus target and Tuesday’s final print of $230.49.
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Tuesday’s top analyst upgrades and downgrades included Amgen, CF Industries, Coterra Energy, CymaBay Therapeutics, Eaton, Marriott, Monster Beverage, Mosaic, Nutrien, Public Service Enterprise, Urban Outfitters and Wayfair.
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