The S&P 500 and Dow Jones Industrial Average have done it again and reached new intraday highs, with the Nasdaq not far behind. So what has helped push these markets to all-time highs? A strong rally in the tech sector has been a big part of this push, as well as a strong earnings season. At the same time, the recent advancement of the tax bill in Congress has spurred some of these gains.
Along with these, analysts have helped to shape the outlook of the market and encourage more growth. While most analyst calls have been fairly positive and have bolstered the markets, there were a couple that saw some stocks going lower.
24/7 Wall St. has taken a look at some of the biggest analyst calls on Monday that are driving stocks and we have included some of the biggest analyst highlights.
After an incredibly popular IPO, Stitch Fix Inc. (NASDAQ: SFIX) has just come out of its quiet period and now analysts have unleashed the floodgates. Piper Jaffray started the stock as Overweight with a $29 target, and RBC started it as Outperform with a $29 target. Barclays and JPMorgan each started it as Neutral, but with $26 and $25 price targets, respectively. RBC started it with an Outperform rating and a $29 price target, but Stifel started it with a Hold rating and a $22 price target. Stitch Fix has a post-IPO trading range of $14.48 to $25.38, and its shares were last seen at $23.85 on Tuesday.
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Another quiet period that recently ended was the one for SailPoint Technologies Holdings Inc. (NYSE: SAIL). Jefferies started the stock as Buy with an $18 price target (versus a prior close of $14.83). RBC and Oppenheimer started it with an Outperform rating, with an $18 and a $20 target price, respectively. And Morgan Stanley started it as Equal Weight with a $16 target. SailPoint shares were recently seen at $15.10 with a post-IPO range of $12.82 to $25.04.
Spark Therapeutics Inc. (NASDAQ: ONCE) saw its shares take a big step back on Monday after the firm reported less than favorable results at the American Society of Hematology (ASH) annual meeting. Analysts have taken this opportunity to weigh in on the stock:
- BMO cut its price target to $73 from $101.
- Leerink downgraded it to a Market Perform from Outperform and cut the target to $49 from $97.
- Raymond James cut its price target to $75 from $96.
- RBC cut its price target from $98 to $68.
- UBS downgraded it to Neutral from Buy and cut its target to $51 from $92.
Wedbush took the other side and raised its rating to Neutral. The firm said in its report:
We are moving to the sidelines as ONCE’s share price recedes down to levels that better reflects market potential for its pipeline assets – which from our perspective offer limited economic value (Luxturna, SPK9001) or are second in class (SPK8011, SPK7001). Although we see less downside from current levels, we remain negatively biased on upcoming Luxturna launch which we expect will underperform consensus estimates.
Shares of Spark were last seen down about 5% at $45.24, with a 52-week range of $41.06 to $91.75.
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DaVita Inc. (NYSE: DVA) has seen multiple upgrades and target hikes in recent days. This is now followed by Baird upgrading the shares to Outperform and raising the price target to $82 from $63. Citigroup upgraded it to Buy from Neutral and raised its target to $82 from $67. Shares of DaVita recently traded at $70.25. The stock has a 52-week range of $52.51 to $70.58.
GlycoMimetics Inc. (NASDAQ: GLYC) saw its shares surge following positive mid-stage results from its GMI-1271. Previously at the American Society of Clinical Oncology (ASCO), GMI-1271 failed to impress, but with these most recent results a few analysts are taking notice. Jefferies raised its price target to $18 from $15, Stifel to $23 from $17 and SunTrust Robinson Humphrey to $32 from $21. Shares were last seen trading up about 25% to $17.87, with a consensus price target of $19.50 and a 52-week range of $3.82 to $18.25.
Oasis Petroleum Inc. (NYSE: OAS) shares slid on Tuesday after the company announced that it would be buying into the Delaware Basin. Analysts seemed to applaud this move, despite investors sending shares into the fire. Jefferies raised its price target to $14 from $13, and Morgan Stanley raised its target to $11 from $9. RBC has an Outperform rating and raised its target to $14 from $13, while SunTrust Robinson Humphrey downgraded it to Hold from Buy. Shares were down about 14% at $8.67, in a 52-week range of $6.69 to $16.73.
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