Stocks are down for the fifth straight day as we approach the halfway point on Friday and get ready to conclude what has been a very volatile week. Investors should note that the past two trading weeks in June since 1950 have been the worst weeks in the entire year. Wall Street continues to grapple with hawkish assessment of the Federal Reserve’s statement this week, which has led many to conclude that the tapering process for quantitative easing will indeed be sooner rather than later, especially if the inflation data proves not to be “transitory.”
24/7 Wall St. is reviewing some big analyst calls seen on Thursday. We have included the latest analyst call on each stock, as well as a recent trading history and the consensus targets among analysts.
In case you missed it, here are Friday’s early analyst upgrades and downgrades included Alaska Air, Biogen, Cirrus Logic, Lennar, Match, Occidental Petroleum and United Airlines.
Adobe Inc. (NASDAQ: ADBE): Goldman Sachs and a host of other Wall Street firms reiterated Buy ratings after the technology giant posted strong earnings. The Goldman Sachs target was raised to $665 from $580. The stock has traded in a 52-week range of $416.03 to $570.00 and has a consensus price target of $575.53.
Cimarex Energy Co. (NYSE: XEC): Morgan Stanley downgraded the shares to Equal Weight from Overweight and also lowered the price target to $68 from $79. The company has traded in a 52-week range of $22.39 to $74.92 and has an $82.80 consensus price target.
Devon Energy Corp. (NYSE: DVN): Morgan Stanley downgraded the stock to Equal Weight from Overweight but raised the price target to $24 from $22. The stock has traded in a 52-week range of $7.73 to $31.99 and has a $34.37 consensus price target.
Diageo PLC (NYSE: DEO): JPMorgan raised the spirits giant to Neutral from Underweight. The stock has traded between $127.12 and $197.67 over the past year, and it has a $204.84 consensus price objective.
Micron Technology Inc. (NASDAQ: MU): Cleveland Research downgraded the chip leader to Neutral from Buy. Over the past year, the shares have traded between $42.25 and $96.96. The consensus price target is $118.62.
Nvidia Inc. (NASDAQ: NVDA): BofA Securities reiterated the firm’s Buy rating on the semiconductor giant but raised the price objective to $900 from $800. That compares with the lower $726.40 consensus target. The stock has traded between $356.00 and $775.00 over the past 52 weeks.
Paysafe Ltd. (NASDAQ: PSFE): BMO Capital Markets started coverage with an Outperform rating and a $15 price target. The consensus target is higher at $17. The stock has traded between $9.60 and $19.57 a share over the past 52 weeks.
Smith & Wesson Brands Inc. (NASDAQ: SWBI): Cowen reiterated its Outperform rating on the venerable firearms maker and raised the price target to $30.50 from $24. That compares with the lower consensus target of $23.60. Over the past year, the stock has traded between $13.37 and $23.57.
Sprout Social Inc. (NASDAQ: SPT): Baird reiterated the firm’s Outperform rating and raised the price objective to $93 from $85. That compares with the consensus target of $83.73. The shares have traded in a 52-week range of $24.55 to $88.80.
Jim Cramer Says Stay the Course, Weighs in on Meme Stocks, and These Are Stocks You Should Be Buying
Four tech stocks from the Raymond James Analysts Current Favorites picks are not overextended or overbought and have the biggest percentage upside to the price targets. They may be very good ideas for aggressive growth investors looking to reset portfolios for the rest of the year.
These five stocks have Warren Buffett as their largest shareholder.