AES, Eastman Chemical, Pioneer Natural Resources and More Monday Afternoon Analyst Research Calls
Share prices were moving higher at midday Monday as investors were bargain hunting after Friday's dismal finish.
Stocks are higher across the board at the midpoint of trading on Monday as investors are buying the massive Friday dip despite some hawkish commentary from St. Louis Federal Reserve President Jim Bullard on Friday. He indicated that continued higher inflation data could force the Fed to start raising rates next year. This comes on the heels of the Fed’s statement last week that said they were penciling in two rate hikes, but not until 2023. Investors should note that the last two trading weeks in June since 1950 have been the worst weeks in the entire year, and last week held true to form.
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 recent trading history and the consensus targets among analysts.
In case you missed it, here are Monday’s early analyst upgrades and downgrades. They included Accenture, Arcturus, Elastic, Marathon, Riot Blockchain, Resmed, Sykes Enterprises, Western Alliance Bancorp and more.
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The AES Corporation (NYSE: AES | AES Price Prediction) Susquehanna initiated coverage on the company with a Positive rating and a $32 price target. That is versus the lower $29.50 Wall Street consensus price objective. The 52-week trading range for the shares is $13.18 to $29.07.
CAI International, Inc. (NYSE: CAI) William Blair downgraded the shares to Market Perform from Outperform. The stock has traded between $15.51 and $56.13 and has a $56 price target. Trading just shy of the 52 week high, this looks like a valuation call.
Eastman Chemical Company (NYSE: EMN) Scotiabank upgraded the stock to Sector Outperform from Sector Perform. The stock has traded between $65.86 and $137.47 over the last 52 weeks and has a $133 consensus price target across Wall Street.
Flywire Corporation (NASDAQ: FLYW) JPMorgan initiated coverage with an Overweight rating and a $45 price target, while Raymond James started coverage with an Outperform rating and a $39 price target. Goldman Sachs also likes the company and started coverage with a Buy rating and a $28 price target. Flywire was a recent successful initial public offering and has traded between $27.63 and $37.14 since the deal was priced late last month.
Northern Oil and Gas, Inc. (NYSE: NOG) BofA Securities resumed coverage of the energy company with a Buy rating and raised the firm’s price target to $24 from $20. The consensus target is posted lower at $22.88. The shares have traded in a 52-week range of $3.35 to $20.88.
Pioneer Natural Resources Company (NYSE: PXD) Bernstein raised the shares of the Permian Basin energy leader to Outperform from Market Perform. Over the last year, the stock has traded in a wide range between $76.58 and $175.37. The consensus price target across Wall Street is set at $$203.91.
Rio Tinto Group (NYSE: RIO) UBS downgraded the mining giant to Sell from Neutral. The shares have traded between $55.27 and $99.57 over the last 52 weeks and have a $101.98 consensus price target on Wall Street.
ZipRecruiter, Inc. (NYSE: ZIP) Raymond James started coverage with a Strong Buy rating and a $36 price target, while William Blair began coverage with an Outperform rating. The company recently came public with a direct listing at the end of May. Since then the shares have traded between $19.32 and $24.83.
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Lee Jackson has covered Wall Street analysts' equity and debt research and equity strategy daily for 24/7 Wall St. since 2012. His broad, diverse career, including a stint as creative services director at an NBC affiliate in Austin, Texas, gives him unique insight into the financial industry.
Lee Jackson's journey in the financial industry spans more than 30 years, including nearly two decades as an institutional equity salesperson at Bear Stearns, Lehman Brothers, and Morgan Stanley. His career spanned pivotal sell-side Wall Street events, from the dot-com rise and bubble to the Long-Term Capital Management debacle, 9/11, and the Great Recession of 2008. This reflects his resilience and adaptability amid market volatility.
Lee Jackson’s practical financial industry experience, gained through a career at some of the biggest banks and brokerage firms, is complemented by a lifetime of writing across various platforms. This unique combination allows him to shed light on the intricacies of Wall Street in a way only someone with deep insider experience and knowledge can. Moreover, his extensive network across Wall Street continues to provide direct access for him and 24/7 Wall St., a privilege few firms enjoy.
Since 2012, Jackson’s work for 24/7 Wall St. has been featured in Barron’s, Yahoo Finance, MarketWatch, Business Insider, TradingView, Real Money, The Street, Seeking Alpha, Benzinga, and other media outlets. He attended the prestigious Cranbrook Schools in Bloomfield Hills, Michigan, and has a degree in broadcasting from the Specs Howard School of Media Arts.
