Stocks were mostly higher in midday Tuesday trading, after both the S&P 500 and the Nasdaq closed at record highs on Monday. All eyes across Wall Street are focused on Friday’s June jobs report. After the reports missed estimates badly for the past two months, many feel that with states ending extended unemployment benefits, the numbers could be in line or higher than estimates this time around. However, many feel it should be much better for the July jobs report in August, once pandemic unemployment benefits have expired in 25 states. Trading volume also is expected to continue to slow as we approach the long Fourth of July holiday weekend.
24/7 Wall St. is reviewing some big analyst calls seen on Tuesday. 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, Tuesday’s early analyst upgrades and downgrades included Coursera, CSX, Carvana, FedEx, Fox, Marathon, Petro China, Planet Fitness, Regeneron and Rackspace.
Nutrien Ltd. (NYSE: NTR): Susquehanna raised its Neutral rating on the stock to Positive and has a $70 price target. The consensus target price is lower at $58.28. The stock has traded in a 52-week range of $30.56 to $65.93.
Oasis Petroleum Inc. (NYSE: OAS): Piper Sandler started coverage with an Overweight rating and a $115 price target. The consensus target is $108.17. The shares have traded in a wide 52-week range of $20 to $104.60.
Stem Inc. (NASDAQ: STEM): Credit Suisse started coverage with an Outperform rating and a $48 price target. No consensus target was available. The stock has traded in a 52-week range of $9.60 to $51.49.
Tata Motors Inc. (NYSE: TTM): Nomura upgraded it to Neutral from Reduce. The 52-week trading range is $6.50 to $24.27, and a consensus price target was unavailable.
Tesla Inc. (NASDAQ: TSLA): UBS reiterated its Neutral rating on the electric vehicle giant and lowered the price target from $730 to $660. That compares with the $657.24 consensus price objective. The shares have traded in a wide 52-week range of $200.75 to $900.40.
Textron Inc. (NYSE: TXT): Morgan Stanley’s upgrade to Overweight from Equal Weight included a price target hike from $49 to $87, well above the $71.54 consensus price objective. The 52-week trading range is $30.06 to $70.68.
Two Harbors Investment Corp. (NYSE: TWO): Credit Suisse downgraded the stock to Neutral from Outperform and slightly lowered its price target to $7.50 from $7.75. The consensus target is also $7.50, which is within the 52-week trading range of $4.63 to $8.15.
Xoma Corp. (NASDAQ: XOMA): Aegis Capital started coverage with a Buy rating and a $60 price target. The much lower consensus target is $48.50. The shares have traded between $15.48 and $46.32 over the past year.
One outstanding and prescient analyst sees storm clouds on the horizon for the stock market, and with good reason. However, could a significant decline actually be healthy for the market?