Thursday Afternoon's Top Analyst Upgrades and Downgrades: eBay, Lucid, Lululemon, SoFi and More

Stocks were higher across the board approaching the halfway point for Thursday trading, after a weak Wednesday in which all the major indexes were hit. Concerns over slowing growth and inflation pressures are starting to wear on investors after a massive run over the past year. We have noted recently that it has been almost a year since the last 5% correction. Morgan Stanley is now saying there could be a 15% drop by year-end, while Julian Emanuel from BTIG Research recently noted that the markets are in a situation similar to the end of the dot-com boom in the late 1990s.

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. Note that analyst calls seen earlier in the day included Cisco Systems, Haliburton, Macy’s, and Sherwin-Williams.

Belden Inc. (NYSE: BDC): Canaccord Genuity upgraded the stock to Buy from Hold and lifted the target price on the shares to $68 from $52. The 52-week trading range of the stock is $28.55 to $59.12. The consensus price target is $64.67.

eBay Inc. (NASDAQ: EBAY): Jefferies resumed coverage on the tech giant with a Hold rating but raised the price target to $83 from $67. The consensus price target is up at $72.50. Over the past 52 weeks, the stock has traded between $45.36 and $77.83 a share.

Helmerich & Payne Inc. (NYSE: HP): RBC Capital Markets resumed coverage of the energy drilling company’s stock with an Outperform rating and a $35 price target. Over the past 52 weeks, the stock has traded between $12.87 and $36.26, and it has a consensus price target of $31.04.

Holley Inc. (NYSE: HLLY): Truist Securities started coverage with a Buy rating and a $15 price target. The shares have traded between $9.24 and $12.75 over the past year and have a consensus target price of $15.40.

Lucid Group Inc. (NASDAQ: LCID): Citigroup started coverage of the stock with a Buy rating and a $28 price target. The electric vehicle company merged with a special purpose acquisition company (SPAC) earlier this year, and its shares have traded in a wide range of $9.60 to $64.86. No consensus target for the stock was available.

Lululemon Athletica Inc. (NASDAQ: LULU): BofA Securities reiterated its Buy rating on the yoga apparel giant and raised the target price to $480 from $410. That compares with a much lower consensus target of $405.81. Over the past year, the shares have traded between $269.28 and $434.22.

Patterson-UTI Energy Inc. (NASDAQ: PTEN): RBC Capital Markets resumed coverage of the oilfield drilling services company with a Sector Perform rating and a $9.50 price target. The consensus target is $9.82. The shares have traded in a 52-week range of $2.38 to $11.27.

SoFi Technologies Inc. (NASDAQ: SOFI): Credit Suisse started coverage of the meme stock favorite with a Neutral rating and a $16.50 target price. The stock has traded in a 52-week range of $11.80 and $28.86 and has a consensus target of $26.50.

Five outstanding BofA Securities stock picks all pay solid and dependable dividends that can soften the blow if we see a big market correction in the next six weeks.

GameStop was a big meme stock mover early Thursday. And check out these magic stocks.

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