Investing

Wednesday Afternoon's Analyst Upgrades and Downgrades: BioNTech, ConocoPhillips, DoorDash, Palantir and More

Inflation numbers rolled in Wednesday morning and markets pulled back in response. Consumer Price Index (CPI) numbers for October demonstrated consumer price increases of 6.2% for the month of October, an acceleration from September’s 5.4%. It’s worth noting that this was the fastest annual rise in consumer inflation since 1990.

24/7 Wall St. is reviewing some big analyst calls seen on Wednesday. We have included the latest 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 were on Allstate, General Electric, PayPal, Zillow and more.

BioNTech SE (NASDAQ: BNTX): H.C. Wainwright upgraded the stock to a Buy rating from Neutral and has a $360 price target. Shares were trading around $242 on Wednesday, in a 52-week range of $80.55 to $464.00.

Casper Sleep Inc. (NYSE: CSPR): Piper Sandler’s downgrade to Neutral from Overweight included a price target cut to $3.50 from $8.00. Shares were trading near $3.50 on Wednesday, and the consensus target price is $7.85.

ConocoPhillips (NYSE: COP): Societe Generale downgraded it from Buy to Hold with a $77 price target. The consensus price target is $85.85, and shares were changing hands near $74 apiece.

DoorDash Inc. (NYSE: DASH): Gordon Hasket lowered its Buy rating to Hold. The 52-week trading range is $110.13 to $256.09, and shares were last seen near $220.

HomeStreet Inc. (NASDAQ: HMST): Wedbush upgraded it to Outperform from Neutral and raised the $49 price target to $63. Shares were trading near $51, but the consensus target price is $49.80.

ManTech International Corp. (NASDAQ: MANT): The BofA Securities downgrade to Underperform from Neutral came with a price target cut to $75 from $100. The 52-week range is $72.25 to $101.35, and the share price was near $79.

Palantir Technologies Inc. (NYSE: PLTR): RBC Capital Markets downgraded the stock to Underperform from Sector Perform, and it cut the $25 price target to $19. Shares were trading around $23 on Wednesday, and the consensus price target is $24.04.

Poshmark Inc. (NASDAQ: POSH): William Blair downgraded the shares to Market Perform from Outperform. MKM Partners also lowered its Buy rating to a Neutral and cut the price target to $21 from $50. Shares were trading near $17 on Wednesday, and the consensus price target is $42.10.

Unity Biotechnology Inc. (NASDAQ: UBX): Mizuho upgraded to a Buy rating from Neutral and raised the price target to $7 from $5. The 52-week trading range is $2.20 to $9.78, and the share price was near $3.50.

With an overbought and overpriced stock market, rising inflation could trigger a lightning-fast sell-off. Five Buy-rated, dividend-paying stocks that can fight through inflation may be good areas for investors to move to now.