The futures traded lower Monday, following the best week for the stock market in more than a year. All the major indexes closed higher Friday, after the Dow Jones Industrials shook off a 200-point loss in the afternoon and joined in the big risk-off move higher. The Nasdaq, which closed at a bear market low on Monday, has almost cut this year’s loss in half, up almost 9% last week. The financial media cited everything from positive comments that Russia and Ukraine have closed the gap on their differences to more clarity on Federal Reserve policy and to the massive oversold conditions.
Treasury yields across the curve were lower, as buyers stepped back in on Friday, and again that could have been prompted by quadruple witching option and futures expirations on Friday. Oil finished the week with a strong move, as Brent crude closed at $108.30 and West Texas Intermediate at $105.40. The biggest loser Friday was gold, which closed down over 1%.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Monday, March 21, 2022.
American Express Co. (NYSE: AXP): Baird maintained a Neutral rating on the credit card and financial services giant and has a $175 target price. The consensus target is $199.83. The stock closed on Friday at $190.72 a share.
BlackBerry Ltd. (NYSE: BB): RBC Capital Markets raised the stock from Underperform to Sector Perform with a $7 price target. The consensus target is $8.29. The stock was last seen Friday at $7.03.
Duolingo Inc. (NASDAQ: DUOL): KeyBanc Capital Markets upgraded shares of the foreign language learning app provider from Sector Weight to Overweight with a $112 price target. The consensus target is $120.67. The shares closed almost 10% higher on Friday to $88.68. The company crushed earnings earlier this month, and the stock has raced higher since. The shares were up an additional 4% in the premarket to start the week.
FedEx Corp. (NYSE: FDX): Baird reiterated its Outperform rating on the land and air delivery giant and has a $300 per share price objective. The consensus target is $308.46. Friday’s closing share price was $218.91, which was down almost 4% in the wake of mixed earnings results.
Garmin Ltd. (NYSE: GMRN): BofA Securities raised its Neutral rating to Buy but cut the $165 target price to $140. The stock has traded as high as 178.81 in the past year but closed on Friday at $119.79.
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