Markets rebounded on Tuesday morning after Federal Reserve Chair Jerome Powell made hawkish comments on Monday afternoon about raising interest rates in the near term. While the Russia-Ukraine conflict is at the forefront of many minds, inflation is a close second, and the consensus seems to be an interest rate hike.
Powell’s remarks follow the Fed’s most recent decision to raise the federal funds rate by 25 basis points last week. The initial response from markets was fairly positive as well. In the past, the Fed has been critiqued for “caring too much about equities markets” and not raising rates when necessary. However, the current situation demands an increase in rates, but it also could be beneficial to broad markets. In this case, there does not appear to be a downside for a rate hike.
Equities markets rallied last week, and the S&P 500 notched one of its strongest weeks in recent memory, with over a 6% gain for those five trading days. The question remains whether the bottom is in and markets are finding a new direction, especially with the help of the Fed. Analysts still seem to think it is a stock pickers’ market.
24/7 Wall St. is reviewing more big analyst calls seen on Tuesday. 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 Altria, American Airlines, Bumble, Chevron, General Motors, Mastercard, Tesla and many more.
AnaptysBio Inc. (NASDAQ: ANAB): Guggenheim downgraded the stock to Neutral from Buy. The 52-week trading range is $19.40 to $37.89, and shares were trading near $25 on Tuesday.
Black Diamond Therapeutics Inc. (NASDAQ: BDTX): H.C. Wainwright’s downgrade was to Neutral from Buy. The stock traded near $3 on Tuesday. The 52-week range is $2.60 to $29.02.
Canopy Growth Corp. (NASDAQ: CGC): Barclays lowered its Equal Weight rating to Underweight. The 52-week trading range is $5.62 to $33.67, and shares were trading near $7 apiece on Tuesday.
ContextLogic Inc. (NASDAQ: WISH): Loop Capital’s downgrade to Hold from Buy included a price target cut to $2 from $4. The stock was trading near $2 on Tuesday, and the 52-week range is $1.60 to $17.87.
Cronos Group Inc. (NASDAQ: CRON): Barclays lifted its Underweight rating to Equal Weight. The 52-week trading range is $2.95 to $9.87, and shares were trading near $3.60 on Tuesday.
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