Investing

Monday Afternoon’s Analyst Upgrades and Downgrades: Bank of America, Beyond Meat, Citigroup, KB Home, Synchrony Financial and More

Markets were mixed to start out the week as investors are trying to find their footing ahead of a flurry of economic data due out later in the week. Some analysts believe that this data could be conducive for the Federal Reserve to further increase interest rates in its fight against inflation.

The past couple of weeks have been relatively positive for the markets as they have rebounded after the initial shock from the ongoing Russia-Ukraine conflict. However, there are still headwinds in international markets as Europe and many other nations are still figuring out where they will get their oil and gas from.

Again, domestically, markets have settled down and the S&P 500 has notched its second straight week of gains after pulling into correction territory following the onset of Russia’s invasion. It remains to be seen if the US market can keep up the pace, international markets can figure out their oil and gas problem, and how the economic data might impact interest rates—all in this coming week.

24/7 Wall St. is reviewing more analyst calls seen on Monday. 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 Alaska Air, Alcoa, Deere, Moderna, Shopify, Toast, and many more.

Bank of America Corp. (NYSE: BAC): Morgan Stanley upgraded to an Equal Weight rating from Underweight and cut the price target to $49 from $51. The stock traded near $43 on Monday. The 52-week range is $36.51 to $50.11.

Beyond Meat Inc. (NASDAQ: BYND): Piper Sandler downgraded to an Underweight rating from Neutral and cut the price target to $29 from $50. The 52-week trading range is $35.74 to $160.28, and shares were trading near $47 apiece on Monday.

Citigroup Inc. (NYSE: C): Morgan Stanley downgraded to an Underweight rating from Equal Weight and cut the price target to $60 from $75. The stock was trading near $55 on Monday, and the 52-week range is $53.83 to $80.29.

Campbell Soup Co. (NYSE: CPB): RBC Capital Markets downgraded to a Sector Perform rating from Outperform and cut the price target to $46 from $47. Shares were trading near $44 on Monday. The 52-week range is $39.76 to $52.23.

Foot Locker Inc. (NYSE: FL): Cowen downgraded to a Market Perform rating from Outperform with a $34 price target. Shares were trading near $30 on Monday. The 52-week range is $26.36 to $66.71.

KB Home (NYSE: KBH): Wolfe Research downgraded to a Peer Perform rating from Outperform. Shares were trading near $33. The 52-week range is $33.12 to $52.48.

Microchip Technology Inc. (NASDASQ: MCHP): Goldman Sachs downgraded to a Neutral rating form Buy with a $79 price target. The 52-week trading range is $64.26 to $90.00, and shares were trading near $76 on Monday.

M&T Bank Corp. (NYSE: MTB): Morgan Stanley downgraded to an Underweight rating from Equal Weight and cut the price target to $179 from $189. The stock traded near $177 a share on Monday. The 52-week range is $128.46 to $186.95.

Sleep Number Corp. (NASDAQ: SNBR): Wedbush downgraded to a Neutral rating from Outperform and cut the price target to $54 from $80. Shares were trading near $53 on Monday. The 52-week range is $52.47 to $150.85.

Synchrony Financial (NYSE: SYF): Morgan Stanley downgraded to an Equal Weight rating from Overweight and cut the price target to $40 from $56. Shares were trading near $35 on Monday. The 52-week range is $33.76 to $52.49.

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