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CPI’s Mixed Report: Analysts Upgrade or Downgrade Carvana, Coinbase, Planet Fitness, Peloton and More
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Markets were getting crushed yet again on Wednesday after Tuesday’s dead cat bounce. The Nasdaq was leading the charge lower into the close with a loss of roughly 3%, while the S&P 500 was down around 1.5% and the Dow Jones was down closer to 1%.
This drop came in the wake of April’s Consumer Price Index (CPI) report earlier this morning. Basically, the inflation print from CPI came in hotter-than-expected with an 8.3% increase, compared with the 8.1% consensus. However, this is a marginally decrease from March’s 8.5% increase, if that is any consolation to investors.
The marginal decrease in CPI is somewhat optimistic because it could signal that we are now on the downtrend for inflation, but it is a long was back down. All of this makes for a real stock-picker’s market.
24/7 Wall St. is reviewing additional 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 Affirm, Foot Locker, Ford, GoodRx, Tesla and more.
Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT): Robert Baird upgraded to a Neutral rating from Underperform and cut the price target to $18 from $21. The 52-week trading range is $12.90 to $65.00, and shares traded near $13 apiece on Wednesday.
Array Technologies, Inc. (NASDAQ: ARRY): ROTH Capital downgraded to a Neutral rating from Buy and cut the price target to $7 from $25. The 52-week trading range is $6.17 to $27.67, and shares were trading near $6 on Wednesday.
Carvana Co. (NYSE: CVNA): Stifel downgraded to a Hold rating from Buy and cut the price target to $40 from $115. The stock traded near $31 on Wednesday. The 52-week trading range is $29.13 to $376.83.
Coinbase Global, Inc. (NASDAQ: COIN): Goldman Sachs downgraded to a Neutral rating from Buy. The 52-week trading range is $50.15 to $368.90, and shares traded near $54 apiece on Wednesday.
Electronic Arts Inc. (NASDAQ: EA): MoffettNathanson upgraded to a Buy rating from Neutral and cut the price target to $141 from $151. The 52-week trading range is $109.24 to $148.93, and shares were trading near $121 on Wednesday.
loanDepot, Inc. (NYSE: LDI): JMP Securities downgraded to a Market PERform rating from Outperform. Citigroup downgraded to a Sell rating from Neutral and cut the price target to $2 from $5. Piper Sandler downgraded to a Neutral rating from Overweight and cut the price target to $3.50 from $6. The stock traded near $2 on Wednesday, in a 52-week range of $2.00 to $16.95.
Peloton Interactive Inc. (NASDAQ: PTON): JMP Securities upgraded to an Outperform rating from Market Perform with a $25 price target. Stifel downgraded to a Hold rating from Buy and cut the price target to $14 from $45. The stock traded near $12 on Wednesday. The 52-week trading range is $11.25 to $129.70.
Planet Fitness, Inc. (NYSE: PLNT): JPMorgan upgraded to an Overweight rating from Neutral with a $90 price target. Shares were trading near $70. The 52-week range is $67.39 to $99.60.
Rocket Companies, Inc. (NYSE: RKT): Citigroup downgraded to a Neutral rating from Buy and cut the price target to $8 from $14. The 52-week trading range is $6.91 to $22.68, and shares traded near $7 apiece on Wednesday.
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