The futures were lower again on Thursday, after yet another demoralizing day across Wall Street Wednesday in which all the major indexes were shredded, as were the transports and even the utilities. As usual, one of the biggest concerns remains spiraling inflation. It manifested in a big way when big-box retailer Target posted horrible quarterly results and cited rising costs as a big reason for gross margin compression. The shares were hammered, closing down 25% on the day.
Safe-haven buyers came back to the Treasury market, as yields were down across the curve. Both Brent and West Texas Intermediate crude closed lower on the day, and natural gas closed flat. Gold was modestly higher, while Bitcoin was rocked again, closing down almost 4%.
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 Thursday, May 19, 2022.
Bill.com Holdings Inc. (NYSE: BILL): Goldman Sachs reiterated a Buy rating on the shares but cut the $216 target price to $170. The consensus target is $232.94. The shares closed down almost 7% on Wednesday at $101.63.
Block Inc. (NYSE: SQ): Baird has designated the Outperform-rated stock as a new member of the firm’s Fresh Picks list of top stock ideas. The $120 target price is much lower than the $156.57 consensus target. The stock closed over 3% lower on Wednesday at $82.06.
Cardinal Health Inc. (NYSE: CAH): Evercore ISI’s upgrade to Outperform from Inline included a price target hike to $68 from $55. The consensus target is $59.77. Wednesday’s close was at $55.68.
Goldman Sachs Has 6 ‘Strong Buy’ Dividend Stocks That Can Weather a Certain Coming Recession
Caterpillar Inc. (NYSE: CAT): Baird reiterated an Outperform rating on the construction equipment heavyweight and has a $280 price objective. The $235.12 consensus target is closer to Wednesday’s close at $207.94.
Century Aluminum Co. (NASDAQ: CENX): Wolfe Research downgraded the shares to Peer Perform from Outperform, and it sliced the $30 price target to $14. The consensus target is $28.00 for now. The shares closed over 16% lower on Wednesday at $11.54.
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