The futures traded higher Friday, as we get set to wrap up a horrible week for the equity markets. All the major indexes closed lower once again, and the song remains the same: continued red-hot inflation, profit margins being squeezed by rising input costs and the knowledge that the Federal Reserve will be raising interest rates in June and July by 50 basis points. Both Cisco and Target reported terrible results this week, and forward guidance was dreadful too. Toss in the fact that COVID-19 cases are rising in some areas of the country, and the negative base case stays intact. For now, the path of least resistance looks to be lower.
Treasury yields were lower again across the curve, as recession-worried investors continue to head to the safety of government securities. The yield on the benchmark 10-year note has dropped a stunning 32 basis points in 10 days.
Another negative for beleaguered consumers across the United States is that oil prices headed up again Thursday, with both Brent and West Texas Intermediate crude closing modestly higher, while natural gas closed lower but stayed above the $8 mark. Gold had a strong day, up close to 2%, while Bitcoin traded up almost 5% after a week in which cryptocurrencies were hammered.
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.
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These are the top analyst upgrades, downgrades and initiations seen on Friday, May 20, 2022.
Akamai Technologies Inc. (NASDAQ: AKAM | AKAM Price Prediction): Baird maintained a Neutral rating on the shares and has a $102 price target. The consensus target is up at $125.53. Thursday’s closing share price was $98.48.
Apple Inc. (NASDAQ: AAPL): BofA Securities lowered its $215 price target on the legacy technology giant to $200 while maintaining a Buy rating. The consensus target is $190.20. Thursday’s closer was at $137.35 a share.
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Bally’s Corp. (NYSE: BALY): Stifel maintained a Buy rating with a $49 price objective. The consensus target is $43.43. The stock closed on Thursday at $25.14.
Bath & Bodyworks Inc. (NYSE: BBWI): Baird maintained an Outperform rating but lowered the $75 price objective to $65. The shares have traded as high as $82.00 in the past year, but they were last seen at $40.03.
Carvana Co. (NYSE: CVNA): BofA Securities slashed the $225 price target to $80, though it did keep a Buy rating, citing the massive cost-cutting at the company. The consensus target is $101.80 for now. The stock closed at $32.88 on Thursday.
CinCor Pharma Inc. (NASDAQ: CINC): Jefferies reiterated a Buy rating with a $30 price target. The consensus target is $29.00. On Thursday, shares closed at $19.33.
Cisco Systems Inc. (NASDAQ: CSCO): Goldman Sachs reiterated a Neutral rating for the networking giant while lowering the $64 price objective to $46. The consensus target is $62.70 for now. The stock closed almost 15% lower on Thursday at $41.72.
Core Scientific Inc. (NASDAQ: CORZ): The Zacks Bull of the Day stock provides investors with a leveraged way to bet on Bitcoin’s inevitable mass adaptation as the next generation’s gold 2.0, says the analyst. Shares last closed at $3.88, and the $16.19 consensus price target would be a post-IPO high.
Costco Wholesale Corp. (NASDAQ: COST): Stifel reiterated a Buy rating but lowered the $565 price target to $515, citing increasing costs. For now, the consensus target is $590.16. The shares closed on Thursday at $422.93.
Doximity Inc. (NYSE: DOCS): Goldman Sachs kept a Buy rating on the shares but slashed its $72 target price to $56 after the company posted solid results but the forward guidance was disappointing. The consensus target is $66.77 for now. Thursday’s close was at $32.52.
Ensign Group Inc. (NASDAQ: ENSG): Stifel reiterated a Buy rating and a $100 target price. The consensus target is $97.40. The final trade on Thursday hit the tape at $78.93.
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Healthpeak Properties Inc. (NYSE: PEAK): The BofA Securities downgrade to Neutral from Buy included a target price trim to $32 from $33. The consensus target is $36.84. The last trade on Thursday was recorded at $29.28.
Lowe’s Companies Inc. (NYSE: LOW): Baird remains positive on the big-box retailer and maintained an Outperform rating with a $260 target price. The consensus target is $251.92. Thursday’s final trade was reported at $187.86.
Physicians Realty Trust (NYSE: DOC): BofA Securities lowered its Neutral rating to Underperform but kept the price objective unchanged at $18. The consensus target is $19.43. The shares closed on Thursday at $17.46.
Ping Identity Holding Corp. (NYSE: PING): Stifel lowered its $30 price target to $25 but kept a Buy rating on the shares. The consensus target is $31.07. Thursday’s final trade was reported at $18.38.
Plains All-American Pipeline L.P. (NASDAQ: PAA): This was selected as the Bear of the Day at Zacks. The analyst makes the case that its inability to capitalize on the oil boom like its midstream competitors suggests the company is an archaic player in a fleeting space. The stock has traded as high as $12.38 in the past year and closed most recently at $10.82.
Schlumberger Ltd. (NYSE: SLB): Goldman Sachs reiterated a Top Buy rating on the oil services giant with a $51 target price. The consensus target is slightly lower, and shares closed on Thursday at $40.85.
Target Corp. (NYSE: TGT) Goldman Sachs stuck with a Buy rating for the beleaguered big-box retailer, but it slashed the $291 target price to $190. The consensus target is $245 for now. The shares were last seen on Thursday trading at $153.43.
Thermo Fisher Scientific Inc. (NYSE: TMO): Baird reiterated an Outperform rating and has a $711 target price objective. The consensus target is $675.44. The stock closed on Thursday at $550.74.
Under Armour Inc. (NYSE: UAA): Baird maintained an Outperform rating with a $15 target price. The consensus target is $18.18. The stock closed at $9.28 on Thursday.
VICI Properties Inc. (NASDAQ: VICI): Goldman Sachs raised its $35 price target on the gaming REIT giant to $38 while maintaining a Buy rating. The consensus target is $35.08. The last trade on Thursday was reported at $29.29.
Visteon Corp. (NASDAQ: VC): Jefferies reiterated a Buy rating after a positive meeting with company management. Its $130 target price is higher than the $126.87 consensus figure. The close on Thursday was at $105.76.
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24/7 Wall St. has screened the Dividend Aristocrats looking for very safe and secure stocks that pay dependable dividends. Eight picks look like great ideas for worried investors in a recession that already may have begun.
Defense contractors stand to benefit from a boost in the U.S. defense budget, and five are generous when it comes to sharing their luck with investors.
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Thursday’s top analyst upgrades and downgrades included Bill.com, Block, Cardinal Health, Caterpillar, Century Aluminum, Doximity, Flex, Home Depot, Salesforce, Sea, Target, Toast, Under Armour and Ventas.
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