The futures traded higher Monday, as shell-shocked investors returned for another week of potential selling as the litany of negative voices has grown louder across Wall Street. This chorus of voices, of course, was not heard much a short six months ago. While the major indexes closed mixed Friday due to a late afternoon rally that helped the S&P 500 avoid bear market status, the venerable index closed down for the seventh straight week for the first time since 2001. The Nasdaq, which did end lower on Friday, is down 28% since hitting a 52-week high last November.
Investors’ anxiety was seen in the Treasury markets again, and yields dropped Friday across the curve, with the benchmark 30-year bond closing under the 3% level as frightened market participants continued to seek out the safe haven of U.S. government debt. Brent and West Texas Intermediate crude both closed flat Friday, but still over the $110 mark for both, while natural gas closed down as traders anticipate a stretch of cooler weather. Gold closed Friday flat, while Bitcoin closed marginally higher but still below the $30,000 level.
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 Monday, May 23, 2022.
Applied Materials Inc. (NASDAQ: AMAT): Goldman Sachs lowered its $151 price target on the semiconductor capital equipment giant to $133 but maintained a Buy rating. The consensus target is higher at $164.96. The shares closed almost 4% lower on Friday at $106.46.
Autodesk Inc. (NASDAQ: ADSK): Baird reiterated an Outperform rating with a $255 price target in front of this week’s earnings report. The consensus target is higher at $277.41. Friday’s closing price was $191.41 a share.
Bath & Body Works Inc. (NYSE: BBWI): Though Goldman Sachs reiterated a Buy rating, it also lowered the $85 target price to $61. The stock has traded as high as $82.00 in the past year but closed most recently at $38.69 a share.
BJ’s Wholesale Club Holdings Inc. (NYSE: BJ): Baird reiterated an Outperform rating and $70 price target following much better than expected quarterly results. The consensus target is $71.39. Despite the solid results, shares closed down almost 9% on Friday to $52.29.
Cenovus Energy Inc. (NYSE: CVE): Goldman Sachs raised its $21 target price objective on the Buy-rated shares to $24. The consensus target is $23.66. The close on Friday was at $21.36.
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