Markets turned lower for Tuesday as the S&P 500 and other major indexes were headed toward bear market territory. The Nasdaq lead the charge lower with a loss of more than 3% on the day. Supply chain issues are still plaguing markets, and the outlook for this summer does not look any better.
According to FactSet, 338 of the 460 companies within the S&P 500 that have reported earnings so far have made a direct reference to supply chain issues. Note that this is the third highest number of times since 2010.
Also be on the lookout for more economic numbers this week, as well as major retailers reporting quarterly results. It is more likely than not that these retailers will cite supply chain issues as well, but the full extent of the impact and how markets will respond is yet to be seen.
24/7 Wall St. is reviewing additional analyst calls seen on Tuesday. 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 American Express, Boeing, Carnival, eBay, Home Depot and more.
Allstate Corp. (NYSE: ALL): Citigroup initiated coverage with a Buy rating and a $159 price target. The 52-week trading range is $106.11 to $144.46, and shares traded near $126 apiece on Tuesday.
DoorDash Inc. (NYSE: DASH): Bernstein started coverage with an Outperform rating and a $90 price target. The stock traded near $62 on Tuesday, in a 52-week range of $57.60 to $257.25.
Eaton Corp. (NYSE: ETN): Barclays downgraded the stock from Equal Weight to Underweight with a $120 price target. The 52-week trading range is $130.57 to $175.72, and shares were trading near $131 on Tuesday.
INmune Bio Inc. (NASDAQ: INMB): The B. Riley Securities downgrade to Neutral from Buy included a price target cut to $7 from $14. The 52-week trading range is $4.63 to $5.68, and shares traded near $5 apiece on Tuesday.
Lyft Inc. (NASDAQ: LYFT): Bernstein started coverage with a Market Perform rating but cut the $30 price target to $22. Shares were trading near $17, in a 52-week range is $17.24 to $63.07.
Progressive Corp. (NYSE: PGR): Citigroup initiated coverage with a Sell rating and a $93 price target. The 52-week trading range is $89.35 to $120.17, and shares traded near $112 apiece on Tuesday.
Roblox Corp. (NYSE: RBLX): Atlantic Equities lowered its Overweight rating to Neutral with a $30 price target. The stock traded near $26 on Tuesday. The 52-week trading range is $21.65 to $141.60.
Snowflake Inc. (NYSE: SNOW): Rosenblatt’s upgrade to Buy from Neutral came with a price target cut to $255 from $325. The 52-week trading range is $125.81 to $405.00, and shares were trading near $129 on Tuesday.
Travelers Companies Inc. (NYSE: TRV): Citigroup started coverage with a Neutral rating and a $179 price target. The stock traded near $171 on Tuesday, in a 52-week range of $144.44 to $187.98.
Uber Technologies Inc. (NYSE: UBER): Bernstein resumed coverage with an Outperform rating, but it cut the $45 price target to $35. The stock traded near $22 on Tuesday. The 52-week trading range is $21.60 to $52.36.
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