The futures were lower Tuesday, after another attempt by investors to rally the markets, after weeks of losses, finally paid off Monday. All the major indexes closed higher, with bank and energy stocks leading the way. Last Friday, the Dow Jones industrials ended the week down for the eight consecutive week, the longest losing streak since 1932, which was near the peak of the Great Depression.
Monday’s rally was heartening to investors, and there could be some big month-end rebalancing this week to extend the risk-on move. However, the macro picture is very messy, and the path of least resistance could still be lower until we get a capitulation wash-out selling climax.
Brent and West Texas Intermediate crude both closed modestly higher, as gasoline prices continue to hit all-time highs as we approach the Memorial Day weekend, the unofficial start to the summer vacation and driving season. Natural gas exploded higher Monday, closing up 6% at $8.74, while gold traded slightly higher and Bitcoin closed up less than 1%.
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 Tuesday, May 24, 2022.
Alibaba Group Holding Ltd. (NYSE: BABA): Baird reiterated an Outperform rating but lowered the $160 price objective to $144 in front of this week’s earnings report. The consensus target is $172.38 and Monday’s closing print was $87.31.
American Express Co. (NYSE: AXP): Goldman Sachs stuck with a Buy rating on the credit card and financial services leader after a positive investors meeting. The firm’s $220 target price is above the $198.44 consensus target. The stock closed almost 4% higher on Monday at $159.04.
Amgen Inc. (NASDAQ: AMGN): SVB Leerink began covering the venerable biotechnology stock with a Market Perform rating and a $256 target price. The consensus target is $249.34. The final trade on Monday was reported at $249.04.
Autodesk Inc. (NASDAQ: ADSK): Stifel reiterated a Buy rating but lowered the target price to $230 from $285 in front of the earnings report expected on Thursday. The consensus target is $276.25. The stock closed down over 4% on Monday at $183.51.
Blue Owl Capital Inc. (NYSE: OWL): Goldman Sachs reiterated a Buy rating and has a $16.25 target. The consensus target is $16.06. Monday’s close was at $11.77.
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