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.
Boeing Co. (NYSE: BA): The Zacks Bear of the Day stock is one “all-American stock we all wish would rally” says the analyst. Shares have traded as high as $258.40 in the past year but closed most recently at $124.07, which is down more than 38% year to date.
Carnival Corp. & PLC (NYSE: CCL): BofA Securities lowered the $22 price target to $18 but kept a Neutral rating on the stock. Shares have traded as high as $31.52 in the past year but closed most recently at $13.11.
Consolidated Edison Inc. (NYSE: ED): Guggenheim raised the utility giant to Neutral from Sell and has a $94 price target. The consensus target is $87, but the shares closed on Monday at $97.68.
CoStar Group Inc. (NASDAQ: CSGP): Goldman Sachs maintained a Buy rating and has a $91 target. The consensus is just $76.40. The shares closed on Monday at $57.83.
Deere & Co. (NYSE: DE): Baird reiterated an Outperform rating while lowering the $487 price target to $442. The consensus target is $431.26. The stock closed over 7% higher on Monday at $335.36.
eBay Inc. (NASDAQ: EBAY): Baird maintained an Outperform rating with a $65 price target. The consensus target is $59.37. The stock closed at $45.19 on Monday.
Eli Lilly and Co. (NYSE: LLY): SVB Leering started coverage on the pharmaceutical giant with an Outperform rating and a $341 target price. The consensus target is just $304.28. The stock closed on Monday at $302.60.
Foot Locker Inc. (NYSE: FL): Baird stayed with a Neutral rating but slid the $30 target price up to $32. The consensus target is $32.10. Monday’s close at $30.66 was down almost 3% for the day.
Guidewire Software Inc. (NYSE: GWRE): Baird reiterated a Neutral rating with a $118 target price. The consensus target is $108.56. The shares were last seen at $77.50 Monday.
Hasbro Inc. (NASDAQ: HAS): Jefferies reiterated a Buy rating and has a $115 price target for the toy and game giant. That compares with a $112.33 consensus and Monday’s final trade at $84.96 a share.
Home Depot Inc. (NYSE: HD): Goldman reiterated a Buy rating after strong results and a $356 target price. The consensus target is up at $363.61. The stock closed Monday at $286.03.
HubSpot Inc. (NYSE: HUBS): Jefferies cut the $500 price target to $450 but kept a Buy rating on the stock. The consensus target is $530.17. The last trade on Monday was recorded at $337.86.
Juniper Networks Inc. (NYSE: JNPR): Jefferies maintained a Buy rating after meeting with management. Its $42 price target is higher than the $36.38 consensus estimate. The stock was last seen on Monday at $29.61.
Kohl’s Corp. (NYSE: KSS): Citigroup cut its Buy rating on the popular discount department store to Neutral and lowered the $55 price objective to $39. The consensus target is $53.64. Monday’s closing share price was $38.24.
LyondellBasell Industries N.V. (NYSE: LYB): Piper Sandler downgraded shares of the chemical giant to Neutral from Overweight and trimmed the $119 target price to $115. The consensus target is $119.81, and Monday’s closing print was $106.71.
Marathon Oil Corp. (NYSE: MRO): Citing the rally in energy stocks as the price of oil surges, Zacks as selected this as its Bull of the Day stock. Shares last closed at $28.13 apiece, and the $32.72 consensus price target would be a 52-week high.
Moderna Inc. (NASDAQ: MRNA): Goldman Sachs reiterated a Buy rating on the vaccine giant and has a giant $290 target price. The consensus target is just $220. Monday’s last trade hit the tape at $137.62.
Petco Health and Wellness Co. Inc. (NASDAQ: WOOF): Baird reiterated an Outperform rating and noted it was buyers in front of the earnings report. The firm’s $25 target price compares with the $24.67 consensus target. The shares closed over 3% lower on Monday at $14.60.
Realty Income Corp. (NYSE: O): Wolfe Research downgraded the net-lease REIT to Peer Perform from Outperform and has a $73 target price. The consensus target is $76.56. The final trade on Monday was reported at $67.22.
ServiceNow Inc. (NYSE: NOW): Jefferies lowered its $700 price target to $550 but kept a Buy rating on the shares. The consensus target is $651.08, and Monday’s close was at $430.12.
Under Armour Inc. (NYSE: UAA): Citigroup’s downgrade to Sell from Neutral included a price target cut almost in half, to $10 from $19. The consensus target is $17.32 for now. The last trade on Monday was reported at $9.69.
Zebra Technologies Corp. (NASDAQ: ZBRA): Morgan Stanley upgraded the shares to Equal Weight from Underweight but cut the $400 price target to $335. The consensus target is up at $514.40. The shares closed at $334.73 on Monday.
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Monday’s top analyst upgrades and downgrades included Applied Materials, Autodesk, Bath & Body Works, BJ’s Wholesale Club, Cenovus Energy, Corning, Doximity, HP, Intercontinental Exchange, Macerich, Matador Resources, Palo Alto Networks, Ross Stores, Suncor Energy and Walmart. Analyst calls seen later in the day were on AbbVie, Array Technologies, Dow, DTE Energy, Gap, Pfizer, Ralph Lauren, Trimble and more.
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