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Fed Minutes and Incoming Rate Hikes: Analysts Upgrade or Downgrade Amyris, Best Buy, Fisker and More
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Markets were relatively flat on Wednesday, as investors wait for what the Federal Reserve has to say about upcoming monetary policy. The Fed is releasing the minutes from its most recent meeting Wednesday afternoon.
The news from the Fed will give some direction on how far and how fast the central bank is willing to go to fight inflation. Fed Chair Jerome Powell previously suggested that an additional 50 basis point rate is due for the upcoming meeting.
Other Wall Street firms have suggested that for 2022 the Fed will hike interest rates by a total of 225 basis points in aggregate. We are up 75 basis points for the year thus far, so there is a long to go.
24/7 Wall St. is reviewing additional analyst calls seen on Wednesday. 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 Etsy, JPMorgan, MetLife, Salesforce and more.
Air Products and Chemicals Inc. (NYSE: APD): Atlantic Equities upgraded the stock to Overweight from Neutral and raised the $280price target to $290. The 52-week trading range is $216.24 to $316.39, and shares traded near $239 apiece on Wednesday.
Amyris Inc. (NASDAQ: AMRS): Piper Sandler initiated coverage with a Neutral rating and a $2.50 price target. Shares were trading near the bottom of their 52-week range of $1.47 to $17.42.
Best Buy Co. Inc. (NYSE: BBY): Barclays lowered its Overweight rating to Equal Weight with an $80 price target. The 52-week trading range is $69.07 to $141.97, and shares traded near $75 apiece on Wednesday.
CME Group Inc. (NASDAQ: CME): Oppenheimer’s upgrade was from Perform to Outperform with a $223 price target. The stock traded near $194 on Wednesday, in a 52-week range of $185.79 to $256.94.
Diamondback Energy Inc. (NASDAQ: FANG): The Barclays upgrade to Overweight from Equal Weight included a price target cut to $160 from $162. The 52-week trading range is $65.93 to $147.99, and shares were trading near $138 on Wednesday.
Fisker Inc. (NYSE: FSR): Tudor Pickering Holt downgraded the stock to Hold from Buy and cut the $25 price target to $13. The stock traded near $9 on Wednesday. The 52-week trading range is $8.04 to $23.75.
Magellan Midstream Partners L.P. (NYSE: MMP): J.P. Morgan upgraded it to Overweight from Neutral, and the price target rose to $57 from $52. The 52-week trading range is $43.58 to $53.85, and shares traded near $50 apiece on Wednesday.
2U Inc. (NASDAQ: TWOU): Piper Sandler’s downgrade to Underweight from Equal Weight came with the price target trimmed to $9 from $10. The stock traded near $9 on Wednesday. The 52-week trading range is $8.12 to $46.52.
Seven Warren Buffett top stock picks look like solid ideas for worried investors seeking to stay in equities but who want to stick with dividend-paying companies that can weather the coming recession and possible steep market decline.
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