The futures were mixed Friday, as we get ready to wrap up one of the most positive weeks for investors in almost two months. All the major indexes closed higher on Thursday, with the Dow Jones industrials poised to end an eight-week losing streak, and the S&P 500 breaking back through the 4,000 level, closing up over 2%. While some on Wall Street have said there is a possibility for the venerable index to rally to 4,200, many will be watching closely to see if the aggressive sellers return to hit the solid bids we are currently seeing. With the three-day Memorial Day holiday weekend upon us, it is very possible we could see volume dry up as the day wears on, as traders look for an early exit.
Yields across the Treasury curve were flat across the board, as the flight to safety crowd took a breather. One additional negative for Americans heading to the highway this weekend for the holiday with gasoline prices at record levels is that both Brent and West Texas Intermediate crude closed higher, each posting at least a 3% gain. Natural gas finally took a breather, after trading well over $9 mbtu early in the session for the first time since 2008. Gold and Bitcoin both closed modestly higher on Thursday.
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 Friday, May 27, 2022.
Cigna Corp. (NYSE: CI): BofA Securities upgraded shares of the health care giant to Neutral from Underperform and raised the $265 target price to $300. The consensus target is $287.13. The stock closed on Thursday at $268.88.
Citigroup Inc. (NYSE: C): Credit Suisse downgraded the money center bank and investment giant to Neutral from Outperform and has a $58 price target. The consensus target is $66.45, and Thursday’s closing print was $54.09.
CyberArk Software Ltd. (NASDAQ: CYBR): Stephens started coverage with an Overweight rating and a $170 price target. The consensus target is $165.57. The shares closed on Thursday at $137.55.
Dick’s Sporting Goods Inc. (NYSE: DKS): Gordon Haskett upgraded the stock from Reduce to Hold with a $78 target price. The consensus target is up at $124.65. The $84.58 close on Thursday was up over 8% for the day after the company posted very solid earnings.
Dow Inc. (NYSE: DOW): Evercore ISI lowered its Outperform rating on the chemical giant to In Line with a $68 target price. The consensus target is $73.40. The stock closed on Thursday at $67.84.
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