Futures traded much higher to start out this truncated trading week, even withstanding the last week’s interest rate hike, which was the largest seen since the mid-1990s. Each of the major averages was up more than 1% early on Tuesday, but it remains to be seen if this momentum will keep up through the open.
Investors saw the consumer price index reach historic levels earlier this month, almost precipitating the move by the Federal Reserve to raise rates at such great levels. Also, as interest rates increase, investors can expect to see an inverse reaction from equities. Today may be the exception to the rule, depending on how much of this pain is already priced in.
It does not appear that the Fed is done hiking rates this summer, so there may be more pain for investors down the road. The question remains how much of these Fed moves has been priced into markets already.
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, June 21, 2022.
Adobe Inc. (NASDAQ: ADBE): Morgan Stanley downgraded the stock to Equal Weight from Overweight and cut the price target to $362 from $591. The consensus target is $547.40. The stock closed on Friday at $360.79.
American Outdoor Brands Inc. (NASDAQ: AOUT): The B. Riley Securities downgrade to Neutral from Buy included a price target cut to $12 from $25. The consensus target is $24.67. The shares closed on Friday at $10.00.
American Tower Corp. (NYSE: AMT): J.P. Morgan upgraded the shares to Overweight from Underweight and raised the $245 price target to $285. The consensus target is $286.22, and the last trade for Friday was posted at $236.17.
Centene Corp. (NYSE: CNC): Credit Suisse’s upgrade to Outperform from Neutral included a price target hike to $88 from $86. The consensus target is $96.18. Friday’s close was at $76.32.
Charles Schwab Corp. (NYSE: SCHW): UBS upgraded the shares to Buy from Neutral and raised the price target to $75 from $68. The consensus target is all the way up at $92.41, but Friday’s closing print was $59.99.
Chewy Inc. (NYSE: CHWY): Wedbush raised its Neutral rating to Outperform rating and boosted the $30 price target to $35. The consensus target is $43.49. The stock closed Friday at $28.70.
24/7 Wall St.DoorDash Inc. (NYSE: DASH): Goldman Sachs resumed coverage with a Neutral rating and a $67 price target. The consensus target is $128.10, and the stock ended trading on Friday at $61.69.
Exxon Mobil Corp. (NYSE: XOM): Credit Suisse lifted its Neutral rating to Outperform and raised the $115 price target to $125. The consensus target is $101.05. The stock closed on Friday at $86.12.
International Paper Co. (NYSE: IP): Citigroup downgraded it to Neutral from Buy and cut the price target to $46 from $53. The 52-week range is $40.45 to $59.38. The last trade for Friday was posted at $42.35.
Maxar Technologies Inc. (NYSE: MAXR): Wells Fargo initiated coverage with an Overweight rating and a $39 price target. The consensus target is $44.14, and shares last closed at $25.18.
National Health Investors Inc. (NYSE: NHI): BMO Capital Markets downgraded the stock from Outperform to Market Perform with a $62 price target. The 52-week range is $50.22 to $69.23. Shares closed on Friday at $60.76.
Sunnova Energy International Inc. (NYSE: NOVA): Goldman Sachs downgraded the shares to Neutral from Buy and cut the price target to $24 from $31. The consensus target is $40.29. The stock closed most recently at $19.76.
Opendoor Technologies Inc. (NASDAQ: OPEN): Compass Point initiated coverage with a Neutral rating and a $6 price target. The consensus target is up at $13.95. The final trade Friday was reported at $4.83.
Palantir Technologies Inc. (NYSE: PLTR): BofA Securities started coverage with a Buy rating and a $13 price target. The consensus target is $10.81. The final trade on Friday was reported at $8.24.
Phillips 66 (NYSE: PSX): Money has been gushing for oil refiners, says Zacks, which named this one as the Bull of the Day stock. Shares last closed at $90.51, and the consensus price target of $115.93 would be a 52-week high.
Redfin Corp. (NASDAQ: RDFN): Compass Point resumed coverage with an $8.50 price target. The consensus target is $14.81. The final trade for Friday was reported at $7.79.
Six Flags Entertainment Corp. (NYSE: SIX): The B. Riley Securities downgrade to Buy from Neutral included a price target cut to $24 from $55. The consensus target is $51.08. Friday’s last trade was reported at $21.98.
SunPower Corp. (NASDAQ: SPWR): The Goldman Sachs downgrade was to Sell from Neutral. The shares last closed at $17.93, and the consensus price target is $20.36.
Suncor Energy Inc. (NYSE: SU): RBC Capital Markets upgraded it to Outperform from Sector Perform. The consensus target is $42.46. Friday’s last trade was reported at $34.32.
Under Armour Inc. (NYSE: UAA): Cowen lowered its Outperform rating to Market Perform and cut the $13 price target to $10. The consensus target is $16.27. The stock closed on Friday at $9.16.
Virgin Galactic Holdings Inc. (NYSE: SPCE): Wells Fargo started coverage with an Underweight rating and a $4 price target. The consensus target is $9.86. Friday’s close was at $6.25 a share.
In a market that is very volatile, and that could be headed much lower if we are already in a recession, seven safe-haven stocks make a ton of sense now. With even moderate appreciation in the share prices of the top companies, investors should be looking at double-digit total return potential.
24/7 Wall St.Friday’s top analyst upgrades and downgrades included Acadia Pharmaceuticals, Accenture, Amgen, AutoZone, Azek, Boeing, Dollar General, Etsy, Fidelity National Information Services, FedEx, NexTier Oilfield Solutions, S&P Global, Unity Software and Warner Bros. Discovery. Analyst calls seen later in the day were on American Eagle Outfitters, American Express, Capital One Financial, CF Industries, Dow, Roblox, Urban Outfitters and more.
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