Wednesday's Top Analyst Upgrades and Downgrades: Chevron, Compass, Kraft Heinz, Micron Technology, Netflix, Nike, Seagate and More

The futures were much lower Wednesday, after a massive rally to start the holiday-shortened trading week. Many across Wall Street are calling that flat-out a bear market rally, after last week’s dumpster fire in which all the major sectors were down 4% or more. Many now are shifting their focus to the upcoming second-quarter earnings reporting season, which could be the victim of slowing growth, the supply chain mess and red-hot inflation. The latter continues to torch consumers across the board.

Investors are also starting to price in an additional 75-basis-point increase, as the “don’t fight the Fed” mantra works both ways. That was reflected on Tuesday in the Treasury markets, as yields traded higher across the curve. The two-year note yield remains below the 10-year, but the bond market is keeping a close eye on that telltale recession data point indicator.

Both Brent and West Texas Intermediate crude traded marginally higher on Tuesday, while natural gas slipped back below the $7 level. Gold was down slightly, while Bitcoin closed almost 3% higher, just over $21,000, after slipping below $18,000 over the weekend.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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 Wednesday, June 22, 2022.

ABM Industries Inc. (NYSE: ABM): Baird upgraded the shares from Neutral to Outperform with a $50 target price. The consensus target is higher at $59.60. The stock closed on Tuesday with almost a 6% gain at $41.15.

Acadia Pharmaceuticals Inc. (NASDAQ: ACAD): Jefferies cut its Buy rating to Underperform and lowered the $25 price target to $10. The consensus target is $29.24 for now. Tuesday’s close at $13.01 was down a stunning 33%, after an FDA advisory committee voted against recommending approval for pimavanserin in treating Alzheimer’s disease psychosis.

Amedisys Inc. (NASDAQ: AMED): BofA Securities downgraded the shares to Underperform from Neutral and slashed the $145 price target to $102. That compares with the remarkable $246.16 consensus target (for now). Tuesday’s closing print of $107.42 was down almost 12% on the day on no posted news except the downgrade. Inc. (NYSE: CARS): BTIG Research reiterated a Buy rating but trimmed the $19 target price to $16. The consensus target is $17.05. The last trade for Tuesday was posted at $9.27.

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