Monday's Top Analyst Upgrades and Downgrades: American Airlines, Carnival, Coinbase, FedEx, Tesla, Walmart and More

The futures were higher after a furious Friday rally that saw all the major indexes close higher. The Nasdaq and the S&P 500 were up over 3%, after huge losses the previous week that were the largest since the peak of the COVID-19 pandemic sell-off in March of 2020. Many across Wall Street chalked the huge Friday gains up to massive oversold conditions that resulted from back-to-back weekly losses of 5%.

The huge Russell rebalance for 2022 also was cited as a contributor to the volume and gains Friday. The day of the annual Russell reconstitution often has been one of the highest-volume trading days of the year. This is usually due to institutional investors and funds that track the Russell indexes adjusting their holdings to reflect the updated rebalancing. It will not be surprising to see strength through the end of the quarter as portfolio managers also reset for the third quarter and the rest of 2022.

The sellers did return to the Treasury market Friday, after some big buying earlier in the week that took yields back down after some of the highest prints since 2018. Yields were up across the curve, with the 30-year long bond moving back to the 3.25% level.

Brent and West Texas Intermediate crude rallied Friday, each closing up near 3%, after some heavy selling last week drove the benchmark leaders down from highs not seen since 2008. Natural gas, which also was hit hard, closed modestly higher. Gold printed small gains, while Bitcoin eked out a small win to stay above $20,000.

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 Monday, June 27, 2022.

American Airlines Group Inc. (NASDAQ: AAL): Jefferies reiterated a Hold rating on the legacy carrier and has a $20 target price. The consensus target is $19.67. The stock closed over 7% higher on Friday at $13.90.

Ameriprise Financial Inc. (NYSE: AMP): Goldman Sachs downgraded the stock to Neutral from Buy and cut the $325 price target to $270. The consensus target is $333.80. Friday’s close was at $249.29.

Bausch + Lomb Corp. (NYSE: BLCO): Evercore ISI started coverage with an Outperform rating and a $21 target price. The stock has a post-IPO high of $20.20 and closed on Friday at $15.85.

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