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.
Becton Dickinson and Co. (NYSE: BDX): Wells Fargo upgraded the shares to Overweight from Equal Weight and has a $275 target price. The consensus target is $283.64. Friday’s close at $250.92 was almost 4% higher for the day.
Carnival Corp. & PLC (NYSE: CCL): Though Goldman Sachs reiterated a Neutral rating, it has a big $20 target price. The consensus target is less than $19, and shares closed Friday at $10.85, up close to 13% after second-quarter revenue jumped higher.
Coinbase Global Inc. (NASDAQ: COIN): The Goldman Sachs downgrade to Sell from Neutral included a price target cut to $45 from $70. The consensus target is $137.91. The shares closed almost 7% higher on Friday at $62.71, but they were down over 5% in the premarket after the downgrade.
Continental Resources Inc. (NYSE: CLR): Citigroup cut its Buy rating to Neutral and also lowered the $74 target price to $70. The consensus target is $76.04. The last trade Friday was for $65.22 a share.
Endeavor Group Holdings Inc. (NYSE: EDR): Credit Suisse resumed coverage with a Buy rating and a $40 target price. The consensus target is $32.73. Friday’s $21.91 close was up over 4% on the day.
FedEx Corp. (NYSE: FDX): Goldman Sachs reiterated a Buy rating with a $291 target price on the shipping and delivery giant. The consensus target is $286.93. Friday’s closing share price was $243.24, up over 7% after the company posted solid inline earnings and offered up strong forward guidance.
Futu Holdings Ltd. (NASDAQ: FUTU): J.P. Morgan downgraded the stock from Overweight to Neutral with a $55 target price. The consensus is up at $166.61. The shares ended trading on Friday at $52.94.
24/7 Wall St.GitLab Inc. (NASDAQ: GTLB): Goldman Sachs upgraded the shares to Buy from Neutral and boosted the $69 price target to $80. The consensus target is $66.67. The shares closed on Friday at $54.36, up 3% for the day, and were up an additional 5% in Monday’s premarket.
H.B. Fuller Co. (NYSE: FUL): J.P. Morgan cut its Overweight rating to Neutral with a $52 target price. The consensus target is up at $87.50. The closed almost 5% higher on Friday at $61.87.
Hess Corp. (NYSE: HES): Citigroup downgraded the energy giant to Neutral from Buy and cut the $126 target price to $100. That compares with a higher $141 consensus target and Friday’s close at $101.69.
iHeartMedia Inc. (NASDAQ: IHRT): BofA Securities slashed its price target $10 from $30 and lowered its Buy rating to Neutral. The consensus target is $23.29 for now. Friday’s close at $8.22 was down over 2% on the day.
Iron Mountain Inc. (NYSE: IRM): Barclays started coverage with an Overweight rating and a $58 price target. The consensus target is $55. Friday’s last trade for $49.46 a share, which was up over 3% for the day.
SpringBig Holdings Inc. (NASDAQ: SBIG): Jefferies started coverage on the small-cap pot stock with a Buy rating and a $4.50 target price. No consensus target was available. The stock was last seen on Friday trading at $2.60.
Sunoco L.P. (NYSE: SUN): Though Mizuho upgraded the shares to Buy from Neutral, it also trimmed the $46 price target to $44. The consensus target is $45.57. The stock closed up 3% on Friday at $37.31.
Tesla Inc. (NASDAQ: TSLA): Credit Suisse lowered its $1,125 price target on the electric vehicle leader to $1,000 while keeping an Outperform rating. That compares with a $905.97 consensus target and Friday’s closing print of $737.12, which was up close to 5% on the day.
Tetra Technology Inc. (NYSE: TTI): Johnson Rice raised its Hold rating on the oilfield services company to Buy with a $7 target price. The consensus target is $6.50. The shares closed on Friday at $4.17.
Ulta Beauty Inc. (NASDAQ: ULTA): Zacks makes a case for earnings and relative strength taking its Bull of the Day stock to all-time highs. Shares last closed at $410.54, and the $459.75 consensus price target would be an all-time high.
Walmart Inc. (NYSE: WMT): Jefferies reiterated a Buy rating on the retail heavyweight. Its $155 target price is less than the $156.18 consensus target. The stock ended Friday at $123.72 per share.
Wolfspeed Inc. (NASDAQ: WOLF): Goldman Sachs upgraded the stock to Buy from Neutral but lowered the $125 target price to $108. The consensus target is $110.36. The $71.40 close on Friday was up a stunning 14% for the day.
Six top Warren Buffett stock picks look like solid ideas for the second half of what has been a rough 2022. These blue-chip financial companies are poised to thrive as interest rates continue to rise.
Friday’s early top analyst upgrades and downgrades included Amgen, CarMax, D.R. Horton, Frontier, General Electric, Home Depot, Ingersoll Rand, Marathon Digital, MetLife, Palantir Technologies, Realty Income, Teck Resources, Ventas and WeWork. Analyst calls seen later were on Altria, Aurora Cannabis, Baxter International, Marathon Oil, Progressive, Shopify and more.
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