The futures traded higher Tuesday, after the markets tried to push a follow-through rally across the major indexes on Monday. But the rally failed and all three closed lower. With the quarter ending on Thursday, it is very possible that we see some strength in the next few days as fund managers realign portfolios with the proverbial window dressing and add shares of companies that have outperformed during the second quarter.
One thing is for sure. With second-quarter earnings reports right around the corner, companies that miss estimates or offer weak forward guidance can count on being taken to the proverbial woodshed.
The sellers returned to the Treasury market Monday, as yields were higher across the board, mirroring Friday’s weakness. The benchmark 30-year bond closed right at the 3.30% level. Both Brent and West Texas Intermediate crude closed modestly higher, while gold closed flat, and Bitcoin was down over 1%.
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 Tuesday, June 28, 2022.
Albemarle Corp. (NYSE: ALB): Credit Suisse started coverage of the stock with an Underperform rating and a $185 target price. The consensus price objective is $285.63. The stock closed on Monday at $226.62 per share.
Amedisys Inc. (NASDAQ: AMED): Jefferies reiterated a Buy rating with a $200 target price. The consensus target is $163.20. The last trade on Monday came in at $114.60.
Atlassian Corp. PLC (NASDAQ: TEAM): Goldman Sachs upgraded the shares to Buy from Neutral and raised the $279 price target to $300. The consensus target is $360.25. The shares closed on Monday at $202.11.
Autodesk Inc. (NASDAQ: ADSK): This software maker is the Zacks Bear of the Day. Shares have traded as high as $344.39 in the past year but closed most recently at $185.87. That is down almost 40% year to date, more than the Nasdaq and the S&P 500.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN): Baird reiterated an Outperform rating and has a $112 target price. The consensus target is $112.56. Monday’s closing print was $85.09.
Celanese Corp. (NYSE: CE): Credit Suisse started coverage with an Underperform rating and a $105 target price. The consensus target is $178.80. The shares ended trading on Monday at $124.71.
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