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.
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These are the top analyst upgrades, downgrades and initiations seen on Tuesday, June 28, 2022.
Albemarle Corp. (NYSE: ALB | ALB Price Prediction): 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.
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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.
Darden Restaurants Inc. (NYSE: DRI): BofA Securities resumed coverage with a Buy rating and a $145 target price. The consensus target is $143.71. Monday’s close was at $121.93.
Deckers Outdoor Corp. (NYSE: DECK): Wells Fargo resumed coverage with an Equal Weight rating and a $280 price target. That compares with the much higher $396.00 consensus and Monday’s $268.36 close.
DraftKings Inc. (NASDAQ: DKNG): JMP Securities initiated coverage on shares of the popular fantasy sports and gaming site with a Market Outperform rating and a $25 target price. The consensus target is higher at $28.02. The stock closed almost 4% lower on Monday at $13.60.
eBay Inc. (NASDAQ: EBAY): UBS downgraded the shares to Neutral from Buy and cut the $60 price target to $48. The consensus target is $57.73. The stock closed at $44.38 on Monday.
Fortinet Inc. (NASDAQ: FTNT): BMO Capital Markets raised its Market Perform rating to Outperform with a $70 target price. This compares with the $71.59 consensus target and Monday’s close at $58.85.
Fresenius Medical AG & Co. (NYSE: FMS): The Jefferies upgrade to Buy from Underperform included a price target hike to $33.70 from $30.30. The close on Monday was at $260.06.
Informatica Inc. (NYSE: INFA): Goldman Sachs downgraded the shares to Neutral from Buy and cut the $40 price target to $28. The consensus target is $30.30. The stock closed more than 5% lower Monday at $20.76, likely due to the downgrade.
LyondellBasell Industries N.V. (NYSE: LYB): Credit Suisse started coverage on the chemical giant with an Underperform rating and a $70 price target. That is lower than the $116.24 consensus target and Monday’s closing print of $88.22.
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MarketAxess Holdings Inc. (NASDAQ: MKTX): Jefferies reiterated a Hold rating and a $300 target price. The consensus target is $329.45. Monday’s close was at $272.
Nasdaq Inc. (NASDAQ: NDAQ): Jefferies maintained a Hold rating with a $174 target. The consensus target is $204.93. The shares closed at $157.93 on Monday.
National Vision Holdings Inc. (NYSE: EYE): Goldman Sachs raised its Neutral rating to Buy and bumped up the price target to $32 from $31. The consensus target is $34.18. The stock ended Monday at $30.54, up close to 3% for the day.
Old Dominion Freight Line Inc. (NASDAQ: ODFL): Wells Fargo upgraded the shares to Overweight from Equal Weight and lifted the $280 target price to $300. The consensus target is $299.06. The closing share price was $260.06 on Monday.
Ollie’s Bargain Outlet Holdings Inc. (NASDAQ: OLLI): The Goldman Sachs upgrade to Neutral from Sell included a price target hike to $57 from $37. The consensus target is $61.71. Monday’s final trade came in at $62.86 a share.
PPG Industries Inc. (NYSE: PPG): Vertical Research upgraded the stock from Hold to Buy with a $139 target price. The consensus target is $153.33. The stock closed on Monday at $121.30.
Quanex Building Products Corp. (NYSE: NX): Zacks selected this as its Bull of the Day stock, citing the recent earnings beat. Shares last closed at $23.29, and the $32.50 consensus price target represents almost 40% potential upside.
Riot Blockchain Inc. (NASDAQ: RIOT): Compass Point upgraded the bitcoin miner to Buy from Neutral and has a $14 target price. The consensus target is up at $23.10. The shares closed Monday at $4.89, which was down close to 6% for the day, but they traded over 5% higher in Tuesday’s premarket.
RPM International Inc. (NYSE: RPM): Credit Suisse started coverage with an Outperform rating and a $95 target price objective. The consensus target is $97.50. The stock closed on Monday at $81.14.
Simply Good Foods Co. (NASDAQ: SMPL): Stephens raised its Equal Weight rating to Overweight. It also lifted the $44 price target to $45, closer to the $45.92 consensus target. The stock closed 7% higher on Monday at $41.55.
Texas Roadhouse Inc. (NASDAQ: TXRH): BofA Securities resumed coverage on shares of the popular steak house with a Buy rating and a $96 target price. The consensus target is $103. Monday’s final trade was for $77.02 per share.
WEC Energy Group Inc. (NYSE: WEC): KeyBanc Capital Markets upgraded the shares from Equal Weight to Overweight with a $104 target price. The consensus target is $105.04. The final trade for Monday was filled at $99.28.
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Five BofA Securities value stock picks look poised to stand tall if the market sell-off continues and could be huge second-half of 2022 winners. They come with very dependable dividends too.
See why Goldman Sachs now favors Robinhood over Coinbase. And BMO Capital Markets has a pair of picks with huge upside potential.
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Monday’s top analyst upgrades and downgrades included American Airlines, Carnival, Coinbase Global, FedEx, Futu, Hess, Tesla and Walmart. Analyst calls seen later in the day were on Bed Bath & Beyond, Chewy, Etsy, Oracle, Robinhood Markets and more.
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