Markets turned lower late on Wednesday after shocking inflation data was released earlier in the day. The Dow Jones industrials led the charge lower, down about 0.6%, while the S&P 500 was down closer to 0.4%. The Nasdaq was almost breaking even for the day.
The consumer price index for June saw an inflation print of 9.1%, beating out the consensus estimate calling for an increase of 8.8%. This is the biggest increase since November of 1981.
With inflation hitting record levels, this is likely to lock in another 75-basis-point increase from the Federal Reserve. We can expect this announcement closer to the end of the month, specifically July 26 or 27.
24/7 Wall St. is reviewing additional analyst calls seen on Wednesday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Herbalife, JetBlue, Snowflake, Southwest Airlines and more.
Ambev S.A. (NYSE: ABEV): J.P. Morgan’s upgrade was to an Overweight rating. The stock traded near $3 on Wednesday, in a 52-week range of $2.42 to $3.55.
Bath & Body Works Inc. (NYSE: BBWI): Evercore ISI downgraded the stock to In Line from Outperform. Raymond James initiated coverage with a Strong Buy rating and a $45 price target. The 52-week trading range is $25.75 to $82.00, and shares traded above $27 apiece on Wednesday.
BioNTech S.E. (NASDAQ: BNTX): SVB Leerink upgraded the shares to Outperform from Market Perform. The 52-week trading range is $117.08 to $464.00. The stock traded near $168 on Wednesday.
Caesars Entertainment Inc. (NASDAQ: CZR): KeyBanc Capital Markets downgraded it to Sector Weight from Overweight. The 52-week range is $36.41 to $119.81. Shares traded near $38 apiece on Wednesday.
Freeport McMoRan Inc. (NYSE: FCX): Exane BNP Paribas upgraded the stock to Outperform from Neutral. On the other hand, Citigroup lowered its Buy rating to Neutral and cut the $48 price target to $28. The shares traded near $26 on Wednesday. The 52-week trading range is $25.37 to $51.99.
Gap Inc. (NYSE: GPS): Deutsche Bank’s downgrade was to Hold from Buy, and it cut the price target to $9 from $12. The stock traded near $8 on Wednesday. The 52-week trading range is $7.79 to $32.26.
Hasbro Inc. (NASDAQ: HAS): KeyBanc Capital Markets downgraded the shares to Sector Weight from Overweight. The 52-week trading range is $78.32 to $105.73, and shares traded above $81 apiece on Wednesday.
Sherwin-Williams Co. (NYSE: SHW): The BofA Securities downgrade to Neutral from Buy included a price target cut to $292 from $313. The 52-week trading range is $214.22 to $354.15, and shares were trading near $245 on Wednesday.
Synchrony Financial (NYSE: SYF): Wells Fargo downgraded the stock to Equal Weight from Overweight and cut the $45 price target to $32. The stock traded near $30 on Wednesday, in a 52-week range of $27.22 to $52.49.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
