Markets turned lower again on Tuesday, in the wake of a few consecutive down days, leading to even more concerns of another leg lower in the bear market. Each of the major averages started out positive but quickly turned lower on the day.
What is catching investors’ attention is the most recent move by the euro. It has fallen back below parity with the dollar. This matches the lowest level seen between these currencies since earlier this summer. The last time before that was two decades ago.
Many are blaming rising energy prices across the European continent for some of the decline in the currency. However, things could shape up to be a lot worse than a declining euro this winter as energy demand for heating is forecast to rise as temperatures drop. With complications at the Nordstream pipeline and geopolitical tensions still relatively high, this energy crisis is far from solved.
24/7 Wall St. is reviewing additional analyst calls seen on Tuesday. 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 Boeing, Deere, Foot Locker, Salesforce, Walmart and more.
Aerie Pharmaceuticals Inc. (NASDAQ: AERI): Needham downgraded the stock to Hold from Buy. Cantor Fitzgerald cut its Overweight rating to Neutral and reduced the $30 price target to $15.25. The 52-week trading range is $4.81 to $17.21, and the share price was near $15 on Tuesday.
Alpine 4 Holdings Inc. (NASDAQ: ALPP): Alliance Global Partners started coverage with a $2.75 price target. Shares traded near $1 on Tuesday, in a 52-week range of $0.57 to $5.74.
AutoNation Inc. (NYSE: AN): Argus initiated coverage with a Buy rating and a $150 price target. The 52-week trading range is $96.56 to $135.57. Shares changed hands near $126 apiece on Tuesday.
Denny’s Corp. (NASDAQ: DENN): Wedbush’s upgrade to Outperform from Neutral included a price target hike to $12.50 from $10. The 52-week trading range is $8.46 to $17.40 a share, and the stock was last seen near $10.
Grocery Outlet Holding Corp. (NASDAQ: GO): Morgan Stanley downgraded to an Underweight rating from Equal Weight and raised the price target to $33 from $29. The shares traded near $40 on Tuesday. The 52-week range is $21.01 to $46.37.
Infosys Ltd. (NYSE: INFY): J.P. Morgan’s downgrade was to Neutral from Overweight. The stock traded near $19 on Tuesday, in a 52-week range of $17.52 to $26.39.
iQIYI Inc. (NASDAQ: IQ): Macquarie started coverage with an Underperform rating and a $2.80 price target. Shares have traded as high as $10.61 in the past year but were near $3.50 on Tuesday, which is down 21% year to date.
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM): Citigroup downgraded the shares to Neutral from Buy and cut the $120 price target to $51.50. The 52-week trading range is $40.67 to $91.23, and shares were trading near $50 on Tuesday.
Zoom Video Communications Inc. (NASDAQ: ZM): The Buy rating at BTIG Research dropped to Neutral. Shares traded near $85 on Tuesday, in a 52-week range of $79.03 to $357.93.
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