Markets pushed higher to close out the week, with the Nasdaq leading the charge, up just over 1%. The S&P 500 and Dow Jones industrials were each roughly 0.7% higher. All this comes as markets are attempting to break a three-week losing streak.
A couple of factors played into Friday’s move. On the domestic front, analysts are expecting the Federal Reserve to deliver a third consecutive interest rate hike of at least 75 basis points later this month. In fact, some analysts are suspecting that the magnitude of the rate hike may be much greater than previously seen.
Separately, Europe is in a staring match with Russia, and neither has yet to blink. Europe is looking to impose price caps on Russian energy imports, while Russia is refusing, stating that if any price caps should be imposed then Putin would pull the plug on European energy entirely. Russia is also demanding that sanctions be lifted as it continues its war with Ukraine.
What happens next remains to be seen, but for now it makes for a stock picker’s market.
Here, 24/7 Wall St. is reviewing additional analyst calls seen on Friday. 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 Chipotle Mexican Grill, CrowdStrike, First Solar, Intel, Nvidia, Starbucks and more.
American Water Works Co. Inc. (NYSE: AWK): J.P. Morgan upgraded the stock to Neutral from Underweight and raised the $162 price target to $165. The shares traded near $155 on Friday. The 52-week range is $129.45 to $189.65.
CarMax Inc. (NYSE: KMX): The BofA Securities downgrade to Underperform from Neutral included a price target cut to $100 from $146. The 52-week trading range is $84.37 to $155.98. Shares changed hands near $88 apiece on Friday.
Coinbase Global Inc. (NASDAQ: COIN): Daiwa Securities reiterated a Buy rating with a $100 price target. Shares traded near $78 on Friday, in a 52-week range of $40.83 to $368.90.
DocuSign Inc. (NASDAQ: DOCU): J.P. Morgan lifted its Underweight rating to Neutral with a $65 price target. Shares have traded as high as $288.50 in the past year but were near $65 on Friday, which is down about 62% year to date.
Enphase Energy Inc. (NASDAQ: ENPH): Guggenheim’s downgrade was to Neutral from Buy. The stock was last seen trading near $308, in a 52-week range of $113.40 to $324.84.
ImmunoGen Inc. (NASDAQ: IMGN): Barclays started coverage with an Overweight rating and an $8 price target. On Friday, shares traded near $5, within the 52-week range of $3.10 to $7.77.
Navient Corp. (NASDAQ: NAVI): Barclays cut its rating to Equal Weight, and its $19 price target decreased to $13. Shares traded near $14 on Friday, in a 52-week range of $12.45 to $23.80.
New Fortress Energy Inc. (NASDAQ: NFE): BTIG Research downgraded it to Neutral from Buy. Shares traded near $56 on Friday. The 52-week range is $19.17 to $63.06.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN): As Jefferies upgraded the stock to Hold from Underperform, the firm raised the $536 price target to $675. The shares traded near $732 on Friday. The 52-week range is $538.01 to $747.42.
3M Co. (NYSE: MMM): UBS’s upgrade was from Sell to Neutral with a $126 price target. The 52-week trading range is $115.98 to $187.92, and the share price was near $121 on Friday.
Virgin Galactic Holdings Inc. (NYSE: SPCE): Bernstein downgraded the stock to Underperform from Market Perform and has a $4 price target. The stock was last seen trading near $6, in a 52-week range of $5.14 to $26.83.
Zumiez Inc. (NASDAQ: ZUMZ): B. Riley Securities both lowered its Buy rating to Neutral and cut the $42 price target to $25. On Friday, shares traded near $25, within the 52-week range of $23.08 to $55.10.
24/7 Wall St. has screened the Goldman Sachs Conviction List looking for safe dividend stocks investors can rotate to now to get ahead of what could be a big move lower in the fall resulting from coming big Federal Reserve interest rate hikes.
Goldman Sachs also has updated its outlook on solar stocks. See which ones the firm favors now.
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