Monday's Top Analyst Upgrades and Downgrades: Adobe, Carvana, Goldman Sachs, Moderna, Take-Two Interactive, T-Mobile and More

Investing

Published: September 12, 2022 8:50 am

Last Updated: September 12, 2022 9:03 am

The futures were trading higher Monday, following Friday’s big risk-on rally that helped end the three-week losing streak for the equity markets. All the major indexes closed higher on Friday, with the tech-heavy Nasdaq leading the way by closing up over 2.11%, driven higher by some solid earnings reports and very oversold conditions.

With next week’s August consumer price index report the big economic news on the docket, some across Wall Street expect a lower print due to the decline in gasoline prices since the July report came out in early August. That spurred on bullish investors Friday looking to embrace the peak-inflation narrative, while the bear market rally crowd continued to stand their ground.

Interest rates were modestly higher on Friday, and with the 30-year fixed rate mortgage nearing the 6% mark, the highest since 2008. Any big selling across the Treasury curve over the next few weeks could push that rate over 6%. The two-year and 10-year note inversion stayed in play Friday, with the former closing at 3.56% and the latter at 3.32%.

Brent and West Texas Intermediate crude were strong on Friday, with both closing up over 3%. Big selling in the energy complex last week due to global recession worries, plus J.P. Morgan’s comments that OPEC could cut production by a million barrels per day, seemed to be the biggest catalyst for the move higher Friday. Natural gas closed above the $8 mark, up almost 2%, while gold closed higher and Bitcoin rallied over 10% on a weakening dollar to close at $21,288.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh 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 Monday, September 12, 2022.

Academy Sports and Outdoors Inc. (NASDAQ: ASO): Loop Capital started coverage with a Buy rating and a $60 price target objective. The analysts’ consensus target is $58.70. The shares closed on Friday at $49.56.

Adobe Inc. (NASDAQ: ADBE): Mizuho downgraded the shares of the legacy tech giant to Neutral from Buy and cut its $480 target price to $440. The consensus target is $460.36. Friday’s close was at $394.78.