Markets continued their bounce on Monday, with each of the major averages up roughly 1% on the day thus far. All this comes in anticipation of the consumer price index (CPI) report coming out Tuesday morning, as many are anticipating slowing inflation.
According to Bloomberg, analysts are calling for inflation to moderate to an 8.1% year-over-year increase for August. This comes after a print of 8.5% inflation for July. At the center of the report, analysts are calling for a month-over-month drop in CPI, largely due to falling energy prices. Note that this would be the first month-over-month drop since May 2020.
Expect the Federal Reserve to keep an eye on the core CPI, which excludes more volatile factors such as food and energy. Analysts are calling for core CPI for August to increase by 6.1% year over year, while July came in slightly lower at 5.9%.
Look for the Fed to hike rates later this month. Most analysts agree that inflation has not cooled off enough yet for the Fed to slow its monetary tightening policy.
Here, 24/7 Wall St. is reviewing additional analyst calls seen on Monday. 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 Adobe, Goldman Sachs, Moderna, T-Mobile and more.
APA Corp. (NASDAQ: APA): Citigroup upgraded the stock to a Buy rating from Neutral, and it raised its $40 price target to $58. The shares traded near $41 on Monday. The 52-week range is $18.52 to $51.95.
Barrick Gold Corp. (NYSE: GOLD): Goldman Sachs started coverage with a Neutral rating and an $18 price target. Shares have traded as high as $26.07 in the past year but were near $16 on Monday, which is down about 15% year to date.
Canadian National Railway Co. (NYSE: CNI): The BofA Securities upgrade to Buy from Neutral included a price target hike to $135 from $128. The 52-week trading range is $106.61 to $137.19. Shares changed hands near $125 apiece on Monday.
Canadian Pacific Railway Ltd. (NYSE: CP): BofA Securities also upgraded this one to Buy from Neutral, and it raised the $85 price target to $87. Shares traded near $80 on Monday, in a 52-week range of $64.37 to $84.22.
Livent Corp. (NYSE: LTHM): Though Vertical Research lowered its Buy rating to Hold, it raised its $33 price target to $35. The stock was last seen trading near $32, in a 52-week range of $19.35 to $36.38.
Newmont Corp. (NYSE: NEM): Goldman Sachs started coverage with a Buy rating and a $53 price target. On Monday, shares traded near $44, within the 52-week range of $40.27 to $86.37.
Occidental Petroleum Corp. (NYSE: OXY): Citigroup downgraded the shares to Neutral from Buy but raised the $65 price target to $67. Shares traded near $67 on Monday, in a 52-week range of $24.96 to $77.13.
PTC Therapeutics Inc. (NASDAQ: PTCT): Jefferies initiated coverage with a Buy rating and a $62 price target. Shares traded near $52 on Monday. The 52-week range is $25.01 to $54.89.
Roblox Corp. (NYSE: RBLX): Cowen started coverage at Underperform with a $31 price target. The shares traded near $46 on Monday. The 52-week range is $21.65 to $141.60.
Vulcan Materials Co. (NYSE: VMC): Vertical Research’s upgrade was to Buy from Hold. The 52-week trading range is $137.54 to $213.85, and the share price was near $172 on Monday.
OPEC is expected to step up production cuts, which would have a huge impact on energy pricing and for energy investors going forward. Six oil and natural gas related stocks have at least a 6% dividend and appear to have solid upside potential.
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