Markets were somewhat mixed on Friday, with the Nasdaq pushing higher by more than half a percent. The Dow Jones were relatively flat, while the S&P 500 was marginally higher. This ultimately is setting up for yet another week of losses for the broad markets.
Reportedly, the personal consumption expenditures (PCE) price index rose by 0.3% in August after seeing a slight decrease in July. However, on an annual basis, the PCE increased by 6.2%, while the core PCE, which excludes food and energy, increased by 4.9%. Note that the Federal Reserve holds this index in high regard when considering moves in monetary policy.
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 Apple, Coinbase, First Solar, Kraft Heinz, Marvell Technology and more.
Agnico Eagle Mines Ltd. (NYSE: AEM): Citigroup upgraded the stock to Buy from Neutral. Shares traded near $42 on Friday, in a 52-week range of $36.69 to $67.14.
Bed Bath & Beyond Inc. (NASDAQ: BBBY): Odeon’s upgrade was from Sell to Hold with a $7.50 price target. Shares were last seen trading near $6. The 52-week range is $4.38 to $30.06.
Cboe Global Markets Inc. (CBOE): Goldman Sachs raised its Sell rating to Neutral and hiked the $120 price target to $126. Shares have traded as high as $135.65 in the past year but were near $119 on Friday, which is down about 10% year to date.
Century Aluminum Co. (NASDAQ: CENX): Wolfe Research downgraded the shares from Peer Perform to Underperform with a $4 price target. Shares traded near $5 on Friday, in a 52-week range of $5.55 to $30.36.
J.B. Hunt Transport Services Inc. (NASDAQ: JBHT): The Overweight rating at KeyBanc Capital Markets was cut to Sector Weight. The stock was last seen trading near $163, in a 52-week range of $153.92 to $218.18.
Micron Technology Inc. (NASDAQ: MU): The Summit Insights upgrade was to Buy from Hold. The shares traded near $51 on Friday. The 52-week range is $48.45 to $98.45.
Schneider National Inc. (NYSE: SNDR): KeyBanc Capital Markets downgraded it to Sector Weight from Overweight. The 52-week trading range is $20.30 to $27.50. The share price was near $21 on Friday.
Voya Financial Inc. (NYSE: VOYA): Piper Sandler’s upgrade to Overweight from Neutral included a price target hike to $70 from $65. The 52-week trading range is $56.20 to $74.97. Shares changed hands near $62 apiece on Friday.
The current bear market has the potential to trade down an additional 15%, so the best offense for investors may be to play defense. Six top aerospace and defense stocks could be among the safer ideas for the rest of the year and into 2023.
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