Investing

Giving Back Tuesday's Gains: Analysts Upgrade or Downgrade Ford, Goldman Sachs and More

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Markets were crushed to start out Wednesday, giving back some of their gains from earlier in the week. The Nasdaq led the charge lower, down nearly 2%, while the S&P 500 and Dow Jones industrials were down 1.4% and 1.1%, respectively. The question remains what is to come from the rest of this week, and if markets can edge out a gain.

Monday and Tuesday saw a surge of 5.7% in the S&P 500, which was the index’s largest back-to-back gain in more than two years. This also pushed the Dow out of bear territory. However, all the major indexes have been flirting with bear market territory since this summer.

In terms of economic numbers, the ADP private employment report demonstrated that the economy added 208,000 jobs last month. Analysts had called for an increase of 200,000. Data for August was revised to show an increase of 185,000 jobs, up from 132,000. The September employment report is due Friday, and economists are forecasting a nonfarm payrolls gain of 250,000.

Here, 24/7 Wall St. is reviewing additional analyst calls seen on Wednesday. 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 AMD, Amazon, Intel, Microsoft, Rivian and more.

Airbnb Inc. (NASDAQ: ABNB): Bernstein initiated coverage with an Outperform rating and a $143 price target. Shares traded near $108 on Wednesday, in a 52-week range of $86.71 to $212.58.

Chemours Co. (NYSE: CC): Argus downgraded the stock to Hold from Buy. Shares have traded as high as $44.95 in the past year but were near $27 on Wednesday, which is down about 18% year to date.

Ford Motor Co. (NYSE: F): Morgan Stanley’s upgrade was to Overweight from Equal Weight. (The analyst also made a call on rival GM.) Shares were last seen trading near $12. The 52-week range is $10.61 to $25.87.

Goldman Sachs Group Inc. (NYSE: GS): Atlantic Equities lowered its Neutral rating to Underweight with a $290 price target. Shares traded near $306 on Wednesday, in a 52-week range of $277.84 to $426.16.

Hasbro Inc. (NASDAQ: HAS): BofA Securities reiterated a Buy rating and cut its $91 price target to $83. Truist reiterated a Hold rating and cut its target to $75 from $88. Jefferies also reiterated a Buy rating, and it cut its $100 price target to $95. The stock was last seen trading near $69, in a 52-week range of $66.67 to $105.73.

Janus Henderson Group PLC (NYSE: JHG): Credit Suisse’s downgrade was from Neutral to Underperform with a $19 price target. The shares traded near $21 on Wednesday. The 52-week range is $20.25 to $48.55.

Lumen Technologies Inc. (NYSE: LUMN): Wells Fargo downgraded the shares to Equal Weight from Overweight and has an $8 price target. The 52-week trading range is $7.14 to $14.50. Shares changed hands near $7 apiece on Wednesday.

Medallion Financial Corp. (NASDAQ: MFIN): Northland Capital’s downgrade to Market Perform from Outperform included a price target cut to $9 from $11. The 52-week trading range is $3.50 to $10.05. The share price was near $7 on Wednesday.

Morgan Stanley (NYSE: MS): Atlantic Equities cut its Overweight rating to Neutral, and it lowered the $95 price target to $85. The 52-week trading range is $72.05 to $109.73, and the share price was near $82 on Wednesday.

SVB Financial Group (NASDAQ: SIVB): As Morgan Stanley downgraded it to Equal Weight from Overweight, the firm also cut the $493 price target to $351. Shares were last seen trading near $364, in a 52-week range of $328.27 to $763.22.


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