Markets continued their rally on Tuesday on the back of even more strong earnings hitting the tape. The Nasdaq again was the best-performing index, up 1.8%, while the S&P 500 and the Dow Jones industrials were each up 1.7% each.
Goldman Sachs gave a solid boost to the Dow with its better-than-expected earnings. However, despite this good news, the investment bank’s CEO David Solomon noted that there is a “good chance” that the U.S. economy will enter a recession next year.
The question remains whether equities finally are in recovery, or is this just another bear market rally on the long way down?
Here, 24/7 Wall St. is reviewing additional analyst calls seen on Tuesday. 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, Chipotle, Citigroup, Kroger, Salesforce and more.
Acushnet Holdings Corp. (NYSE: GOLF): Roth Capital downgraded this stock to Neutral from Buy and cut its $62 price target to $45. The 52-week trading range is $37.46 to $57.87, and the share price was near $45 on Tuesday.
Carvana Co. (NYSE: CVNA): Wedbush’s downgrade was to Neutral from Outperform, and it slashed the $50 price target to $15. Shares have traded as high as $309.50 in the past year but were changing hands near $19 on Tuesday.
Cleveland-Cliffs Inc. (NYSE: CLF): Exane BNP Paribas dropped its Neutral rating to Underperform with a $14.30 target price. The stock was last seen trading near $15, in a 52-week range of $12.90 to $34.04.
EOG Resources Inc. (NYSE: EOG): Goldman Sachs upgraded the shares to Buy from Neutral and raised the $125 price target to $143. Shares traded near $124 on Tuesday, in a 52-week range of $80.67 to $147.99.
International Paper Co. (NYSE: IP): Deutsche Bank’s downgrade to Sell from Hold included a price target cut to $29 from $44. The shares traded near $34 on Tuesday. The 52-week range is $30.69 to $53.96.
Juniper Networks Inc. (NYSE: JNPR): Piper Sandler’s upgrade was to Neutral from Underweight, with the $27 price target bumped up to $29. The 52-week trading range is $25.18 to $38.14. Shares changed hands near $27 apiece on Tuesday.
MongoDB Inc. (NASDAQ: MDB): Redburn upgraded it to Neutral from Sell. Shares were last seen trading near $192. The 52-week range is $166.61 to $590.00.
Target Corp. (NYSE: TGT): As Jefferies upgraded the stock to Buy from Hold, it raised its $170 price target to $185. The 52-week trading range is $137.16 to $268.98. Shares changed hands near $157 apiece on Tuesday.
UiPath Inc. (NYSE: PATH): Barclays downgraded the shares to Equal Weight from Overweight and cut the price target to $17 from $15. Shares traded near $12 on Tuesday, in a 52-week range of $11.10 to $59.57.
Three top oil exploration and production leaders have variable dividend plans, meaning they increase payments to shareholders when oil prices are higher. Their stocks have dropped dramatically since the summer, and they look poised for big total return potential in 2023.
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