Investing

Tidal Wave of Big Tech Earnings: Analysts Upgrade or Downgrade Amazon, Huntington Bancshares and More

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Markets were somewhat mixed on Monday, with the Nasdaq the only major index pushing lower. The Dow Jones industrials and S&P 500 were up 0.9% and 0.6%, respectively, while the Nasdaq was just barely negative. However, big things are coming for the Nasdaq this week, with a tidal wave of big tech earnings.

On the big tech earnings radar are the likes of Alphabet, Amazon, Apple, Meta and Microsoft, which account for roughly one-quarter of the S&P 500’s market cap. These are also major contributors to the Nasdaq index as well.

Also, the preliminary reading for gross domestic product is coming out on Thursday, and economists are expecting the U.S. economy to grow 2.3% year over year. This comes after two consecutive quarters of negative GDP growth, which many consider a recession, as per the classical definition.

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 AT&T, Chevron, FedEx, Intel, Meta, Qualcomm and more.

Amazon.com Inc. (NASDAQ: AMZN): MKM Partners reiterated a Buy rating and cut its $170 price target to $165. The 52-week trading range is $101.26 to $188.11, and the share price was near $119 on Friday.

CapStar Financial Holdings Inc. (NASDAQ: CSTR): Keefe Bruyette downgraded the stock to Market Perform from Outperform and cut the $26 price target to $20. Piper Sandler’s downgrade to Neutral included a price target cut to $19 from $24. The stock was last seen trading near $16, in a 52-week range of $16.25 to $22.74.

Green Plains Inc. (NASDAQ: GPRE): BMO Capital Markets cut its Outperform rating to Market Perform and lowered its $45 price target to $31. Shares have traded as high as $44.27 in the past year but were changing hands near $27 on Friday.

Huntington Bancshares Inc. (NASDAQ: HBAN): Though Stephens downgraded it to Equal Weight from Overweight, and it also raised the $15 price target to $16. The shares traded near $15 on Friday. The 52-week range is $11.67 to $17.79.

MorphoSys AG (NASDAQ: MOR): Deutsche Bank’s downgrade to Sell from Hold came with a price target cut to $150 from $196. The stock has traded as high as $12 a share in the past year but was last seen trading below $5. That is down nearly 41% year to date.

Prologis Inc. (NYSE: PLD): BofA Securities resumed coverage with a Buy rating and a $140 price target. The stock traded near $103 on Friday, in a 52-week range of $98.03 to $174.54.

Tattooed Chef Inc. (NASDAQ: TTCF): Cowen’s Outperform rating was lowered to Market Perform, and the $10 price target is now $4.50. The 52-week trading range is $3.90 to $19.02. Shares changed hands near $4 apiece on Friday.

Visteon Corp. (NASDAQ: VC): J.P. Morgan upgraded the shares to Neutral from Underweight, but it raised the $112 price target to $129. The stock traded near $125 on Friday, in a 52-week range of $88.82 to $140.44.

Williams-Sonoma Inc. (NYSE: WSM): The Jefferies downgrade was to Underperform from Hold, and the firm cut the $160 price target to $100. Shares traded near $114 on Friday, in a 52-week range of $101.58 to $223.32.

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