Are Markets in Recovery? Analysts Upgrade or Downgrade Netflix, Ross Stores, Waste Management and More

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Markets came alive Tuesday morning, as more earnings crossed the tape, as well as seemingly in anticipation of Microsoft and Alphabet’s earnings after the close. The tech-heavy Nasdaq was leading the charge higher with a gain nearly 2%. The S&P 500 and Dow Jones industrials saw solid gains as well, up 1.2% and 0.8%, respectively.

Roughly one-fifth of companies in the S&P 500 have reported earnings results as of Friday. According to FactSet, 72% of these results topped the Wall Street consensus. If this trend keeps up, markets could well be on their way to recovery.

Leading the charge higher on Tuesday morning were Coca-Cola and GM, which each topped profit expectations. After a rocky September, third-quarter earnings season seems to be righting the markets. Microsoft and Alphabet will offer a picture of where the tech sector is in their reports after Tuesday’s closing bell.

Also be on the lookout for the results from Amazon, Apple and Facebook later this week.

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 AMD, Chevron, FedEx, Intel, Meta, Qualcomm and more.

Arista Networks Inc. (NYSE: ANET): Credit Suisse downgraded the stock to Neutral from Outperform and cut the $185 price target to $110. Shares traded near $113 on Monday, in a 52-week range of $89.11 to $148.57.

Denbury Inc. (NYSE: DEN): Roth Capital’s downgrade was to Neutral from Buy, but it raised its $87.75 price target to $103. The 52-week trading range is $56.59 to $104.05, and the share price was near $96 on Monday.

Equinox Gold Corp. (NYSE: EQX): RBC Capital Markets lowered its Sector Perform rating to Underperform. The stock was last seen trading near $3, in a 52-week range of $2.90 to $9.07.

First Advantage Corp. (NASDAQ: FA): Jefferies downgraded the shares to Hold from Buy. It also cut its $19 price target to $13. The stock traded near $13 on Monday, in a 52-week range of $11.68 to $24.60.

Netflix Inc. (NASDAQ: NFLX): The Daiwa Securities upgrade to Outperform from Neutral included a price target hike to $330 from $226. Shares have traded as high as $700.99 in the past year but were changing hands near $294 on Monday.

Planet Fitness Inc. (NYSE: PLNT): Though Piper Sandler upgraded it to Overweight from Neutral, the firm also lowered the $73 price target to $70. The shares traded near $60 on Monday. The 52-week range is $54.15 to $99.60.

Ross Stores Inc. (NASDAQ: ROST): Wells Fargo raised its Equal Weight rating to Overweight and raised its $90 price target to $110. The stock has traded as high as $123.36 a share in the past year but was last seen trading around $92. That is down nearly 24% year to date.

Waste Management Inc. (NYSE: WM): Jefferies upgraded the shares to Buy from Hold and raised its $170 price target to $191. The 52-week trading range is $138.58 to $175.98. Shares changed hands near $164 apiece on Monday.

Weber Inc. (NYSE: WEBR): Wells Fargo upgraded the stock to Equal Weight from Underweight, and it raised its $4 price target to $6.25. The stock traded near $7 on Monday, in a 52-week range of $4.82 to $17.46.

Five of the highest-yielding Dow stocks still offer good entry points and come with dependable dividends. They also look to poised benefit from solid demand and can do well even if a severe recession is on tap for 2023.

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