Investing

Markets Settle Into Retail Earnings: Analysts Upgrade or Downgrade Bank of America, Nio and More

Markets were somewhat muted on Monday, after an impressive showing in the second half of last week. The consumer price index (CPI) print came in lower than expected on Thursday, causing markets to skyrocket. The Nasdaq was up over 7% at the time. Now that the data is settled and investors are calming down, markets seem to have cooled as well.

With this CPI data, investors are somewhat more optimistic going into the rest of this earnings season. While banks and tech are out of the way, major retailers are set to report this week, and it is just a matter of time to see how they will fare.

Here, 24/7 Wall St. is reviewing additional analyst calls seen on Monday. 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, AppLovin, Nvidia, Walgreens and more.

Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT): Wells Fargo resumed coverage with an Overweight rating and a $35 price target. The shares traded near $19 on Monday. The 52-week range is $11.70 to $48.75.

ASML Holding N.V. (NASDAQ: ASML): Susquehanna upgraded the stock to Positive from Neutral and raised its $510 price target to $850. The shares traded near $582 on Monday. The 52-week range is $363.15 to $881.12.

Bank of America Corp. (NYSE: BAC): Citigroup’s downgrade was from Buy to Neutral with a $40 price target. The stock was last seen trading near $38, in a 52-week range of $29.31 to $50.11.

Beam Global (NASDAQ: BEEM): H.C. Wainwright lifted its Neutral rating to Buy with a $30 price target. The stock traded near $16 on Monday, in a 52-week range of $8.90 to $34.51.

CytomX Therapeutics Inc. (NASDAQ: CTMX): The BMO Capital Markets downgrade to Market Perform from Outperform included a price target cut to $2.60 from $3. Shares traded near $1.30 on Monday, in a 52-week range of $1.17 to $7.53.

Dominion Energy Inc. (NYSE: D): Goldman Sachs raised its Sell rating to Neutral but cut its $72 price target to $69. The stock traded near $60 on Monday, in a 52-week range of $59.67 to $88.78.

Hasbro Inc. (NASDAQ: HAS): As BofA Securities downgraded the shares to Underperform from Buy, it slashed its $73 price target to $42. Shares have traded as high as $105.73 in the past year but were changing hands near $59 on Monday.

Nio Inc. (NYSE: NIO): The Buy rating at China Renaissance was previously Hold, and the analyst cut the $24.30 price target to $12.30. The stock has traded as high as $43.12 a share in the past year but was last seen trading around $11. That is down over 63% year to date.

Occidental Petroleum Corp. (NYSE: OXY): Wells Fargo’s upgrade to Equal Weight from Underweight came with a price target hike to $74 from $59. The stock has traded as high as $77.13 a share in the past year but was last seen near $75. That is up nearly 156% year to date.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA): J.P. Morgan downgraded the stock to Underweight rating from Neutral. It also trimmed its $11 price target to $10. The 52-week trading range is $6.78 to $11.34. Shares changed hands near $9 apiece on Monday.

Veris Residential Inc. (NYSE: VRE): BofA Securities upgraded shares to Neutral from Underperform and raised the $16 price target to $18. The 52-week trading range is $10.22 to $19.60. Shares changed hands near $15 apiece on Monday.

W.W. Grainger Inc. (NYSE: GWW): Wolfe Research’s downgrade was to Peer Perform from Outperform. The 52-week trading range is $440.48 to $612.06, and the share price was near $593 on Monday.


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