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Wednesday's Top Analyst Upgrades and Downgrades: Cisco, Home Depot, Netflix, Snowflake, Tyson Foods, Workday and More
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The futures were trading modestly higher Wednesday, as we reach the halfway point in the trading week after another solid risk-on move where all the major indexes closed higher Tuesday. Stellar earnings from big-box retailers Walmart and Home Depot, and a producer price index reading that came in lower for October than expected (up 0.2% versus 0.4% estimates) provided the tailwind for equities.
An important component to the slowdown in wholesale inflation was a 0.1% decline in services, and that is the first decline in that metric in two years. While Wall Street and investors cheered the news, the reality is inflation is still way above the Federal Reserve’s 2% goal.
Treasury yields were down across the curve, as buyers jumped in following the positive inflation data. The yield for the benchmark 10-year note fell to 3.80%, the lowest since early October. The inversion with the two-year note stayed in place, as the shorter maturity closed at 4.35%.
Brent and West Texas Intermediate crude both ended the day higher after a huge inventory draw and reports that oil inventories in the developed economies dropped to the lowest levels since 2004. Analysts also warned that the upcoming Russian embargo by the European Union on crude oil and products could tighten supplies even more as we head into the winter. Gold and Bitcoin both closed higher on the day.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations seen on Wednesday, November 16, 2022.
CarParts.com Inc. (NASDAQ: PRTS): Citing four straight beats, modest growth and margin expansion, Zacks selected this as its Bull of the Day stock. Shares last closed at $5.52, and the consensus price target of $11.70 represents about 112% upside potential.
Catalent Inc. (NYSE: CTLT): Zacks points out that earnings estimates for its Bear of the Day have slipped since the most recent results. Shares have traded as high as $136.13 in the past year but closed most recently at $48.91, which is down almost 56% in the past 90 days.
CIRCOR International Inc. (NYSE: CIR): Stifel raised its $25 price target to $30 while maintaining a Buy rating. The consensus target is $26.67. The stock closed almost 8% higher on Tuesday in the wake of solid results.
Cisco Systems Inc. (NASDAQ: CSCO): BofA Securities maintained a Buy rating with a $52 target and cited the stock’s attractive valuation. The consensus target is $54.82. Tuesday’s close was at $44.90.
Compugen Ltd. (NASDAQ: CGEN): Oppenheimer lowered its $12 target price to $8 but reiterated an Outperform rating. The consensus target is $6.49. The stock closed on Tuesday at $0.87.
Crescent Energy Co. (NYSE: CRGY): BofA Securities started coverage with a Neutral rating and a $15 target price. The consensus target is $18.00. Tuesday’s close at $14.30 was up almost 5% for the day.
Dentsply Sirona Inc. (NASDAQ: XRAY): Goldman Sachs reiterated a Neutral rating and lowered its $41 price target to $34. The consensus target is $37.18. The stock closed on Tuesday at $31.34.
Discover Financial Services (NYSE: DFS): BofA Securities reiterated a Buy rating with a $107 target price. The consensus target is up at $115.82. The stock closed on Tuesday at $103.63.
Garmin Ltd. (NASDAQ: GRMN): BofA Securities reiterated a Neutral rating and has a $110 target price. Shares have traded as high as $146.57 in the past year and closed most recently at $92.53.
Getty Images Holdings Inc. (NYSE: GETY): Goldman Sachs trimmed its $8 target price to $7 and maintained a Neutral rating. The consensus target is $14.56 for now. The shares were last seen on Tuesday trading at $5.86, down almost 16% after revenues missed estimates.
Home Depot Inc. (NYSE: HD): Truist Financial reiterated a Buy rating with a $400 target price. The consensus target is just $344.91. The stock closed on Tuesday at $311.93.
Hyatt Hotels Corp. (NYSE: H): Truist Financial maintained a Buy rating and has a $132 price objective. The $106.25 consensus target is closer to Tuesday’s close at $92.44 a share.
Monday.com Ltd. (NASDAQ: MNDY): Goldman Sachs lowered its $220 price target on the Buy-rated shares to $190. The consensus target is $161.24. The stock closed almost 6% higher on Tuesday at $107.81 after earnings and revenue beat estimates.
Netflix Inc. (NASDAQ: NFLX): BofA Securities reinstated coverage with a Buy rating and a $370 target price. The consensus target is a puzzling $282.03. Tuesday’s close at $310.20 was up almost 4% on the day.
Nu Holdings Ltd. (NYSE: NU): Goldman Sachs reiterated a Buy rating with an $11 target price. The consensus target is just $7.37. Tuesday’s close at $4.91 was up 13% after the company posted a surprise third-quarter profit.
Palo Alto Networks Inc. (NASDAQ: PANW): Stifel reiterated a Buy rating with a $215 price target. The consensus target is $216.91. The stock ended Tuesday’s session at $162.38. The company is expected to report numbers after the close Thursday.
Shoals Technologies Group Inc. (NASDAQ: SHLS): Goldman Sachs reiterated a Sell rating but bumped its $18 target price up to $20. The consensus target is up at $31.21. The stock closed 22% higher on Tuesday at $27.40 after earnings soared past estimates.
Snowflake Inc. (NYSE: SNOW): Stifel maintained a Hold rating with a $180 target. The consensus target is higher at $216.77. Tuesday’s $163.49 close was up almost 4% on the day.
Sohu.com Ltd. (NASDAQ: SOHU): BofA Securities reiterated a Buy rating with a $25.50 target price. The stock has traded as high as $20.02 in the past year but closed most recently at $14.24.
Tenable Holdings Inc. (NASDAQ: TENB): Truist Financial reiterated a Buy rating with a $50 target price. The consensus target is $48.36. The shares closed on Tuesday at $40.33, which was up close to 5% for the day.
Tyson Foods Inc. (NYSE: TSN): BofA Securities reiterated an Underperform rating with a $62 target price. The consensus is higher at $85.45. The shares closed on Tuesday at $64.34.
UiPath Inc. (NYSE: PATH): BofA Securities reiterated a Buy rating. Its $18 target price compares with a $17.38 consensus figure. The stock closed on Tuesday at $13.41, up over 11% after posting better-than-expected earnings.
24/7 Wall St.Unity Software Inc. (NYSE: U): Goldman Sachs reinstated coverage with a Neutral rating and a $36 target price. The consensus target is $38.49. The stock closed up 10% on Tuesday at $36.04 after posting solid results.
Workday Inc. (NASDAQ: WDAY): Oppenheimer reiterated an Outperform rating with a $205 target price. The consensus target is $209.97. The stock closed at $160.74, up almost 5% on the tech strength Tuesday.
Zscaler Inc. (NASDAQ: ZS): Stifel maintained a Buy rating and a $190 target price. The consensus target is $218.51. Tuesday’s $147.26 close was a gain of close to 8% on the Nasdaq strength.
As Warren Buffett takes a surprising $5 billion stake in a semiconductor maker, BofA Securities suggests it is time for investors to test the waters with five top semiconductor picks that may be poised to turn around next year.
Tuesday’s top analyst upgrades and downgrades included Advanced Micro Devices, Arista Networks, Biogen, CyberArk Software, Global Payments, Kanzhun, Medical Properties Trust, Meta Platforms, Nvidia and Redfin.
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