Markets were crushed to start out Thursday, with the Nasdaq leading the charge lower, off nearly 1.5%. The S&P 500 and Dow Jones industrials were down 1.3% and 0.8%, respectively. All this comes despite a turnaround at some major retailers.
Target shares were crushed Wednesday following its much-less-than-stellar earnings report. This was in contrast to the U.S. Department of Commerce retail sales report that saw a 1% improvement month over month, suggesting a strengthening industry.
Since then, Macy’s shares jumped more than 7% after a fairly strong report. Kohl’s beat on earnings as well, but macro headwinds kept shares down about 3%. Walmart, Lowe’s and Home Depot all beat estimates as well. Bath & Body Works had the best showing, with shares up more than 26% to start the session. All this calls into question whether Target was an outlier and if the industry is due for recovery.
Here, 24/7 Wall St. is reviewing additional analyst calls seen on Thursday. 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 included Home Depot, Micron Technology, Qualcomm, Seagate Technology, Walmart and more.
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Advance Auto Parts Inc. (NYSE: AAP): Truist downgraded the stock to Hold from Buy and cut its $228 price target to $147. Citigroup’s downgrade to Neutral from Buy included a price target cut to $161 from $216. The shares traded near $150 on Thursday. The 52-week range is $149.70 to $244.55.
Agios Pharmaceuticals Inc. (NASDAQ: AGIO): Goldman Sachs changed its Sell rating to Neutral and raised its $17 price target to $32. The 52-week trading range is $16.75 to $40.06. Shares changed hands near $27 apiece on Thursday.
AppLovin Corp. (NASDAQ: APP): J.P. Morgan’s downgrade was to Neutral from Overweight, and it slashed its $75 price target to $18. The shares traded near $14 on Thursday. The 52-week range is $13.20 to $102.80.
Nio Inc. (NYSE: NIO): UBS’s downgrade to Neutral from Buy included a price target cut to $13 from $32. The stock traded near $10 on Thursday, in a 52-week range of $8.38 to $43.12.
Norfolk Southern Corp. (NYSE: NSC): Wolfe Research cut its Outperform rating to Peer Perform. The stock has traded as high as $299.20 a share in the past year but was last seen near $245. That is down nearly 16% year to date.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH): The Outperform rating at Credit Suisse is now Underperform, and the price target fell to $14 from $20. Shares traded near $16 on Thursday, in a 52-week range of $10.31 to $24.24.
Quest Diagnostics Inc. (NYSE: DGX): When Citigroup downgraded the shares to Sell from Neutral, it also reduced its $145 price target to $125. The stock traded near $143 on Thursday, in a 52-week range of $120.40 to $174.16.
Salesforce Inc. (NYSE: CRM): Monness Crespi & Hardt downgraded the stock to Neutral from Buy. The stock was last seen trading near $150, in a 52-week range of $136.04 to $306.99.
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Sprouts Farmers Market Inc. (NASDAQ: SFM): The downgrade at Northcoast was to Neutral from Buy. Shares have traded as high as $35.34 in the past year but were changing hands near $33 on Thursday.
Target Corp. (NYSE: TGT): Piper Sandler’s upgrade was to Overweight from Neutral, and the analyst raised the $190 price target to $200. BMO Capital Markets cut its Outperform rating to Market Perform and lowered the $190 price target to $165. Deutsche Bank downgraded the shares to Hold from Buy and cut its $183 price target to $144. The stock has traded as high as $256 a share in the past year but was last seen trading around $154. That is down over 32% year to date.
Workday Inc. (NASDAQ: WDAY): The Buy rating at Monness Crespi & Hardt was lowered to Neutral. The 52-week trading range is $128.72 to $307.78. Shares changed hands near $150 apiece on Thursday.
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