The futures are trading lower as we start the Thanksgiving holiday-shortened trading week. The stock market is closed on the big turkey day, and will also shutter early at 1 pm EST on Black Friday. The major indices closed the day modestly higher last Friday with the Dow Jones Industrials and the S&P 500 rising, while the Nasdaq was essentially flat, but overall ended the week down.
Mixed retail earnings and some very hawkish Federal Reserve commentary kept investors nervous as the potential for a terminal or ending Fed-funds rate could end up being higher than the currently anticipated 5%-5.25%.
The sellers returned to the Treasury market Friday as yields were once again up across the curve. Despite the selling both the 10-year notes and the 30-year bond closed under 4%. The intense buying after the CPI report earlier in the month has driven mortgage rates back to 6.81%, and last week rates saw their biggest drop since 1981, a huge positive as the housing market has hit the wall. The National Association of Realtors said Friday that existing home sales declined for the ninth straight month in October.
Oil price for Brent Crude and West Texas Intermediate both closed down Friday, which will be helpful for those driving to see friends and family for the holiday. Both benchmarks closed almost 2% lower. Analysts cited the cut in oil purchases by China from OPEC as a reason for the selling. Natural gas, gold, and Bitcoin all ended lower to close the week as well.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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 Monday November 21, 2022.
Alibaba Group Holding Limited (NYSE: BABA) BofA Securities maintained a Buy rating on the stock but lowered the target price to $142 from $147. The consensus on Wall Street is $135.03. The shares closed Friday at $80.48 down almost 4%.
Amgen Inc. (NASDAQ: AMGN) Credit Suisse initiated coverage with an Underperform rating and a $240 target price. The consensus for the biotech giant is $265.19. The last trade on Friday was filled at $287.29.
Applied Materials, Inc. (NASDAQ: AMAT) BofA Securities raised their target price on the semiconductor capital equipment giant to $125 from $117 and reiterated a Buy rating on the company. Across Wall Street the consensus target is set at $107.75. The shares ended Friday at $104.70.
Brightview Holdings, Inc. (NYSE: BV) Goldman Sachs lowered the price target on the Neutral rated shares to $10.50 from $12. The consensus target on Wall Street for the company is $14.63. The stock closed Friday at $7.48, down almost 5%.
Centene Corporation (NYSE: CNC) Oppenheimer maintained an Outperform rating on the stock to go with a $110 target price. The consensus is $101.32. The final trade Friday was posted at $82.68.
Coinbase Global, Inc. (NASDAQ: COIN) BofA Securities downgraded the stock to Neutral from Buy while lowering the price target on the shares to $50 from $77. The consensus target was not available. The shares ended trading on Friday at $45.26, down over 7% as the crypto slide continues.
Dole, Inc. (NASDAQ: DOLE) Goldman Sachs reiterated a Buy rating on the stock and has a big $16 target price. The consensus for the stock is set lower at $12.62. The shares were last seen Friday at $10.21 up almost 5%.
Domino’s Pizza Inc. (NYSE: DPZ) Northcoast upgraded the stock to Buy from Neutral and has a $460 target. The consensus for the pizza favorite is set at $374.83. The shares closed Friday at $367.89.
DraftKings, Inc. (NASDAQ: DKNG) Piper Sandler started covering the stock with an Overweight rating and a $21 target. The consensus price objective is $21.09. The final Friday trade hit the tape at $15.05.
The Gap Inc. (NYSE: GPS) Goldman Sachs raised its target price on the popular retailer to $10 from $9 while staying with a Neutral rating on the stock. The consensus target is posted at $9.90. The last trade on Friday was filled at $13.67 up to close to 8% after the company reported solid third-quarter results.
General Motors Company (NYSE: GM) Jefferies reiterated a Hold rating and has a $35 target price for the legacy auto giant. The consensus target is set much higher at $48.37. The shares closed Friday at $39.77.
24/7 Wall St.HP Inc. (NYSE: HPQ) BofA Securities lowered the target price on the legacy tech giant to $27 from $30 while keeping an Underperform rating. The consensus target was not available. The stock ended Friday at $29.48.
Inotiv, Inc (NASDAQ: NOTV) Jefferies maintained a Buy rating on the shares with a $10 target. The consensus is a stunning $50.33 for now. The stock closed Friday at $5.75, down a massive 16% after a main NHP supplier for the company was cited for violations.
Kohl’s Corporation (NYSE: KSS) BofA Securities maintained an Underperform rating on the stock and lowered the target price to $25 from $26. The consensus target for the company is set higher at $29.71. The shares ended Friday’s session at $30.98.
Lincoln Electric Holdings, Inc. (NASDAQ: LECO) Oppenheimer reiterated an Outperform rating on the stock with a $165 target. The consensus target for the company is set lower at $153. The final trade on Friday filled at $147.73.
LPL Financial Holdings Inc. (NASDAQ: LPLA) Jefferies reiterated a Buy rating on the broker dealer and has a $290 target price. The consensus target is set lower at $277. The stock closed Friday at $218.22.
Merck & Co. (NYSE: MRK) Credit Suisse started coverage with an Outperform rating and a $120 target price. The consensus is set at $109.48. The last trade on Friday came in at $104.23.
Palo Alto Networks, Inc. (NASDAQ: PANW) Oppenheimer raised its target price on the cyber security giant to $220 from $200 and reiterated an Outperform rating. That compares with the consensus target of $215.70 and Friday’s closing print of $167.38, up 7% after posting solid results for the quarter.
The Procter & Gamble Company (NYSE: PG) BofA Securities reiterated a Buy rating on the consumer staples heavyweight with a $170 target price. That is versus the $146.06 consensus target and Friday’s closing print of $142.57.
Rockwell Automation, Inc. (NYSE: ROK) BofA Securities reiterated a Buy rating on the stock to go with a $275 target price objective. The consensus target is set at $240.90. The shares were last seen Friday at $264.74.
Ross Stores, Inc. (NASDAQ: ROST) Goldman Sachs raised its target price on the company to $119 from $104 while maintaining a Buy rating on the stock. The consensus target is set at $101.69. The shares closed Friday at $107.59, up almost 10% after posting an earnings beat and a strong outlook.
Ulta Beauty, Inc. (NASDAQ: ULTA) Oppenheimer reiterated an Outperform rating on the stock and has a $505 target price. The consensus for the beauty retailing giant is $483.96. The stock was last seen Friday at $440.50.
Walgreens Boots Alliance, Inc. (NYSE: WBA) JPMorgan raised the pharmacy giant’s outlook to Overweight from Neutral with a $42 target price. The consensus is $40.39. The shares ended Friday at $39.75.
Wells Fargo & Company (NYSE: WFC) Jefferies reiterated a Buy rating on the money-center giant and has a $47 target. The consensus is higher at $54.42. The stock closed Friday at $46.50.
Williams-Sonoma, Inc. (NYSE: WSM) Goldman Sachs lowered its price target on the high-end retailer to $123 from $132, while reiterating a Neutral rating on the company. The consensus target is higher at $147.61. The shares closed Friday at $122.37, down almost 7% after earnings missed estimates.
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