Tuesday's Top Analyst Upgrades and Downgrades: CrowdStrike, DoorDash, Etsy, JetBlue, Marriott, Silvergate Capital and More

The futures were mixed after a rough start to the trading week that saw all the major indexes trade lower, with the Russell 2000 getting punished the most, down almost 3%. Top Wall Street strategists cited the big market rally over the past six weeks as a main reason for the selling pressure. The S&P 500 closed below the 200-day moving average, and that could trigger more selling as the market braces for next week’s Federal Reserve meeting.

Interest rates were higher across the Treasury curve as sellers finally stepped in to take some profits after big moves higher for all the maturities recently. The 10-year note closed at 3.60%, keeping the inversion with the two-year in place as the short maturity ended trading on Monday at 4.40%. The yield curve inversion is at the widest level in 41 years.

Both Brent and West Texas Intermediate crude closed Monday down big, even after Sunday’s announcement that OPEC would be keeping production cuts announced in September in place until at least the summer of 2023. Natural gas also was hammered Monday, closing down well over 10% after it was reported the natural gas consumption in Europe is 24% below the five-year average. Gold and Bitcoin both finished the day lower.

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 Tuesday, December 6, 2022.

Allegiant Travel Co. (NASDAQ: ALGT): Morgan Stanley downgraded the stock to Equal Weight from Overweight and chopped its $175 price target to $115. The consensus target is $114.33. Shares closed almost 5% lower on Monday at $77.98.

AON PLC (NYSE: AON): MKM Partners reiterated a Buy rating and raised its $335 target price to $360. The consensus target is $303.15. Monday’s close was at $308.78

Callon Petroleum Co. (NYSE: CPE): J.P. Morgan upgraded the stock to Neutral from Underweight and has a $57 target price. The consensus target is $61.94. Monday’s close at $39.49 was down over 4% on the day.

Commerce Bancshares Inc. (NASDAQ: CBSH): Morgan Stanley started coverage with an Equal Weight rating and a $74 target price. The consensus target is $68.17. The stock closed on Monday at $68.43.

CrowdStrike Holdings Inc. (NASDAQ: CRWD): Daiwa Securities upgraded the stock to Buy from Outperform. It also trimmed its $193 target price to $181, below the $183.94 consensus target. The shares closed Monday at $118.33, down almost 5% as worries over corporate spending surfaced.

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