Friday's Top Analyst Upgrades and Downgrades: Adobe, Corning, Dominion Energy, Park Hotels, Target and More

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The futures were somewhat mixed on Friday. The Dow Jones industrials were down 0.20%, the Nasdaq was up 0.25% and S&P 500 was practically flat. The summer doldrums are in full swing, with markets seemingly in a holding pattern in this slow part of the year. It appears many investors and brokers are adhering to the market adage of “sell in May and go away.” However, there is still some ongoing action in play in the markets.

Many expect the Federal Reserve to hold steady on rates next week, or at the most to raise by 25 basis points, but with inflation remaining stubbornly high it is still uncertain what is to come.

Brent and West Texas Intermediate crude pushed higher, if only slightly, as the latter was holding near $71 a barrel. Separately, gold edged higher but was still holding just below the $2,000 level at $1,981. Some feel that gold can take a run at new all-time highs, should there be any disruptions in the equity markets, as many bears are calling for. Bitcoin traded slightly higher in Friday’s premarket, up less than 1% at $26,649.

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 Friday, June 9, 2023.

Adobe Inc. (NASDAQ: ADBE): Wells Fargo upgraded the stock to an Overweight rating from Equal Weight. It also raised its $420 price target to $525, well above the consensus target of $422.97. Thursday’s final trade was for $439.03 a share.

Archer Aviation Inc. (NYSE: ACHR): Canaccord Genuity initiated coverage with a Buy rating and a $9 price target. The consensus target is $7.70. The stock closed down over 2% on Thursday at $3.06.

Booking Holdings Inc. (NASDAQ: BKNG): Wells Fargo initiated coverage with an Underweight rating and a $2,257 price target. The consensus target is $2,868.93. The stock closed on Thursday at $2,647.46.

Corning Inc. (NYSE: GLW): Morgan Stanley’s upgrade to Overweight from Equal Weight included a price target hike to $38 from $35. The consensus target is $37.00. The stock closed on Thursday at $31.68.

Dominion Energy Inc. (NYSE: D): Goldman Sachs resumed coverage with a Neutral rating and a $55 price target. That compares with a $60.69 consensus target and Thursday’s closing print was $53.29.

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