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.
EPAM Systems Inc. (NYSE: EPAM): Estimates for its Bear of the Day have fallen, says Zacks. Shares of the IT company have traded as high as $462.99 in the past year but closed most recently at $211.22 after falling more than 35% year to date.
Equity Residential (NYSE: EQR): Piper Sandler raised its Underweight rating to Neutral and its price target to $68 from $63. The consensus target is $68.34. The shares closed on Thursday at $65.23.
Eve Holding Inc. (NYSE: EVEX): Canaccord Genuity started coverage with a Buy rating and a $10 price target. The consensus target is $8.83. The shares closed on Thursday at $8.00.
First Northwest Bancorp (NASDAQ: FNWB): Piper Sandler downgraded the shares to Neutral from Overweight and trimmed its $14 price target to $13. The consensus target is $15.00. Thursday’s close was at $11.85.
Joby Aviation Inc. (NYSE: JOBY): Canaccord Genuity started coverage with a Buy rating and an $8 price target. The consensus target is $6.88. The stock closed on Thursday at $6.26.
Leonardo DRS Inc. (NASDAQ: DRS): Truist started coverage with a Buy rating and a $19 price target. That is just above the $18.00 consensus target. Thursday’s closing share price was $16.67.
Loop Media Inc. (NYSE: LPTV): B. Riley Securities started coverage with a Buy rating and a $5 price target. The consensus target is $5.25. Thursday’s $2.70 close was down over 7% for the day.
Park Hotels & Resorts Inc. (NYSE: PK): Evercore ISI’s downgraded was to In-Line from Outperform. Its $18.50 price target compares with a consensus target of $16.63 Thursday’s close at $14.24.
Principal Financial Group Inc. (NASDAQ: PFG): Keefe Bruyette upgraded the stock to Market Perform from Underperform but cut the price target to $75 from $77. The consensus target is $75.33. Thursday’s close was at $70.83.
Qualys Inc. (NASDAQ: QLYS): As Piper Sandler downgraded the shares to Underweight from Neutral, the analyst cut the $120 price target to $109. The consensus price target is $123.69, and shares closed on Thursday at $128.35.
Repare Therapeutics Inc. (NASDAQ: RPTX): Stifel’s upgrade was to Buy from Hold, and the price target rose to $16 from $11. The consensus target is $26.67. The stock closed on Thursday at $11.92.
Sinclair Inc. (NASDAQ: SBGI): Citing its valuation and growth on the top and bottom lines, Zacks selected this communications conglomerate as its Bull of the Day stock. Shares last closed at $16.14, and the consensus price target of $21.80 represents about 31% upside potential.
Target Corp. (NYSE: TGT): Citigroup cut its Buy rating to Neutral and cut its $177 price target to $130. The consensus price target is $177.74. The stock closed at $131.27 on Thursday.
UiPath Inc. (NYSE: PATH): Wells Fargo’s downgrade was to Equal Weight from Overweight. The firm’s $20 price target is more than the $18.53 consensus target. The stock closed on Thursday at $18.27.
Vertical Aerospace Ltd. (NYSE: EVTL): Canaccord Genuity initiated coverage with a Hold rating and a $2 price target. The consensus target is $3.50. Thursday’s close was at $1.88.
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Thursday’s top analyst upgrades and downgrades included Amazon.com, DoorDash, Lyft, Macy’s, Meta Platforms, Pinterest, Snap, T-Mobile, Uber, Wynn Resorts and more.
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