As of Thursday’s closing bell, the Dow Jones industrial average was down about 3.72% for this week, the S&P 500 was down about 4.8% and the Nasdaq 100 was down nearly 6%. Over the past 20 days, the Dow has lost about 7.3%, the S&P 500 has dipped by 10.6% and the Nasdaq 100 is down 14.3%. All three were moving higher Friday morning.
Every sector traded higher Friday morning, led by consumer cyclicals (3.6%), tech (3.1%) and energy (3.1%). Still, energy is up about 45% for the year to date, while consumer cyclicals have dropped about 25% and tech stocks have lost around 21%.
Analysts have made a number of price target changes over the past week, and virtually all of those have been downward. Growth stocks, especially, have been the object. None of this is particularly new; it has been going on for more than a month now, as macroeconomic conditions and higher interest rates have led analysts and investors to reevaluate the sunny projections of six months ago.
Here are six ratings or price target changes (three upgrades and three downgrades) we noted this week.
Wells Fargo upgraded ON Semiconductor Corp. (NASDAQ: ON) from Equal Weight to Overweight and hiked the chipmaker’s price target from $58 to $65. The consensus target is $72.44. The shares traded up more than 5.5% before noon on Friday, at $55.93 in a 52-week range of $34.01 to $71.25.
Goldman Sachs started coverage on cloud platform DigitalOcean Holdings Inc. (NYSE: DOCN) with a Buy rating and a $49 price target. The consensus target is higher at $57.82. Shares traded up almost 12% late Friday morning, at $37.70 in a 52-week range of $30.05 to $133.40.
Jefferies maintained its Buy rating on International Business Machines Corp. (NYSE: IBM) stock and has a $165 price target on the venerable technology giant. The consensus target is $144.88, so Jefferies’ action is sort of an upgrade. The stock traded at $133.24 on Friday, in a 52-week range of $114.56 to $152.84.
Goldman Sachs downgraded Coupa Software Inc. (NASDAQ: COUP) to Sell and slashed its $83 price target to $64. The consensus target is $106.61. The stock traded about 6% higher Friday morning, at $70.19 in a 52-week range of $58.43 to $283.38.
Oppenheimer maintained an Outperform rating on Coinbase Global Inc. (NASDAQ: COIN), along with a $197 price target. The consensus target is $175.14, after the dust settled following Coinbase’s miserable quarterly report. Shares were recovering, however, and the stock traded at $69.68 Friday morning, up more than 19%, in a 52-week range of $40.83 to $368.90. Goldman Sachs also cut its rating on the stock from Buy to Neutral this week.
Oppenheimer also maintained an Outperform rating on AppLovin Corp. (NASDAQ: APP) but dropped its price target from $100 to $74. The consensus target is $76.43. The shares traded up more than 11% Friday morning, at $40.89 in a 52-week range of $27.04 to $116.09. That low was posted on Monday, and shares jumped 35% Thursday after the company was reported to be considering a sale of its app business to focus on the higher-margin software silo.
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