Futures are trading lower after a big start to the holiday-shortened trading week, which saw every index trade higher, after the small-cap Russell 2000 eked out a tiny gain on the close, finishing up 0.01% at $3010, and still leads all the major indices in 2026, up over 20%. The tech-heavy Nasdaq exploded higher, closing up 2.07% at 25,820, while the S&P 500 also saw strength, closing the session at 7,440, higher by 1.18%. The venerable Dow Jones Industrial Average closed at a record high of 52,182, up 059% on the day, with a nice move higher from new member Alphabet (NASDAQ: GOOGL). Positive news on the Iran war, with negotiators meeting today in Qatar, and an announced end to hostilities between the two nations, was the backdrop for a very solid day for stocks. We could see more fireworks before the weekend 4th of July fireworks, as end-of-quarter reallocations and window dressing could skew volatility and trading volume higher.
Yields were mixed across the Treasury curve on Monday, as some light buying came in on the long end, while there was selling across the belly and shorter maturities. Traders will continue to watch the situation in Iran. They will also be waiting for the May employment numbers scheduled for Thursday, as the markets are closed for the Federal 4th of July holiday on Friday. The 30-year-long bond finished the day at 4.86%, while the 10-year note was last seen at 4.37%.
After last week’s sizable sell-off, the energy complex attracted some buyers on Monday, as lower prices enticed accumulation at current levels. Brent Crude closed the day at $72.89, up 1.2%, while West Texas Intermediate finished the day at $70.39, up 1.82%. Natural gas, which has been strong recently, closed lower for the second straight session, down 3.26% at $3.17. The lower close was likely profit-taking, as the outlook for the commodity remains bullish.
After a nice move higher last week, Gold stumbled on Monday, closing down by 1.8% at $4,014, while Silver also closed lower, finishing the day at $58.13, down 1.56%. This comes as TD Securities’ head of commodity research, Bart Melek, predicted that gold will fall to $3,900 before rising to $5,300 by the end of 2026. He cited continued inflationary pressure as the main reason for the positive outlook.
Bitcoin continued to consolidate in the $59,000–$60,500 zone yesterday, and pushed toward $60,158 intraday before trading in the $60,150–$60,370 range late Monday afternoon. The modest gains of roughly +1% over the past 24 hours came amid low volatility and sideways trading. Ethereum hovered near $1,590–$1,620 during the day, with a slight recovery from earlier in the session. Sentiment remains neutral-to-cautious on the crypto sector, and on Monday, many altcoins saw more decliners than gainers, with broader crypto markets reflecting risk-off flows tied to macro factors, such as the stronger U.S. dollar and interest rate expectations. At 8 AM EDT, Bitcoin was trading at $59,210. At the same time, Ethereum was quoted at $1,582.
24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock.
Here are some of the best Wall Street analyst upgrades, downgrades, and initiations seen on Tuesday, June 30, 2026.
The post Here are Tuesday’s Best Wall Street Analyst Research Calls: Block, Comcast, Fortinet, Goldman Sachs, Honeywell, Klarna, Logitech, Scorpio Tankers, Trade Desk, and More appeared first on 24/7 Wall St..
]]>The futures are trading lower on Thursday after investors and traders tapped the brakes on the 2026 new year rally, as only the Nasdaq was able to grind out another gain, finishing the session at 23,584, up 0.16. After exploding higher to print new all-time highs on Tuesday, both the Dow Jones Industrials and the S&P 500 ended the day lower, with the former down 0.94% to close at 48.996 as Caterpillar Inc. (NYSE: CAT) was hammered to the tune of 4.25%, and the latter down just 0.34% to finish the day at 6,920. Needless to say, after a sprint out of the box to start the year, we could be seeing some short-term traders scalping profits, but it’s also possible investors were selling losers and winners from 2025 this year to book gains or losses in 2026. With the non-farm payrolls for December released on Friday morning, some could be taking capital off the table ahead of the report, following a lackluster year in 2025 for job growth and a poor ADP employment report.
Yields were mainly lower across the Treasury curve on Wednesday as buyers continued to snap up many intermediate- and longer-dated government bonds. Traders cited the weaker-than-expected ADP employment data, which showed a gain of 41,000 jobs versus expectations of 48,000. In addition, the Job Openings and Labor Turnover Survey (JOLTS) report indicated that job openings fell more than expected, reaching their lowest level in over a year. This is the kind of data that could spur more interest rate cuts in 2026. The 30-year Treasury long bond closed at 4.82% while the benchmark 10-year note was last seen at 4.14%.
Crude oil prices were lower across the energy complex on Wednesday, but the extreme pressure seen earlier in the week abated somewhat. Brent Crude finished trading on Wednesday at $60.31, down 0.64%, while West Texas Intermediate finished down 1.42% at $56.32. Concerns about oversupply continue to pose headwinds for the sector. Still, one positive for the day came when it was reported that four key Opec+ producers have pledged to deepen their production cuts in the first half of 2026, as the organization looks to improve quota compliance among its members. One bright spot for the day was natural gas rallying 6.48% to finish at $3.57.
For the first time in the new year, Gold and Silver finished lower on the day, and the likely reason was old-fashioned profit-taking after a massive rally in both precious metals over the last year. Last year, gold posted its biggest gains since 1979, and while the base for continued moves higher is in place for both gold and silver, traders are expecting near-term volatility. The final gold quote was $4,452, down 0.92%, while silver was quoted at $78.13, down 3.78%.
Crypto trading on Wednesday saw a downturn, with Bitcoin falling below $92,000 and pulling major altcoins down, extending earlier losses as traders digest new U.S. labor data and geopolitical risks, leading to increased risk-off sentiment and significant liquidations in leveraged futures, mainly affecting coins like XRP and Ethereum. At 8A EST, Bitcoin traded at $89.830, while Ethereum traded at $3,091.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. 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.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on
The post Here Are Thursday’s Top Wall Street Analyst Research Calls: Alphabet, Coinbase Global, Digital Realty Trust, Intuit, Reddit, Roku, Tyler Technologies, and More appeared first on 24/7 Wall St..
]]>The office products industry faces relentless headwinds as remote work, digitization, and shifting workplace habits erode demand for traditional supplies. Some companies are fighting back with strategic pivots, cost discipline, and acquisitions to unlock value in adjacent markets. ACCO Brands (NYSE:ACCO) just acquired premium headset maker EPOS for $11.7 million. We examined ACCO alongside peers navigating similar challenges to see who’s positioned to benefit from operational transformation in a declining category.
ACCO Brands manufactures staplers, binders, whiteboards, and computer accessories under brands like Swingline, Mead, and Kensington. The company generates $1.54 billion in annual revenue but saw sales contract 8.8% year over year in its most recent quarter. ACCO is betting on cost cuts and strategic acquisitions to stabilize margins and diversify beyond declining stationery sales.
Newell Brands (NASDAQ:NWL) operates a portfolio spanning office products (Sharpie, Paper Mate), home goods (Rubbermaid), and outdoor gear (Coleman). The company has been divesting non-core assets and focusing on higher-margin consumer categories. Office products remain part of the mix, but Newell’s exposure is diluted across multiple segments.
Logitech International (NASDAQ:LOGI) designs computer peripherals including mice, keyboards, webcams, and headsets. Unlike traditional office suppliers, Logitech benefits from hybrid work trends driving demand for home office technology. The company reported strong growth in video collaboration products and gaming accessories, positioning it differently from paper-based competitors.
HNI Corporation (NYSE:HNI) manufactures office furniture and hearth products. While not a direct office supplies competitor, HNI faces similar workplace transformation pressures. The company has focused on flexible workspace solutions and contract furniture for corporate clients adapting to hybrid models.
ACCO’s EPOS acquisition expands its Kensington accessories line into the $1.7 billion premium enterprise headset market. Management projects $10 million to $15 million in cost synergies over two years, substantial relative to the $11.7 million purchase price. The deal closes in January 2026 and is expected to boost profitability despite ongoing revenue headwinds. ACCO also operates a $100 million cost reduction program aimed at protecting margins as core stationery demand weakens.
Logitech holds the strongest position among these companies. Its product mix aligns with remote and hybrid work trends rather than fighting against them. Video conferencing equipment, wireless peripherals, and gaming accessories all benefit from the shift away from traditional offices. Logitech’s business is growing while ACCO’s contracts.
Newell Brands has partially insulated itself through diversification. Office products represent only a portion of revenue, with home essentials and outdoor categories providing stability. However, this diversification means Newell lacks the focused operational leverage that a pure-play turnaround could deliver.
HNI faces workspace transformation challenges similar to ACCO’s but operates in furniture rather than supplies. The company benefits from corporate spending on office redesigns for hybrid work, though furniture cycles are longer and more capital-intensive than consumable office products.
ACCO’s December 2025 acquisition announcement stated: “This strategic move aims to diversify ACCO’s offerings and capitalize on a $1.7 billion global market, with anticipated cost synergies of $10 million to $15 million over the next two years.”
The company added: “The acquisition is expected to moderately boost profit in 2026, despite a forecasted revenue decline for ACCO Brands in the current year.”
An October 2025 analysis from Insider Monkey noted that “despite lower-than-expected sales in Q3 2025 due to soft global demand, the company projects improved sales trends in Q4, driven by technology accessories and favorable foreign exchange rates.”
Management’s emphasis on cost discipline and technology accessories signals recognition that traditional office supplies won’t drive growth. The EPOS deal represents a concrete bet on premium workplace technology as the path forward.
Income investors seeking high yields benefit most from ACCO’s current situation. The stock offers an 8.13% dividend yield backed by 27 consecutive quarterly payments since 2018. The company trades at 0.52 times book value and 3.84 times forward earnings, creating a margin of safety for dividend sustainability even as revenue declines. Deep value investors also benefit from ACCO’s distressed valuation. Analyst targets average $6.00 versus the current $3.69 price, implying 63% upside if the turnaround gains traction. Institutional investors hold 84% of shares, suggesting sophisticated money managers see potential despite operational challenges.
Logitech serves growth-oriented investors better. Its products align with secular trends rather than requiring a turnaround thesis. Newell and HNI offer more diversified exposure but lack the focused transformation story or extreme valuation discount that defines ACCO’s appeal.
ACCO Brands benefits contrarian income investors willing to accept operational risk for an 8% yield and potential mean reversion. The EPOS acquisition and cost discipline provide tangible catalysts, but the core business remains challenged. Logitech offers cleaner growth exposure, while ACCO presents a high-risk, high-reward opportunity for those betting on stabilization in a distressed sector.
The post 4 Office Products Stocks Are Fighting Remote Work. Here’s Who’s Best Positioned. appeared first on 24/7 Wall St..
]]>Analysts at Guggenheim just upgraded Uber (NYSE: UBER) to a buy rating with a price target of $140 a share.
“Our BUY thesis is underpinned by the company’s asset base consisting of industry-leading 1) network, 2) technology, and 3) brand equity. Uber’s multi-platform network is >3x that of next ‘Gig’ peer, with reach positioning the Rideshare leader for increased Autonomous Vehicle (AV) adoption,” said the firm, as quoted by CNBC.
Last trading at $94.25 as of Tuesday’s close, we’d like to see the ride-sharing stock initially retest its recent high of $100.18 a share.
An improving environment for peripherals is creating a buy opportunity for Logitech (NASDAQ: LOGI), says Citi, as noted by CNBC.
Analysts upgraded the LOGI stock to a “buy” rating from a “neutral” rating. “We’re upgrading LOGI to Buy from Neutral with a TP of $130 (ETR of ~25%),” said the firm. “Peripheral demand should benefit given positive PC data points with checks suggesting constructive Videoconferencing equipment demand amidst return to office, and strong gaming peripherals demand.”
Last trading at $104.94, we’d like to see LOGI initially retest $115 a share.
Shares of DoorDash (NASDAQ: DASH) were just upgraded to an outperform rating by JPMorgan, which is bullish on DASH’s future following its acquisition of Deliveroo.
“Following the acquisition, DoorDash now operates in 45 countries with a combined population of over a billion. It serves more than 700,000 local businesses and 50 million monthly active users, with Deliveroo having contributed around seven million,” noted CNBC.
Wells Fargo just upgraded Apellis Pharmaceuticals (NASDAQ: APLS) to an overweight rating, with a price target of $32 a share. The firm cited “stabilizing Syfovre sales and its confidence in Empaveli’s launch following a doctor survey for the upgrade. The shares could rally 15%-20% on Empaveli’s growth,” as highlighted by Tip Ranks.
The post Wall Street Analysts Just Upgraded These Hot Stocks: UBER, LOGI, DASH, APLS appeared first on 24/7 Wall St..
]]>The futures were trading lower after the major indexes closed decidedly mixed, as the venerable Dow Jones industrial average closed lower while the tech-heavy Nasdaq and the S&P 500 both hit 52-week highs again on Wednesday. As expected, the Federal Reserve paused the rate hikes that have come at every meeting for over a year now. While it may be the pause that refreshes, Fed Chair Powell stated that two more rate hikes were likely on the way later this year.
While the consumer price index data this week was encouraging, the rate of inflation, especially at the core level, is still way above the benchmarks that the Fed has set. U.S. producer prices, reported Wednesday, jumped 1.1% over the last year, marking the 11th consecutive decline in the year-over-year rate of change and the lowest print since December 2020. The index peaked at 11.7% in March 2022.
Treasury yields were down across the curve as bond traders seemingly were positioned to Buy after rates had crept back up to levels not seen since March. The Treasury Department will be hitting the market with a tsunami of inventory of all government maturities, which is estimated at a stunning $1 trillion as the country’s coffers need to be refilled. The 10-year paper closed the day down four basis points at 3.80%, while the two-year note closed at 4.69%, flat on the day. The inversion between the two still indicates a recession could be on the way.
Brent and West Texas Intermediate crude had a weak day, with both closing down following Tuesday’s solid 3.5% gain. The tug-of-war over China demand still is the leading headline, along with slowing production, as the rig count has continued to fall on a weekly basis. Natural gas finished the day unchanged at $2.34.
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Gold continued its slow start to the week by closing lower at $1,955.70. Traders cited the drop in the producer price index and the general malaise around the bullion over the past month as the reason for the recent weakness. Bitcoin was hammered also on Wednesday, continuing a dreadful stretch that has been aided by worries over regulation. The cryptocurrency finished the day at $25,086, down over 3%.
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.
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These are the top analyst upgrades, downgrades and initiations seen on Thursday, June 15, 2023.
Albemarle Corp. (NYSE: ALB): KeyBanc Capital Markets started coverage on the stock with a Buy rating and a $260 target price. The consensus target is $263.54, and the stock closed on Wednesday at $226.80.
California Water Service Group (NYSE: CWT): UBS downgraded the shares to Sell from Neutral. The consensus target price is $61 for now. The stock closed over 4% lower on Wednesday at $51.59 after the downgrade.
Catalent Inc. (NYSE: CTLT): Jefferies cut its Buy rating to Hold and its $45 target price to $44. The consensus target is $50.08. Wednesday’s $42.09 close was down 4% for the day on the downgrade.
Chipotle Mexican Grill Inc. (NYSE: CMG): Piper Sandler resumed coverage with a Neutral rating and a $2,075 price target. The consensus target is $2,082.76. The closing share price on Wednesday was $2,061.17.
Cinemark Holdings Inc. (NYSE: CNK): As B. Riley Securities downgraded the stock to Neutral from Buy, it nudged the $21 price target to $20. The consensus target is $18.41. The shares closed on Wednesday at $17.23, which was down over 6% for the day on the downgrade.
CrowdStrike Holdings Inc. (NASDAQ: CRWD): KeyBanc Capital Markets initiated coverage with an Overweight rating and a $200 price target. The consensus target is $181.24. Wednesday’s close was at $151.90.
Deckers Outdoor Corp. (NASDAQ: DECK): Raymond James initiated coverage with an Outperform rating. Its $565 target price compares with the $530.12 consensus target and Wednesday’s closing trade of $506.73, which was up over 3% on the day.
Domino’s Pizza Inc. (NYSE: DPZ): Piper Sandler started coverage with an Overweight rating and a target price of $349. The consensus target is $350.71, and the stock closed on Wednesday at $305.72.
DoorDash Inc. (NYSE: DASH): When Gordon Haskett downgraded the stock to Hold from Buy, the analyst trimmed the $73 price target to $72. The consensus target is $77.39. Shares closed over 2% lower on Wednesday at $71.50.
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Estee Lauder Companies Inc. (NYSE: EL): Berenberg upgraded the stock to Buy from Hold. Its $243 target price compares with the $240.57 consensus target and Wednesday’s closing print of $192.15.
Icahn Enterprises L.P. (NYSE: IEP): Citing inflated net asset value, poor fundamentals and negative headlines, Zacks selected this as its Bear of the Day stock. Shares have traded as high as $55.16 in the past year but closed most recently at $29.28.
IPG Photonics Corp. (NASDAQ: IPGP): The Market Perform rating at Raymond James is now at Outperform. Its $170 target price is well above the consensus target of $138.14 and Wednesday’s close at $132.83.
Jack in the Box Inc. (NASDAQ: JACK): Piper Sandler started coverage with a Neutral rating and a $93 target price. The consensus target is $101.63. The stock closed at $91.58 on Wednesday.
Logitech International S.A. (NASDAQ: LOGI): Citigroup’s downgraded to Neutral from Buy included a target price cut to $70 from $73. The consensus target is $65.33. Wednesday’s $56.81 close was down over 11% on the downgrade.
McDonald’s Corp. (NYSE: MCD): Piper Sandler resumed coverage with a Neutral rating and a $308 target price. The consensus is up at $318.45. Wednesday’s close was at $288.44.
NVR Inc. (NYSE: NVR): Seaport Research Partners started coverage of the homebuilder with a Buy rating and a $7,000 target price. The consensus target is $5,666.67, which is lower than Wednesday’s $5,886.57 close.
Papa John’s International Inc. (NASDAQ: PZZA): Piper Sandler started coverage with a Neutral rating and a $77 target price. The consensus target is $91.93, and Wednesday’s last trade was delivered at $73.56.
ServiceNow Inc. (NYSE: NOW): Needham started coverage with a Buy rating and a $660 target price. The $547.23 consensus target is lower than Wednesday’s close at $567.31.
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Sherwin-Williams Co. (NYSE: SHW): Citigroup initiated coverage with a Buy rating and a $283 target price. The $256.69 consensus target is closer to Wednesday’s close at $245.85.
Shift4 Payments Inc. (NYSE: FOUR): As MoffettNathanson upgraded the stock to Outperform from Equal Weight, its $75 target price increased to $80. The consensus target is $80.73. The shares closed on Wednesday at $65.06.
Virgin Galactic Holdings Inc. (NASDAQ: SPCE): Alembic Global Advisors boosted its Underweight rating to Neutral with a $4.75 target price. The consensus target is $4.20, and shares closed on Wednesday at $4.39.
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Wednesday’s top analyst upgrades and downgrades included Apple, Devon Energy, EOG Resources, First Horizon, Global Payments, Mobileye Global, Netflix, Oracle, PagSeguro Digital, PayPal, Radian, StoneCo, Ulta Beauty and Urban Outfitters.
The post Thursday’s Top Analyst Upgrades and Downgrades: Cinemark, CrowdStrike, DoorDash, Estee Lauder, McDonald’s, ServiceNow, Virgin Galactic and More appeared first on 24/7 Wall St..
]]>The futures were trading lower after a bumpy start to the trading week that saw all the major indexes finish the day lower. The failure of First Republic Bank and the sale of assets to JPMorgan was the big story on Monday, as S&P 500 earnings continued to roll in for the first quarter. Those earnings have so far come in largely better than expected. Note though that Wall Street analysts lowered the earnings bar in a big way prior to the reporting.
All eyes are now turning to the Federal Reserve meeting this week. Once again, it is expected that federal funds rate will be raised 25 basis points for the 10th straight hike over the past year. Some feel this could be the final increase, while others lean toward one more hike in June.
Treasury yields jumped higher across the curve, as bond market participants also will be watching and listening to commentary from the Fed. The 10-year note closed at 3.55% on Monday, while the two-year paper finished the day at 4.12%. The continuing inversion suggests recession is on the way.
Brent and West Texas Intermediate crude both started the weak lower, following through on last week’s nearly 1.5% decline. The selling was prompted in part by the pending rate increase and weaker-than-expected economic data out of China. While the energy complex has given back most of the gains since the OPEC production cuts, analysts expect the group to keep a lid on production, and higher prices could be forthcoming. Natural gas closed down 4% at $2.31.
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Gold started off the week lower, closing down almost 0.5% at $1,989.70, while Bitcoin was the big loser on the day, closing down a stunning 4.65% at $27,889.
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, May 2, 2023.
Apple Inc. (NASDAQ: AAPL): BofA Securities reiterated a Neutral rating and lifted its $168 target price to $173. The consensus target is $170.89. The final trade on Monday was for $169.59 a share.
Baidu Inc. (NASDAQ: BIDU): Bernstein upgraded the stock to Outperform from Market Perform and has set a $160 target price. The consensus target is $180.66, and shares closed on Monday at $121.28.
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Biogen Inc. (NASDAQ: BIIB): Guggenheim upgraded the stock to Buy from Neutral and lifted the target price to $350 from $270. The consensus target is $325.04. The shares closed on Monday at $311.11.
Braze Inc. (NASDAQ: BRZE): As Oppenheimer reiterated an Outperform rating, it raised its $36 target price to $38. The consensus target is $40.77, and the stock closed on Monday at $29.42.
Check Point Software Technologies Ltd. (NASDAQ: CHKP): The BMO Capital Markets downgrade was to Market Perform from Outperform, and the $140 target price fell to $133. The consensus target is $139.40 for now. The stock closed down almost 7% on Monday at $118.52 despite a solid first-quarter report.
Comcast Corp. (NASDAQ: CMCSA): BofA Securities raised its Neutral rating to Buy from and its $35 price target to $45. The consensus target is $43.97. The stock closed on Monday at $41.64.
Danaher Corp. (NYSE: DHR): SVB Securities started coverage with an Outperform rating and a $300 target price. The consensus target is $282.30. Shares closed on Monday at $241.72.
Doximity Inc. (NYSE: DOCS): Wells Fargo’s downgrade to Equal Weight from Overweight included a target price trim to $35 from $37. The consensus target is $37.86. Monday’s close at $35.83 was down almost 3% for the day on the downgrade.
Essex Property Trust Inc. (NYSE: ESS): Piper Sandler upgraded the stock to Overweight from Neutral. It also raised its $242 price target to $271, well above the $235.05 consensus target. The stock closed on Monday at $220.68.
Estee Lauder Companies Inc. (NYSE: EL): Oppenheimer’s $290 target price increased to $300 as the analyst reiterated an Outperform rating. The $289.85 consensus target is closer to Monday’s closing print of $246.87.
Exxon Mobil Corp. (NYSE: XOM): Goldman Sachs downgraded the energy leader from Buy to Neutral with a $125 target price. That compares with the $128.96 consensus target and Monday’s close at $114.67, which was down 3% on the day after the downgrade.
General Motors Co. (NYSE: GM): When Morgan Stanley upgraded the shares to Overweight from Equal Weight, it bumped its $35 target price up to $38. The consensus target is higher at $47.70. Monday’s close was at $33.47.
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Hub Group Inc. (NASDAQ: HUBG): Stifel lowered its $110 target price on the Buy-rated shares to $94. The consensus target is $98.62, but the most recent close was at $76.16.
Logitech International S.A. (NASDAQ: LOGI): Morgan Stanley’s upgrade to Equal Weight from Underweight came with a target price hike to $56 from $40. The consensus target is $55.17. Monday’s close was at $60.98.
Nextracker Inc. (NASDAQ: NXT): Northland Securities started coverage with a Market Perform rating and a $32 target price. The consensus target is $39.38. The stock closed on Monday at $30.87.
O’Reilly Automotive Inc. (NASDAQ: ORLY) Oppenheimer raised its $890 target price on the Outperform-rated shares to $1,000. The consensus target is $964.70. The stock closed on Monday at $929.60.
Otis Worldwide Corp. (NYSE: OTIS): Wells Fargo’s upgrade was to Equal Weight from Underweight, and its $75 target price is now $88. The consensus target is $86.41. The shares ended Monday at $85.96.
Playtika Inc. (NASDAQ: PLTK): Citigroup resumed coverage with a Neutral rating and an $11 price target. The consensus target is $14.19. Monday’s $10.35 close was up almost 4% for the day.
Power Integrations Inc. (NASDAQ: POWI): The Market Perform rating at Northland Capital is now Outperform, and the analyst boosted the $66 target price to $82. The consensus target is $85.17. The last trade Monday came in at $74.96, which was up 3% for the day on the upgrade.
Principal Financial Group Inc. (NASDAQ: PFG): The BofA Securities downgrade was to Neutral from Buy, and its target price dropped to $78 from $81. The consensus target is $76.15. Monday’s close was at $73.98.
Scotts Miracle-Gro Co. (NYSE: SMG): Stifel upgraded the shares to Buy from Hold. It also raised its $65 target price to $80, just shy of the $80.29 consensus target. Monday’s $70.48 close was up over 5% on the day after the upgrade.
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Teradata Corp. (NYSE: TDC): Guggenheim raised its Neutral rating to Buy with a $62 price target. The consensus target is $46.39. Monday’s close at $41.03 was up 6% for the day on the upgrade.
Tractor Supply Co. (NASDAQ: TSCO): Oppenheimer’s $270 target price rose to $280 and the Outperform rating remained. The consensus target is $253.80. Monday’s close was at $238.95.
Zillow Inc. (NYSE: ZG): The upgrade at Bernstein was to Market Perform from Underperform, and it boosted its target price to $45 from $35. The consensus target is $49.95. Monday’s close was at $43.25.
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Four top companies are Wall Street favorites and are expected to raise their dividends this week, showing that each company is doing well and has the earnings and cash flow strength to increase its payout despite rising interest rates, inflation and economic uncertainty.
Monday’s top analyst upgrades and downgrades included Amazon.com, Bluebird Bio, Carnival, Fortinet, General Motors, Gilead Sciences, Hasbro, Hershey, Intel, International Paper, Masco, Mobileye Global, Salesforce, Snap and Waste Management.
The post Tuesday’s Top Analyst Upgrades and Downgrades: Apple, Baidu, Comcast, Exxon Mobil, General Motors and More appeared first on 24/7 Wall St..
]]>The futures were higher on Thursday, after a rough day across Wall Street Wednesday as all the major indexes closed lower. That was due to a combination of less than stellar earnings and the fact that many analysts and strategists feel that there is a strong possibility that recession will take current forward estimates considerably lower. Add to the mix, continued massive tech layoffs, the prospect of more interest rate hikes, deteriorating financial conditions and inflation numbers that were trending down but could turn higher again as oil and other commodities spike.
Treasury yields were once again flat to modestly lower across the curve Wednesday, after a big spike to the upside over the past week. Short rates continue to dwarf the long end of the curve, as the two-year and 10-year inversion plainly shows. The short paper closed Wednesday at 4.43%, while the longer note ended the day at 3.65%. The 78-basis-point difference is the widest since 1981 and suggests recession is on the way.
Brent and West Texas Intermediate crude finished the day higher, both closing up almost 2%, following a big move earlier in the week. The U.S. Energy Information Administration confirmed a build of 2.4 million barrels in inventory. This came as an Iranian representative said oil could hit $100 per barrel in the latter half of 2023 if China’s demand returns. Natural gas closed the day down over 7% at $2.40. Gold closed slightly higher, while Bitcoin was down over 1% to close below $23,000.
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.
[nativounit]
These are the top analyst upgrades, downgrades and initiations seen on Thursday, February 9, 2023.
American Airlines Group Inc. (NASDAQ: AAL): Redburn upgraded the stock to Buy from Neutral and has a $25 target price. The consensus target is $16.57, lower than Wednesday’s close at $16.98 a share.
American Express Co. (NYSE: AXP): Morgan Stanley raised its Equal Weight rating to Overweight with a $186 target price. The consensus target is $183.75. The shares closed on Wednesday at $179.
AutoZone Inc. (NYSE: AZO): Barclays began coverage of the retailer with an Overweight rating and a $2,663 price objective. The consensus target is $2,634.20, and the stock closed at $2423.36 on Wednesday.
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Best Buy Co. Inc. (NYSE: BBY): Barclays started coverage with an Equal Weight rating and a $88 target price. The consensus target is $83.87. The stock closed on Wednesday at $86.40.
Chesapeake Energy Corp. (NASDAQ: CHK): Citigroup started coverage with a Neutral rating and a $90 target price. The consensus target is up at $130.40. Wednesday’s close was at $81.98.
Delta Air Lines Inc. (NYSE: DAL): Redburn’s upgrade was from Neutral to Buy with a $55 target price. The consensus target is $51.00. The final trade on Wednesday was for $39.44 a share.
Discover Financial Services (NYSE: DFS): Morgan Stanley’s downgrade was from Overweight to Equal Weight with a $96 price objective. The consensus target is higher at $115.85. The stock closed on Wednesday at $115.60.
Dollar General Corp. (NYSE: DG): Barclays began coverage with an Equal Weight rating and a $237 target price. The consensus target is $264.92. The stock closed at $227.64 on Wednesday.
Duck Creek Technologies Inc. (NASDAQ: DCT): D.A. Davidson’s downgrade to Neutral from Buy included a target price cut to $19 from $22. The consensus target is $16.00. The stock closed on Wednesday at $18.80.
Enphase Energy Inc. (NASDAQ: ENPH): Oppenheimer maintained an Outperform rating and raised its $323 target price to $328. The consensus target is $300.21. The stock closed over 4% lower on Wednesday at $218.87. The company posted strong earnings.
Fortinet Inc. (NASDAQ: FTNT): Jefferies reiterated a Buy rating with a $70 target price. The consensus target is $64.03. Wednesday’s close at $59.64 was up almost 11% on the day following outstanding numbers for the quarter.
Goldman Sachs Group Inc. (NYSE: GS): Wells Fargo reiterated an Overweight rating and lifted its $390 target price to $420. The consensus target is $394.46. Wednesday’s close was at $375.10.
Hain Celestial Group Inc. (NASDAQ: HAIN): J.P. Morgan downgraded the stock to Neutral from Overweight. It also trimmed its $22 target price to $21, further from the $23.08 consensus target. The stock closed 10% lower on Wednesday at $19.02 after earnings beat estimates but sales dropped.
KKR & Co. Inc. (NYSE: KKR): Goldman Sachs lifted its $61 target price to $68 while keeping a Buy rating. The consensus target is $66.57. Wednesday’s last trade came in at $58.27.
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Lamb Weston Holdings Inc. (NYSE: LW): The Zacks Bull of the Day stock should do well regardless of whether a recession comes, says the analyst. Shares of the packaged foods company last closed at $98.99 apiece, and the $106.67 consensus price target would be a 52-week high.
Logitech International S.A. (NASDAQ: LOGI): Citing an earnings and revenue outlook trending in the wrong direction, Zacks selected this stock as its Bear of the Day. Shares have traded as high as $82.06 in the past year but closed most recently at $58.03. That is down almost 7% year to date.
Lululemon Athletica Inc. (NASDAQ: LULU): Oppenheimer reiterated an Outperform rating and has a $400 target price. The consensus target is $377.89. On Wednesday, the closing share price was $309.28.
Lumen Technologies Inc. (NYSE: LUMN): Citigroup downgraded the stock to Sell from Neutral and slashed its $6.25 target price to $3.50. The consensus target is $6.10 for now. Wednesday’s close at $3.95 was down 21% on the day after the company beat consensus estimates but gave dreadful forward guidance.
Micron Technology Inc. (NASDAQ: MU): Stifel raised its $52 price target to $55 while keeping a Hold rating. The consensus target is higher at $64.17. Wednesday’s $60.25 close was down 3% for the day.
Nutrien Ltd. (NYSE: NTR): TD Securities cut its Buy rating to Hold. Its $91 price objective is less than the $98.90 consensus target. Wednesday’s close at $78.17 was down almost 4% on the day.
Omnicom Group Inc. (NYSE: OMC): When Morgan Stanley upgraded the advertising behemoth to Equal Weight from Underweight, it hiked its $85 price target to $95. The consensus target is $83.30. The stock closed on Wednesday at $92.88.
Royal Caribbean Cruises Ltd. (NYSE: RCL): The BofA Securities upgrade was to Neutral from Underperform. The analyst raised the $40 price target to $78, well above the $69.29 consensus figure. The stock closed on Wednesday at $74.51.
TripAdvisor Inc. (NASDAQ: TRIP): As BofA Securities upgraded the stock to Buy from Underperform, it raised its $19 target price to $38. The consensus target is $24.33. The double upgrade had shares closing almost 4% higher on Wednesday at $25.09.
United Airlines Holdings Inc. (NASDAQ: UAL): The Sell rating at Redburn is now at Neutral, with a $55 target price. The consensus target is $57.38. Wednesday’s close was at $50.77.
United Rental Inc. (NYSE: URI): Credit Suisse initiated coverage with an Outperform rating. Its $544 target price compares with the $443.50 consensus target and Wednesday’s closing print of $458.04.
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Walmart Inc. (NYSE: WMT): Barclays initiated coverage with a Buy rating and a $159 target price. The consensus target is $140.22. The stock closed Wednesday’s session at $140.22.
Wayfair Inc. (NYSE: W): Barclays upgraded the stock to Equal Weight from Underweight and has a $70 target. The consensus target is $52.52. Wednesday’s close was at $62.46.
Werner Enterprises Inc. (NASDAQ: WERN): Goldman Sachs boosted its $36 target price on the Sell-rated shares to $40. The consensus target is higher at $47.71. The stock closed on Wednesday at $47.90.
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With all signs pointing to a looming recession, alternative assets are in demand. Six top gold stocks are rated Buy at BofA Securities and come with respectable dividends, making them great ideas now for worried investors.
Wednesday’s top analyst upgrades and downgrades included Alcoa, Cloudflare, Foot Locker, Fortinet, Lockheed Martin, On Semiconductor, Ovintiv, Pfizer, Take-Two Interactive Software, Tyson Foods and ZoomInfo Technologies.
The post Thursday’s Top Analyst Upgrades and Downgrades: American Airlines, American Express, Best Buy, Dollar General, Goldman Sachs, Royal Caribbean, Walmart and More appeared first on 24/7 Wall St..
]]>The futures traded higher Thursday after a wretched risk-off day after the election that saw all the major indexes close down big. The Nasdaq led the massacre, closing 2.48% lower. The lack of a Republican red wave, the fact that once again the final results may not be known until December, the crypto debacle with Binance’s proposed takeover of FTX, which looks sketchy now, and some messy numbers from Disney all contributed to the big move lower. Toss in the still red-hot inflation numbers Thursday morning and the path of least resistance could be lower.
Treasury rates were mixed across the curve Wednesday, with the biggest selling coming on the long end as the yield on the benchmark 30-year bond closed at 4.32%, up six basis points. The two-year and 10-year inversion remains in place, with the short note closing at 4.59% and the other at 4.15%. The spread has widened over the past few weeks, and bond traders see it as a recession harbinger.
A large crude oil inventory build was blamed for Brent and West Texas Intermediate crude getting hammered Wednesday, as they ended the day down 3.15% and 3.78%, respectively. Gold ended the day lower, while the aforementioned cryptocurrency implosion knocked Bitcoin down another 15% to the lowest level in two years.
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.
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These are the top analyst upgrades, downgrades and initiations seen on Thursday, November 10, 2022.
Affirm Inc. (NASDAQ: AFRM): Deutsche Bank reiterated a Hold rating on the buy now, pay later company and lowered the price target to $14 from $22. The consensus target is $29.60. The stock was bushwhacked Wednesday, closing down almost 23% at $12.10, after reporting a first-quarter loss and offering a much lower full-year outlook.
Amdocs Ltd. (NASDAQ: DOX): Oppenheimer reiterated an Outperform rating and has an $84 target price. The stock has traded as high as $90.77 in the past year but closed Wednesday at $81.71.
Anika Therapeutics Inc. (NASDAQ: ANIK): Barrington Research upgraded the stock to Outperform from Market Perform and has a $31 target price. The consensus target is $36. The stock closed over 8% higher on Wednesday at $29.60 despite mixed quarterly results.
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Coinbase Global Inc. (NASDAQ: COIN): The Daiwa Securities downgrade to Neutral from Buy included a target price cut to $52 from $82. That compares with the $85.76 consensus and Wednesday’s closing print of $45.98, which was down almost 10% as the cryptocurrency commotion continues.
Dominion Energy Inc. (NYSE: D): BofA Securities downgraded the utility to Neutral from Buy. It also lowered its $94 target price to $59, well below the $78.36 consensus target. The shares closed Wednesday at $60.42, down over 3% for the day, despite earnings that beat estimates last week.
Everest Re Group Ltd. (NYSE: RE): Morgan Stanley’s downgrade was from Overweight to Equal Weight with a $320 target price . No consensus target was not available. Wednesday’s close was at $320.04.
E.W. Scripps Co. (NYSE: SSP): Wells Fargo downgraded the stock to Equal Weight from Overweight and cut the target price to $11 from $20. The consensus target is $17.00. The last trade for Wednesday was posted at $10.39, down 10% on the day after the company missed earnings and revenue estimates.
First Bancshares Inc. (NASDAQ: FBMS): Janney’s upgrade to Buy from Neutral came with a $33.50 price target bumped up to $39. The consensus target is $37.15. Wednesday’s close was at $32.86.
Garmin Ltd. (NASDAQ: GRMN): Barclays initiated coverage with an Equal Weight rating and a $97 target price. Shares have traded as high as $147.04 in the past year, but Thursday’s close was at $85.58.
GoodRx Holdings Inc. (NASDAQ: GDRX): Goldman Sachs lowered its price target on the Neutral-rated shares to $8 from $10. The consensus target is $9.27. The stock closed on Wednesday at $4.06, down 22%, despite beating estimates, due to weak forward guidance.
GXO Logistics Inc. (NYSE: GXO): Oppenheimer maintained an Outperform rating with a $78 target price. The consensus target is $63.94. The stock ended Wednesday trading at $36.99.
ICON PLC (NASDAQ: ICLR): Though BofA Securities raised its Neutral rating to Buy, it also trimmed its $265 target price to $260. The consensus target is $254.60. The stock closed on Wednesday at $196.79.
IGM Biosciences Inc. (NASDAQ: IGMS): Jefferies resumed coverage with a Buy rating and lowered its $61 price target to $55. The consensus target is $39.64. The stock closed almost 7% lower on Wednesday at $16.05.
International Flavors Inc. (NYSE: IFF): J.P. Morgan’s downgrade was to Neutral from Overweight. The analyst also cut the $125 target price to $96, closer to the $91.58 consensus target. The last trade for Wednesday was reported at $91.58.
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Kite Realty Group Trust (NYSE: KRG): BofA Securities upgraded the stock to Buy from Neutral and nudged its $22 price target up to $25. The consensus target is $24.30. The stock closed at $20.54 on Wednesday.
Kroger Co. (NYSE: KR): Evercore ISI’s upgrade to Outperform from In Line included a target price boost to $56 from $49. The consensus target is $53.39. Wednesday’s $48.06 closed was up 2% for the day.
Logitech International S.A. (NASDAQ: LOGI): Barclays started coverage with an Overweight rating and a $65 target price. The consensus target is higher at $123.81. Wednesday’s final trade hit the tape at $53.82.
Lumentum Inc. (NASDAQ: LITE): Northland Capital downgraded the stock to Market Perform from Outperform. It also slashed its $120 target price to $55, while the consensus target is $95.86 for now. The shares ended Wednesday at $55.25, down over 6% on the day despite posting solid results earlier in the week.
Nasdaq Inc. (NASDAQ: NDAQ): Oppenheimer reiterated an Outperform rating and raised its $65 target price to $71. The consensus target is $65.44. Wednesday’s close was at $63.61.
Nexstar Media Group Inc. (NASDAQ: NXST): Wells Fargo downgraded the shares to Equal Weight from Overweight and lowered the $227 target price to $175. The consensus target is $230.22. The stock closed on Wednesday at $158.94, a retreat of 5% for the day, despite posting a solid earnings report.
PACCAR Inc. (NASDAQ: PCAR): Zacks has selected this truck maker as its Bull of the Day stock, citing resilient demand for its products and the stock as an excellent value play. Shares hit a 52-week high of $101.51 on Wednesday and are up about 17% in the past six months.
Plug Power Inc. (NASDAQ: PLUG): Oppenheimer stuck with an Outperform rating but cut its $63 price target in half to $31. The consensus target is $33.31 for now. The shares closed on Wednesday at $14.61.
PubMatic Inc. (NASDAQ: PUBM): Oppenheimer lowered its $28 target price to $23 but maintained an Outperform rating. The consensus target is $27.25 for now. Wednesday’s last trade at $13.86 was down over 14% for the day, after beating estimates but giving disappointing forward guidance.
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Tyson Foods Inc. (NYSE: TSN): BofA Securities downgraded the stock to Underperform from Neutral and cut the $73 price target to $61. The consensus target is up at $86.99. The stock ended Wednesday’s session over 5% lower at $64.13, likely on the downgrade.
Unisys Corp. (NYSE: UIS): Canaccord Genuity downgraded the stock to Hold from Buy and hammered its $20 target price down to $5. The consensus target is $18.00 for now. Wednesday’s close at $4.39 was down over 5% on the day.
Walt Disney Co. (NYSE: DIS): Goldman Sachs reiterated a Buy rating on the entertainment giant while cutting its $137 target price to $118. The consensus target is near $122 for now. The stock closed Wednesday at $86.75, down 13% after results missed estimates due in part to massive streaming costs.
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Wednesday’s top analyst upgrades and downgrades included Amgen, Archer Daniels Midland, Eli Lilly, Home Depot, Medtronic, Palantir Technologies, Snowflake, Take-Two Interactive Software, Viatris and Walgreens Boots Alliance.
The post Thursday’s Top Analyst Upgrades and Downgrades: Affirm, Coinbase, Disney, GoodRx, Kroger, Plug Power, Tyson Foods and More appeared first on 24/7 Wall St..
]]>The futures were higher, as we prepare to start another week of late summer trading, which as usual in August will continue to slow to a crawl as we get closer to Labor Day. The major indexes closed mostly lower on Friday despite the massive July jobs report, in which some 528,000 jobs were added, clobbering expectations for 250,000. While it seems counterintuitive when adding jobs seems positive for the economy, the reality is that any chance that the Federal Reserve will take its foot off the interest rate pedal was squashed Friday by the strength of the report.
All eyes this week will be on the July consumer price index report, which comes out before Wednesday’s opening bell. Should it come in hot like June’s numbers, the rate hike chatter could move from the current 50 to 75 basis points range to a full percentage point for the September hike.
Yields across the Treasury curve shot higher on the jobs numbers, with the five-year note up a stunning 20 basis points, after two weeks of heavy Treasury buying. As mentioned, red-hot inflation numbers this week again will just enforce the hawkish Fed narrative.
Brent and West Texas Intermediate crude closed flat Friday, after giving up some solid early gains. Analysts cited demand destruction due to recession fears, as oil prices have fallen back to where they were before the Russia-Ukraine conflict. Natural gas closed just under the $8 mark, while gold ended lower and Bitcoin was up over 1%.
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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 Monday, August 8, 2022.
Allegheny Technology Inc. (NYSE: ATI): Wolfe Research upgraded the stock to Outperform from Peer Perform and has a $33 target. The consensus target is $33.43. Friday’s close at $29.02 was up almost 6% for the day after second-quarter results came in above estimates.
Ball Corp. (NASDAQ: BALL): Deutsche Bank downgraded the shares to Hold from Buy and cut the $81 price objective to $65. The consensus target is $83.94. Friday’s was at $56.36, down almost 5% on the day, after the company missed earnings expectations last week.
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Carvana Inc. (NYSE: CVNA): RBC Capital Markets reiterated a Sector Perform rating but chopped the $85 target price to $35. The consensus target is $65.75. The shares closed up a stunning 40% on Friday to $46.98. The company posted results that missed expectations, but it laid out cost-cutting plans that went over big with Wall Street. Note that the stock also has a big short interest number.
Cavco Industries Inc. (NASDAQ: CVCO): Wedbush’s upgrade to Outperform from Neutral included a target price hike to $385 from $315. The consensus target is $339. The stock closed over 7% higher on Friday at $274.30 after smashing earnings estimates.
Clearwater Paper Corp. (NYSE: CLW): Zacks selected this as its Bull of the Day. The analyst suggests that only stocks that are in extremely powerful uptrends are able to make this type of price move while the market is in a correction. Shares last closed at $43.22, after rising about 38% in the past 90 days. The S&P 500 is up only fractionally in that time.
Comcast Corp. (NASDAQ: CMCSA): Redburn downgraded the media and cable giant to Neutral from Buy. Over the past year, the stock has traded between $36.57 and $61.80 a share, and it has a $48.38 consensus price objective. The shares closed on Friday at $38.27.
Constellation Energy Corp. (NASDAQ: CEG): UBS raised its Hold rating to Buy and boosted the $54 target price to $97. The consensus target is $68.27. The shares closed over 10% higher on Friday at $74.30.
Doximity Inc. (NYSE: DOCS): BofA Securities downgraded the stock from Underperform to Neutral and cut the $43 price target to $29. The consensus target is up at $47.46. The shares closed on Friday at $41.6
EOG Resources Inc. (NYSE: EOG): TD Securities upgraded the energy giant from Hold to Buy with a $135 target price. The consensus target is $145.02. The last trade on Friday came in at $107.01, up over 7% on the day after posting solid results.
First Solar Inc. (NASDAQ: FSLR): J.P. Morgan upgraded the stock to Overweight from Neutral and raised the target price in a big way to $126 from $83. Guggenheim raised its Neutral rating to Buy with a $135 target. The consensus target is $99.47. The shares closed on Friday at $101.90. The stock was up over 6% in premarket action.
Fisker Inc. (NYSE: FSR): Morgan Stanley downgraded the electric vehicle maker’s shares to Equal Weight from Overweight and has a $10 target price. The consensus target is up at $17.44. The stock closed on Friday at $10.17.
Fox Factory Holding Corp. (NASDAQ: FOXF): Stifel’s upgrade to Buy from Hold included a price target boost to $115 from $88. The consensus target is $120.50. The stock closed up over 12% Friday at $106.05, after earnings and revenue for the quarter beat estimates.
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Ingersoll Rand Inc. (NYSE: IR): Deutsche Bank cut its Buy rating to Hold but nudged the price target up to $52 from $50. The consensus target is $51.07. The stock closed on Friday at $49.79.
Logitech International S.A. (NASDAQ: LOGI): Zacks named this as its Bear of the Day stock, pointing out that the odds are stacked against this device maker. The stock has traded as high as $109.67 in the past year but closed most recently at $58.31, which is down almost 30% year to date.
Monster Beverage Corp. (NASDAQ: MNST): RBC Capital Markets reiterated an Outperform rating but trimmed its $100 price objective to $98. That compares with a $102.72 consensus target and Friday’s close at $91.38, which was down over 5% after earnings missed estimates while sales beat expectations.
Omega Healthcare Investors Inc. (NYSE: OHI): BofA Securities upgraded the stock to Buy from Neutral and lifted the $27 target price to $35. The consensus target is $30.93. The shares ended trading on Friday at $31.99, up 2% for the day.
Paramount Global (NASDAQ: PARA): J.P. Morgan downgraded the shares from Neutral to Underweight with a $25 target. The consensus target is $31.32 for now. The last trade Friday was recorded at $24.26, which was down over 4% for the day on no news other than the downgrade.
Physicians Realty Trust Inc. (NYSE: DOC): Colliers Securities cut its Buy rating to Neutral with a $19 target price. The consensus target is $19.07. The stock ended Friday’s session at $17.24.
Playtika Holding Corp. (NASDAQ: PLTK): MKM Partners downgraded the shares to Neutral from Buy and lowered the $17 price target to $13.50. The consensus target is $20.59. The stock closed 3% lower on Friday at $11.77.
Twilio Inc. (NYSE: TWLO): When Stifel downgraded the stock to Hold from Buy, it slashed its $200 target price in half to $90. The consensus target is $178.41 for now. The last trade for Friday came in at $84.92, down close to 14% on the day. Solid earnings were overshadowed after the company reported miserable third-quarter guidance.
Twitter Inc. (NYSE: TWTR): Susquehanna downgraded the stock to Neutral from Positive. It also dropped its $50 price objective to $45. The consensus target is $43.05. The stock had a solid session Friday, closing up almost 4% at $42.52.
Virgin Galactic Holdings Inc. (NYSE: SPCE): Truist Financial’s downgrade to Sell from Hold included a target price cut to $5 from $8. The consensus target is $9.05. The shares closed Friday at $6.76, down almost 18% after the company pushed back the start date for its first commercial space flights.
Warner Bros. Discovery Inc. (NASDAQ: WBD): Wells Fargo slashed its target price in half, to $19 from $42. The consensus target is at $$29.25 for now. The shares closed Friday at $14.59, down a sharp 17% after the company posted a stunning $3.42 billion loss.
Zillow Group Inc. (NASDAQ: ZG): Wedbush downgraded the online real estate site to Neutral from Outperform and trimmed the $41 target price to $39. The consensus target is $46.42. The shares down 2% on Friday at $37.37.
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JetBlue and Under Armour are among the well-known stocks that have huge upside potential and cost less than $10 a share.
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Friday’s early top analyst upgrades and downgrades included America Movil, Ball, Ciena, Costco Wholesale, Dish Network, Fortinet, Infinera, Levi Strauss, Match, RingCentral, Robinhood Markets and Yum! Brands. Analyst calls seen later in the day were on Acadia Pharmaceuticals, BioCryst Pharmaceuticals, Duke Energy, Kellogg, Paramount Global, Rhythm Pharmaceuticals, Teva Pharmaceutical Industries and more.
The post Monday’s Top Analyst Upgrades and Downgrades: Carvana, Comcast, Fisker, Monster Beverage, Twilio, Twitter, Virgin Galactic, Warner Bros Discovery and More appeared first on 24/7 Wall St..
]]>Markets edged higher to start Thursday, following some positive news in the labor market. Weekly jobless claims, announced early Thursday, came in at 187,000, which is a low not seen in the past 50 years. Consensus estimates were calling for around 210,000. New jobless claims are at their lowest level since September 1969, and continuing claims fell to 1.35 million, the lowest level since 1970.
Even though there is obvious strength in the labor market as more Americans are returning to work, inflation is still a top concern for many. Federal Reserve Chair Jerome Powell has been fairly sanguine on the labor market recently, and this has contributed in part to the Fed’s decision to raise interest rates going forward.
24/7 Wall St. is reviewing more analyst calls seen on Thursday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Adobe, Carnival, Nio, Nvidia, Startbucks and many more.
Alcoa Corp. (NYSE: AA): Morgan Stanley downgraded the stock to Equal Weight from Overweight but raised the price target to $100 from $78. The 52-week trading range is $27.55 to $95.79, and shares were trading near $93 on Thursday.
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British American Tobacco PLC (NYSE: BTI): J.P. Morgan upgraded shares to Overweight from Neutral. The stock traded near $42 on Thursday. The 52-week range is $33.62 to $47.24.
Capital One Financial Corp. (NYSE: COF): Citigroup resumed coverage with a Buy rating and raised the $185 price target to $189. The 52-week trading range is $121.44 to $177.95, and shares were trading near $135 apiece on Thursday.
EOG Resources Inc. (NYSE: EOG): The TD Securities downgrade was from Buy to Hold with a $140 price target. The stock was trading near $122 on Thursday, and the 52-week range is $62.81 to $124.89.
iRobot Corp. (NASDAQ: IRBT): Northland Capital raised its Market Perform rating to Outperform with an $85 price target. Shares were trading near $68 on Thursday. The 52-week range is $53.10 to $125.35.
International Flavors & Fragrances Inc. (NYSE: IFF): Berenberg’s downgrade to Hold from Buy included a price target cut to $144 from $165. Shares were trading near $124 on Thursday. The 52-week range is $113.40 to $157.08.
Johnson Controls International PLC (NYSE: JCI): When Deutsche Bank upgraded the stock to Buy from Hold, it also trimmed the $80 price target to $79. Shares were trading near $65. The 52-week range is $58.15 to $81.77.
Logitech International S.A. (NASDAQ: LOGI): BofA Securities initiated coverage with a Buy rating and a $107 price target. The 52-week trading range is $67.36 to $140.17, and shares were trading near $76 on Thursday.
PaySign Inc. (NASDAQ: PAYS): Ladenburg Thalmann downgraded it to Neutral from Buy. The stock traded near $2 a share on Thursday. The 52-week range is $1.37 to $4.69.
Post Holdings Inc. (NYSE: POST): Truist lowered its Buy rating to Hold and slashed the 120 price target to $70. The 52-week trading range is $61.68 to $77.43, and shares were trading near $64 apiece on Thursday.
Reata Pharmaceuticals Inc. (NASDAQ: RETA): Goldman Sachs resumed coverage with a Buy rating and a $91 price target. The stock was trading near $38 on Thursday, and the 52-week range is $22.71 to $153.41.
Traeger Inc. (NYSE: COOK): Jefferies downgraded the shares to Hold from Buy, and the firm dropped the $25 price target to $7. Stifel’s downgrade was from Buy to Hold with a $7.50 price target. The stock was trading near $7 on Thursday, and the 52-week range is $6.82 to $32.59.
Transocean Inc. (NYSE: RIG): Pareto lifted its Sell rating to Hold with a $5 price target. The stock was trading near $4.50 on Thursday, and the 52-week range is $2.63 to $5.56.
S&P Global Inc. (NYSE: SPGI): Credit Suisse resumed coverage with an Outperform rating and a $495 price target. Shares were trading near $407 on Thursday. The 52-week range is $347.80 to $484.21.
Vale S.A. (NYSE: VALE): The Overweight rating at Morgan Stanley was lowered to Equal Weight, but the firm raised the price target to $22 from $19. Shares were trading near $20 on Thursday. The 52-week range is $11.16 to $23.18.
Werner Enterprises Inc. (NASDAQ: WERN): Wells Fargo upgraded the stock to Equal Weight from Underweight and raised the price target to $46 from $38. Shares were trading near $42. The 52-week range is $41.44 to $49.76.
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With the first quarter about to end, many investors are reviewing their portfolios and making changes. Five Jefferies Franchise List picks make sense for growth and income investors looking to shift to a safer profile for the rest of what could be a very turbulent year.
The post 50-Year Jobless Claims Record, and More Analyst Upgrades and Downgrades: Alcoa, Transocean, Vale and More appeared first on 24/7 Wall St..
]]>Markets edged lower to close out the week. Also, the February employment report showed stronger-than-expected jobs numbers. U.S. employers added 678,000 jobs as Omicron-related cases continue to fall. The unemployment rate improved, as well, to 3.8% which is the lowest since February 2020, prior to the pandemic.
24/7 Wall St. is reviewing some big analyst calls seen on Friday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Chevron, Citigroup, Costco, Intel and many more.
AeroVironment Inc. (NASDAQ: AVAV): Canaccord Genuity upgraded the stock to Buy from Hold and raised the price target to $85 from $64. The 52-week trading range is $52.03 to $128.98, and shares were trading near $74 apiece Friday.
Best Buy Co. Inc. (NYSE: BBY): Raymond James downgraded it to Market Perform from Outperform. Telsey Advisory reiterated an Outperform rating and raised its $125 price target to $130. The 52-week trading range is $85.58 to $141.97, and shares were trading near $107 apiece on Friday.
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Bright Health Group Inc. (NYSE: BHG): The RBC Capital Markets downgrade to Sector Perform from Outperform included a price target cut to $3 from $9. Shares were trading near $2 on Friday. The 52-week range is $2.04 to $17.93.
Cambium Networks Corp. (NASDAQ: CMBM): Jefferies downgraded the shares to Hold from Buy and cut the $38 price target to $25. Shares were trading near $25 on Friday. The 52-week range is $18.95 to $66.40.
Equitrans Midstream Corp. (NYSE: ETRN): Goldman Sachs raised its Neutral rating to Buy with a $9 price target. Shares were trading near $7 on Friday. The 52-week range is $5.87 to $11.52.
Knight-Swift Transportation Holdings Inc. (NYSE: KNX): Susquehanna upgraded the stock to Positive from Neutral and raised the price target to $69 from $62. Shares were trading near $55 on Friday. The 52-week range is $43.53 to $62.29.
Logitech International S.A. (NASDAQ: LOGI): Loop Capital upgraded it to Buy from Hold and raised the price target to $110 from $80. The stock was trading near $76 on Friday, and the 52-week range is $69.92 to $140.17.
Marvell Technology Inc. (NASDAQ: MRVL): The Summit Insights downgrade was to Hold from Buy. Needham reiterated a Buy rating and cut the price target to $105 from $115. Shares were trading near $67. The 52-week range is $37.92 to $93.85.
Sea Ltd. (NYSE: SE): J.P. Morgan downgraded the shares to Neutral from Overweight and cut the $250 price target all the way to $105. The 52-week trading range is $103.00 to $372.70, and shares were trading near $104 apiece Friday.
Six Flags Entertainment Corp. (NYSE: SIX): Deutsche Bank’s upgrade to Buy from Hold came with a price target hike to $57 from $45. The stock was trading around $42 on Friday, and the 52-week range is $35.75 to $51.75.
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Six Goldman Sachs stock picks offer a blend of high dividend yield and strong forecast dividend growth, making them ideal for income and growth investors worried about inflation and the very volatile stock market.
See how NFTs may be making climate change worse and how much short sellers have been rewarded for betting against Russian stocks.
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]]>Markets dipped to start out Tuesday, as the conflict between Russia and Ukraine continued. One definitive ramification of this conflict has been rising energy prices, as investors are watching West Texas Intermediate crude hit its highest level in the past eight years. Reaching back even further than that was the Nasdaq, as this major average posted its worst start to the year (January and February) since 2009, down over 12%.
24/7 Wall St. is reviewing some big analyst calls seen on Tuesday. We have included the latest call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that analyst calls seen earlier in the day were on Block, Cheniere Energy, Datadog, Foot Locker, Kroger, Workday and many more.
Advanced Drainage Systems Inc. (NYSE: WMS): Morgan Stanley upgraded the stock to Overweight from Equal Weight and has a $145 price target. The 52-week trading range is $93.66 to $138.02, and shares were trading near $118 apiece Tuesday.
BP Midstream Partners L.P. (NYSE: BPMP): Citigroup downgraded it from Neutral to Sell with a $16 price target. The 52-week trading range is $11.50 to $19.37, and shares were trading near $16 apiece on Tuesday.
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Charter Communications Inc. (NASDAQ: CHTR): Truist’s downgrade was to Hold from Buy, and it cut the $830 price target to $600. Shares were trading near $599 on Tuesday. The 52-week range is $549.59 to $825.62.
Comcast Corp. (NASDAQ: CMCSA): Truist also downgraded this one to Hold from Buy. Shares were trading near $47 on Tuesday. The 52-week range is $44.27 to $61.80.
Farfetch Ltd. (NYSE: FTCH): Societe Generale’s upgrade to Hold from Sell included a price target cut to $23 from $26. Shares were trading near $19 on Tuesday. The 52-week range is $12.36 to $64.49.
GoodRx Holdings Inc. (NASDAQ: GDRX): Credit Suisse downgraded it to Neutral from Outperform and cut the price target to $27 from $41. Cowen downgraded the shares to Market Perform from Outperform and slashed the $49 price target to $22. Shares were trading near $17 on Tuesday. The 52-week range is $17.01 to $48.05.
Lincoln National Corp. (NYSE: LNC): The Goldman Sachs downgrade was from Buy to Neutral with a $74 price target. Shares were trading near $66. The 52-week range is $55.01 to $77.57.
Logitech International S.A. (NASDAQ: LOGI): Wedbush raised its Neutral rating to Outperform and has a $90 price target. The stock was trading near $77 on Tuesday, and the 52-week range is $69.92 to $140.17.
Turtle Beach Corp. (NASDAQ: HEAR): Wedbush downgraded the stock to Neutral from Outperform, and it cut $27 the price target to $24. The 52-week trading range is $17.03 to $38.70, and shares were trading near $23 apiece Tuesday.
Vroom Inc. (NASDAQ: VRM): Wells Fargo downgraded it to Equal Weight from Overweight and cut the $16 price target to $6. The stock was trading above $4 on Tuesday, and the 52-week range is $4.31 to $49.03.
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]]>The futures were down on Tuesday after the latest Producer Price Index numbers and after a serious risk-off Monday in which all the major indexes and the transports closed down big. The selling was not surprising after the markets posted the best week in 10 months last week. Again the blame from some pundits across Wall Street was the Omicron variant, (which posted its first reported death Monday) despite some reasonably good chatter about existing vaccines and those in the works.
In addition, monetary policy remains front and center, as portfolio managers and traders price in a faster increase in tapering and an early lift off for rate increases. Treasury buyers were seen across the curve as yields declined.
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 Tuesday, December 14, 2021.
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Apple Inc. (NASDAQ: AAPL): BofA Securities raised the technology heavyweight to Buy from Neutral and raised the price target to $210 from $160. The consensus target is $172.55. The stock closed Monday at $175.74.
Avalara Inc. (NASDAQ: AVLR): Goldman Sachs began covering the stock with a Buy rating and a $200 price target, which is lower than the consensus of $212.17. Monday’s closing trade was reported at $142.94.
Beyond Meat Inc. (NASDAQ: BYND): Piper Sandler raised the plant-based food stock to Neutral from Underweight and nudged the $61 target price to $64. The consensus target is higher at $74.14. Monday’s closing share price was $63.42.
Cambium Networks Corp. (NASDAQ: CMBM): JPMorgan downgraded the stock to Neutral from Overweight and slashed the price target to $30 from $49. The consensus target is $52.38. The last trade on Monday was reported at $22.99.
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Chesapeake Energy Corp. (NASDAQ: CHK): Johnson Rice raised the stock to Buy from Accumulate. Over the past 52 weeks, the stock has traded in a range of $40.00 to $69.40, and it has a massive $92.89 consensus price target. The last trade on Monday was reported at $61.91, which was down almost 3% on the day.
Chewy Inc. (NYSE: CHWY): Zacks named this as its Bear of the Day stock, pointing out that shares have mostly tumbled amid slowing growth and a wide-ranging recalibration of pandemic high-flyers. The stock last closed at $55.26, though they have traded as high as $120.00 in the past year.
CrowdStrike Holdings Inc. (NASDAQ: CRWD): JPMorgan raised the cybersecurity leader to Overweight from Neutral and has a $255 price target. That compares with the higher $297.54 consensus target and Monday’s closing print of $198.68.
DraftKings Inc. (NASDAQ: DKNG): MoffettNathanson started coverage with a Neutral rating and $36 price target. The consensus target is a stunning $63.04. The stock was last seen on Monday at $28.85, after retreating over 5% on basically no news.
Essent Group Ltd. (NYSE: ESNT): Keefe Bruyette upgraded the stock from Market Perform to Outperform with a $51 price target. The consensus target is $56.70, and the closing price on Monday was $43.99 per share.
Gildan Activewear Inc. (NYSE: GIL): The apparel maker is in the midst of a big comeback year and its long-term outlook is strong, says Zacks, which selected it as the Bull of the Day stock. Shares last closed at $40.31 and have a consensus price target of $42.28.
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Globus Medical Inc. (NYSE: GMED): BofA Securities raised Underperform rating to Buy and boosted the $55 target price to $80. That compares with a $85.71 consensus and Monday’s final trade at $68.96 per share.
GXO Logistics Inc. (NYSE: GXO): Loop Capital raised the stock to Buy from Neutral. Over the past year, the stock has traded between $61.05 and $105.92. The consensus price target is $103. The last trade for Monday came in at $86.51.
HireQuest Inc. (NASDAQ: HQI): D.A. Davidson began coverage of the stock with a Buy rating and a $26 price target. Monday’s closing print was $19.78 a share.
Logitech International S.A. (NASDAQ: LOGI): Deutsche Bank began coverage with a Buy rating. The 52-week trading range is $76.70 to $140.17, and the consensus price target is $123.81. The final trade for Monday came in at $81.83.
MKS Instruments Inc. (NYSE: MKS): Citigroup upgraded the stock to Buy from Neutral and has a $190 target price. The consensus price objective is up at $213.20. The final Monday trade came in at $157.15, which was down almost 3% for the day.
Paycor HCM Inc. (NASDAQ: PYCR): Goldman Sachs started coverage with a Neutral rating and a $31 price target. The consensus price objective is $41.45. Monday’s last trade was reported at $29.62.
Qualtrics International Inc. (NASDAQ: XM): Goldman Sachs began coverage with a Buy rating and a $53 price target. The consensus price objective is $54.36. Monday’s closing trade was at $33.46.
SAP S.E. (NYSE: SAP): UBS raised the European software giant to Buy from Neutral The stock has traded in a 52-week range of $120.08 and $151.48, and it has a consensus target price of $157.75. The last trade on Monday hit the tape at $137.95.
Sono Group N.V. (NASDAQ: SEV): Berenberg started coverage with a Buy rating and a $21 price target, while Craig Hallum also began covering the company with Buy rating but a $23 price objective. No consensus target was available as the stock had a recent initial public offering. The shares pulled back almost 9% on Monday to close at $13.00.
TaskUs Inc. (NASDAQ: TASK): Morgan Stanley upgraded the stock to Overweight from Equal Weight and jacked the $37 target price to $55, which compares with the massive $66.17 consensus target and Monday’s closing print of $42.85.
Tata Motors Ltd. (NYSE: TTM): BofA Securities resumed coverage with a Neutral rating. Over the past 52 weeks, the shares have traded between $11.01 and $35.38, and the consensus price objective is $36.47. Monday’s last trade was recorded at $31.95.
Unity Software Inc. (NYSE: U): Morgan Stanley upgraded the stock to Overweight from Equal Weight and raised the price target =to $185 from $130. The consensus target is $170.68. The final trade on Monday came in at $139.75.
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Three top stocks are among the top aerospace and defense selections at Goldman Sachs. While perhaps not as exciting as momentum-juiced technology stocks, they have robust growth potential and will stand long after many meme stocks are in the Wall Street graveyard.
Monday’s early top analyst upgrades and downgrades included Apple, Coca-Cola, CommScope, Coupa Software, GoPro, HubSpot, Merck, NetApp, Pfizer, Shopify, Spirit Airlines and Warner Music. Analyst calls seen later in the day were on Amazon.com, Chewy, PayPal and more.
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]]>With the trading day nearly halfway over, the broad markets were somewhat mixed. The Nasdaq was roaring back up, nearly 1%, while the Dow Jones industrials were slightly negative and the S&P 500 was edging higher. Investors seem to be waiting, more than anything, for what the Federal Reserve has to say later in the day.
24/7 Wall St. is reviewing some big analyst calls seen on Wednesday. We have included the latest analyst call on each stock, as well as a recent trading history and the consensus targets among analysts.
For those that might have missed it, 24/7 Wall St. had an earlier round of analyst calls on Wednesday that included Chewy, MGM Resorts, Microsoft, Salesforce, Virgin Galactic and more.
Alphabet Inc. (NASDAQ: GOOGL): Jefferies reiterated a Buy rating and raised the price target to $3,150 from $2,950. Credit Suisse reiterated it at Outperform and raised the target to $3,400 from $3,350. BofA Securities reiterated a Buy rating and boosted the target to $3,150 from $2,755. JPMorgan reiterated it at Overweight and raised the target from $2,875 to $3,250. Other analysts responded to Tuesday’s earnings report too. The stock traded near $2,782 on Wednesday, in a 52-week range of $1,406.55 to $2,800.22. It has a consensus price target of $2,625.00.
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Apple Inc. (NASDAQ: AAPL): Canaccord Genuity reiterated a Buy rating and raised its price target to $185 from $175. Morgan Stanley and Wells Fargo each reiterated its Overweight rating, but the former raised its price target to $168 from $166, while the latter raised its price to $165 from $160. Oppenheimer reiterated an Outperform rating and raised the price target from $160 to $165. Other analysts responded to Tuesday’s earnings report as well. The shares were changing hands at around $146 apiece on Wednesday, in a 52-week trading range of $93.71 to $150.00.
Five9 Inc. (NASDAQ: FIVN): JPMorgan’s downgrade to a Neutral rating from Overweight came with a $213 price target. Piper Sandler downgraded it to a Neutral rating from Overweight and cut the price target to $203 from $220, while Jefferies downgraded its Buy rating to Hold and has a $200 target. Shares traded near $198 on Wednesday, in a 52-week range of $107.98 to $201.75. The consensus price target is $206.63.
IMAX Corp. (NYSE: IMAX): JPMorgan reiterated a Neutral rating and cut the price target to $20 from $24. The stock was trading at around $16 a share on Wednesday, in a 52-week range of $10.50 to $25.05.
Logitech International S.A. (NASDAQ: LOGI): Loop Capital downgraded the stock to Hold from Buy. The stock was changing hands near $108 a share on Wednesday, in a 52-week range of $66.78 to $140.17.
Starbucks Corp. (NASDAQ: SBUX): Though Morgan Stanley reiterated an Equal Weight rating, it also raised the price target to $125 from $120. Jefferies reiterated a Buy rating and raised its target from $135 to $145. Barclays reiterated an Overweight rating and raised the target to $145 from $140. The stock traded near $123 on Wednesday, in a 52-week range of $74.76 to $126.32.
Stryker Corp. (NYSE: SYK): Northland Capital upgraded it to Outperform from Market Perform and raised the price target to $310 from $248. The stock traded near $270 on Wednesday, in a 52-week range of $185.20 to $275.08. Its consensus price target is $274.09.
Visa Inc. (NYSE: V): Citigroup reiterated a Buy rating and raised the price target to $288 from $283, and Wells Fargo reiterated an Overweight rating and raised its target to $280 from $265. Raymond James reiterated an Outperform rating and hiked the target to $286 from $268. The stock was trading at around $249 a share on Wednesday, in a 52-week range of $179.23 to $252.67. Analysts have a consensus price target of $268.97 for the stock.
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The electric vehicle revolution is still in its infancy, but by playing the power-generation angle, conservative investors can have a piece of the action and receive solid and dependable dividends while they wait for the growth in demand and use.
Also, see why ARK Invest funds continue to unload Chinese stocks.
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]]>Friday’s futures were fairly positive, adding to a week of record highs. More will be seen when the markets actually open. Note that the markets are heading higher in the wake of Presidents Joe Biden’s infrastructure bill, which has led to industrials and financials making gains.
Wall Street is concerned about tapering of the quantitative easing program, but despite a clear building of inflationary pressures, the Federal Reserve is vowing to keep interest rates contained. That could be one reason for the continued moves higher in the equity markets, even after sell-offs. Another big plus is the continued massive inflows into money markets.
With major Wall Street firms still warning of the potential for an impending 5% to 10% correction across the board, it makes sense for investors to continue building some cash reserves into the market strength while repositioning portfolios for the coming quarter and the rest of 2021.
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 for Friday, June 25, 2021.
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APA Corp. (NASDAQ: APA): JPMorgan downgraded to a Neutral rating from Overweight with a $27 price target. Shares closed Thursday near $22 apiece, in a 52-week range of $7.45 to $24.30. The consensus price target is $27.74.
Arcturus Therapeutics Holdings, Inc. (NASDAQ: ARCT): Goldman Sachs resumed coverage with a Neutral rating and a $29 price target. The stock was last traded near $34, in a 52-week range of $24.87 to $129.71. The consensus price target is $81.08.
BlackBerry Ltd. (NYSE: BB): CIBC downgraded to a Sector Underperform rating from Neutral. Canaccord Genuity also downgraded to a Sell rating from Hold with a $10 price target. The stock closed near $13, in a 52-week range of $4.37 to $28.77. Analysts have a consensus price target of $7.75 for the stock.
CalAmp Corp. (NASDAQ: CAMP): Craig Hallum reiterated a Buy rating and raised its price target to $16 from $15. The consensus price target is $14.88, and the stock closed Thursday at around $14 per share. The 52-week trading range is $7.01 to $14.51.
Cboe Global Markets Inc. (BATS: CBOE): Credit Suisse resumed coverage with a Neutral rating and a $94 price target. The stock closed near $121, in a 52-week range of $77.63 to $121.50.
CME Group Inc. (NASDAQ: CME): Credit Suisse resumed coverage with a Neutral rating and a $183 price target. The shares last closed near $217, and the consensus price target is $213.94.
Darden Restaurants, Inc. (NYSE: DRI): MKM Partners upgraded to a Buy rating from Neutral and raised its price target to $168 from $155. The stock most recently closed at $140 and has a consensus price target of $159.00.
Enphase Energy, Inc. (NASDAQ: ENPH): Stephens initiated coverage with an Overweight rating and a $215 price target. Citigroup initiated coverage with a Buy rating and a $220 price target. Shares last closed near $171 and have a consensus price target of $191.89.
First Solar Inc. (NASDAQ: FSLR): Stephens started with an Overweight rating and a $102 price target. The stock was last trading near $84. The consensus target is $85.57. The 52-week trading range is $48.30 to $112.50.
Luminar Technologies, Inc. (NASDAQ: LAZR): Robert Baird upgraded to an Outperform rating from Neutral and raised the price target to $30 from $22. Shares last closed at $24, and the consensus price target is $28.25.
Logitech International S.A. (NASDAQ: LOGI): Goldman Sachs downgrade to a Neutral rating from Buy. The consensus price target is $125.62. The stock has a 52-week range of $62.46 to $140.17 and recently closed near $126 a share.
Nasdaq Inc. (NASDAQ: NDAQ): Credit Suisse resumed coverage with an Outperform rating and a $180 price target. Shares last closed at $178, and the consensus price target is $179.56.
Netflix, Inc. (NASDAQ: NFLX): Credit Suisse upgraded to an Outperform rating from Neutral with a $586 price target. The stock was last traded near $518, in a 52-week range of $432.14 to $593.29. The consensus price target is $613.68.
Nike, Inc. (NYSE: NKE): Pivotal Research reiterated a Buy rating and raised the price target to $175 from $167. The stock closed near $133, in a 52-week range of $93.57 to $147.95. Analysts have a consensus price target of $161.87 for the stock.
Nokia Corp. (NYSE: NOK): Goldman Sachs upgraded to a Buy rating from Neutral. The stock closed near $5, in a 52-week range of $3.21 to $9.79.
NetApp, Inc. (NASDAQ: NTAP): Raymond James upgraded to an Outperform rating from Market Perform with a $100 price target. The shares last closed near $81, and the consensus price target is $84.81.
Rite Aid Corp. (NYSE: RAD): JPMorgan downgraded to an Underweight rating from Neutral and cut the price target to $12 from $21. The stock most recently closed at $17.46 and has a 52-week range of $8.86 to $32.48.
Sunrun Inc. (NASDAQ: RUN): Stephens initiated coverage with an Overweight rating and an $82 price target. Shares last closed near $53 and have a consensus price target of $76.59.
Sea Ltd. (NYSE: SE): New Street started with a Buy rating and a $325 price target. The stock was last trading near $289. The consensus target is $306.63. The 52-week trading range is $101.61 to $297.75.
SolarEdge Technologies, Inc. (NASDAQ: SEDG): Stephens initiated coverage with an Overweight rating and a $336 price target. Citigroup also started with a Neutral and a $300 price target. Shares last closed at $267, and the consensus price target is $292.00.
United Rentals, Inc. (NYSE: URI): UBS upgraded to a Buy rating from Neutral and raised the price target to $375 from $335. The stock has a 52-week range of $139.95 to $354.60 and recently closed near $317 a share.
Vulcan Materials Co. (NYSE: VMC): Jefferies upgraded to a Buy rating from Hold and raised the price target to $207 from $180. The stock most recently closed at $176 and has a consensus price target of $192.83.
VMware, Inc. (NYSE: VMW): Raymond James resumed coverage with an Outperform rating and a $175 price target. Shares last closed at $155.82, and the consensus price target is $176.10.
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]]>Friday’s futures inched higher after a fairly positive showing on Thursday. For most of the week, the major averages had traded sideways, but there could be a strong finish to the week. The Bureau of Labor Statistics recently released CPI data that rose by 5.0%, or the most since the financial crisis in 2008. While U.S. stocks did not necessarily react to this, the inflation outlook is a concern for many investors going forward.
Despite the resurfacing concerns across Wall Street for tapering of the quantitative easing program and a clear building of inflationary pressures, the Federal Reserve is vowing to keep interest rates contained. That could be one reason for the continued moves higher in the equity markets, even after sell-offs. Also note that money markets continue to see massive inflows, which is another big plus.
With major Wall Street firms still warning of the potential for impending 5% to 10% correction across the board, it makes sense for investors to continue building some cash reserves into the market strength while repositioning portfolios for the coming quarter and the rest of 2021.
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.
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These are the top analyst upgrades, downgrades and initiations seen on Friday, June 11, 2021.
Biogen Inc. (NASDAQ: BIIB): Bernstein upgraded the stock to an Outperform rating from Market Perform and has a $500 price target. The stock last closed around $415, in a 52-week range of $223.25 to $468.55. The consensus price target is $376.43.
Cboe Global Markets Inc. (BATS: CBOE): Morgan Stanley initiated coverage with an Underweight rating and a $104 price target. Shares closed Thursday near $113, in a 52-week range of $77.63 to $116.39. The consensus price target is $111.15.
CME Group Inc. (NASDAQ: CME): Morgan Stanley initiated coverage with an Equal Weight rating and a $228 price target. The consensus price target is $212.24, and the stock closed at around $213. The 52-week range is $146.89 to $221.82.
Coursera Inc. (NYSE: COUR): RBC Capital Markets resumed coverage with an Outperform rating and a $50 price target. The stock closed Thursday near $44 and has a 52-week range of $32.59 to $62.53.
DocuSign Inc. (NASDAQ: DOCU): RBC Capital Markets resumed coverage with an Outperform rating and a $280 price target. The stock closed at $243.08, in a 52-week range of $146.28 to $290.23. Analysts have a consensus price target of $270.83 for the stock.
Dropbox Inc. (NASDAQ: DBX): RBC Capital Markets resumed coverage with an Outperform rating, and the firm raised the price target to $35 from $28. The stock was last seen trading near $30, with a consensus analyst target of $31.67. The 52-week trading range is $17.66 to $29.86.
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Fastly Inc. (NYSE: FSLY): RBC Capital Markets initiated coverage with a $50 price target. The stock recently closed at $54 a share, within a 52-week range of $39.47 to $136.50. The consensus price target is $56.60.
Intellia Therapeutics Inc. (NASDAQ: NTLA): H.C. Wainwright initiated coverage with a $111 price target. The stock closed near $83, in a 52-week range of $16.54 to $92.00. The consensus price target is $86.00.
International Paper Co. (NYSE: IP): Argus upgraded it to Buy from Hold and has a $75 price target. The stock was last seen around $63, in a 52-week range of $32.59 to $65.27. The consensus price target is $64.86.
Logitech International S.A. (NASDAQ: LOGI): Morgan Stanley downgraded it from Overweight to an Equal Weight rating with a $126 price target. The consensus price target is $125.62. The stock has a 52-week range of $57.40 to $140.17 and recently closed near $132 a share.
Nvidia Corp. (NASDAQ: NVDA): Zacks named this as its Bull of the Day stock. The analyst said that data center and artificial intelligence growth continues its path to overtake gaming and analysts are raising price targets. The stock most recently closed at $697.00 and has a consensus price target of $716.65.
Ping Identity Holding Corp. (NYSE: PING): Needham started coverage with a Hold rating. The stock recently closed near $25, in a 52-week range of $19.97 to $37.80. Analysts have a consensus price target of $31.88.
Quidel Corp. (NASDAQ: QDEL): Zacks selected this health care products maker as its Bear of the Day, pointing out that estimates were slashed another 30% since the first-quarter report, driving year-over-year projections negative into 2022. The shares last closed at $115.68, and its consensus price target is $170.50.
Seagate Technology Holdings PLC (NASDAQ: STX): Susquehanna upgraded the shares to Neutral from Negative. The consensus price target is $89.35, and the stock has a 52-week trading range of $43.53 to $106.22. It recently closed near $97 per share.
Signet Jewelers Ltd. (NYSE: SIG): Wells Fargo raised its Underweight rating to Equal Weight, and the firm lifted the price target to $70 from $57. Shares last closed below $70, in a 52-week range of $9.71 to $74.80. The consensus price target is $66.20.
Tilray Inc. (NASDAQ: TLRY): The CIBC downgrade to Neutral from Sector Outperform came with a $25 price target. The stock closed near $20, in a 52-week range of $4.41 to $67.00. The consensus price target is $18.98.
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Investors can almost count on the taper tantrum selling when the Federal Reserve begins to slow the quantitative easing this year. Five top Dow Jones industrials will be good stocks to be in when it does, as they are all in sectors that look to benefit from the continued reopening of the economy.
With travel on the rise as the economy reopens, is now the time to buy the top airline stocks? Also, check out why Warren Buffett has invested in a Brazilian bank and how cryptocurrency could be regulated soon.
Thursday’s early top analyst upgrades and downgrades included Alaska Airlines, Clover Health Investment, CME, Dillard’s, Discovery, Fastly, Marathon Oil, ServiceNow and UPS. Analyst calls seen later in the day were on American Airlines, Biogen, Dow and more.
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]]>The futures were higher across the board on Monday, as traders and investors returned from the long holiday weekend. Although markets were closed on Friday, Wall Street was presented with outstanding nonfarm payroll numbers for March that came in at a stunning 916,000, versus the much lower consensus of 675,000. That was the fastest growth since August 2020. Gains were strongest in leisure and hospitality, as the reopening grew almost daily, while construction jumped by a very bullish 110,000 and the unemployment rate declined to 6.0%.
While top strategists on Wall Street continue pointing to “bubble” metrics, like the massive “meme” retail stock and option trading by the WallStreetBets and Robinhood crowd, some say that volume is starting to wane. Most investors now will be turning their attention to first-quarter earnings results, which start in earnest next week.
With major Wall Street firms still warning of the potential for impending 5% to 10% correction across the board, it makes sense for investors to continue building some cash reserves into the market strength, while repositioning portfolios for the start of the second quarter and the rest of 2021.
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.
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These are the top analyst upgrades, downgrades and initiations seen on Monday, April 5, 2021.
Acuity Brands Inc. (NYSE: AYI) was upgraded to Neutral from Sell at Goldman Sachs, which also raised the price target to $166 from $95. The posted consensus target is $157.29, and the stock closed most recently at $168.90 a share.
AMC Entertainment Holdings Inc. (NYSE: AMC) was upgraded to Buy from Neutral at B. Riley Securities, which raised the price target on the movie theatre giant to $13 from $7. The consensus target is $3.44. The most recent close was at $9.36 a share. The stock was up almost 4% in Monday’s premarket.
Bandwidth Inc. (NASDAQ: BAND) was raised at Morgan Stanley from Underweight to Equal Weight with a $40 price target. The consensus target is much higher at $194.38. The stock closed Thursday at $126.74.
Caesars Entertainment Inc. (NYSE: CZR) was raised at Morgan Stanley from Equal Weight to Overweight with a $92 price target. The consensus target is $100. The stock ended last week at $88.94 a share.
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Essex Property Trust Inc. (NYSE: ESS) was upgraded to Outperform from Market Perform at BMO Capital Markets, which raised the price target to $310 from $275. The consensus target is $279.42, and the most recent close was at $276.49.
Ford Motor Co. (NYSE: F) was started at Wells Fargo with an Overweight rating and a $14 price target. The consensus target is $11.93, and the stock closed most recently at $12.17.
General Motors Co. (NYSE: GM) also was started with an Overweight rating at Wells Fargo, which has a $67 price target for the shares. The consensus target is $64.48, and the most recent close was at $57.80.
Harley-Davidson Inc. (NYSE: HOG) was named as the Zacks Bear of the Day stock. The firm pointed out that people are no longer excited about this company’s motorcycles anymore. Shares last closed at $39.96 but have a consensus price target of $38.38.
Invitae Corp. (NASDAQ: NVTA) was raised from Perform to Outperform with a $48 price target at Oppenheimer. The much higher $64.60 consensus is also well above the most recent close at $39.19 per share.
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JetBlue Airway Corp. (NASDAQ: JBLU) was raised at Raymond James from Market Perform to Outperform with a $24 price target. The consensus target for the airline is $18.77, and the final trade for last week hit the tape at $20.27. The stock was almost 4% higher in the premarket.
Logitech International S.A. (NASDAQ: LOGI) was named as the Bull of the Day at Zacks, which said that this company is not just a “one-trick pony” of returns during the global lockdowns. Shares most recently closed at $107.98 and have a consensus price target of $123.28.
MGM Resorts International (NYSE: MGM) was raised at Morgan Stanley from Equal Weight to Overweight with a $45 price target. The consensus target is $37.55. The shares closed at $39.70, up almost 5% on Thursday.
Microsoft Corp. (NASDAQ: MSFT) was resumed in coverage at Credit Suisse with an Outperform rating and a $265 price target. The consensus target for the legacy software giant is $272.71. The stock ended last week at $242.35 per share.
Palo Alto Networks Inc. (NASDAQ: PANW) was resumed in coverage at Credit Suisse with an Outperform rating and a $425 price target. The consensus target for the cybersecurity software leader is up at $447.35. The stock closed most recently at $328.05.
Roblox Corp. (NYSE: RBLX) was started with a Buy rating and a $78 price target at Truist Securities. The lower consensus target is $72.50. Morgan Stanley started the stock with an Overweight rating and an $80 target, while Goldman Sachs has a Buy rating and a $78 target. The shares ended last week trading at $67.34 and were trading over 5% higher in Monday’s premarket. The company recently priced a very successful initial public offering.
Salesforce.com Inc. (NYSE: CRM) was resumed in coverage at Credit Suisse with an Outperform rating and a $260 price target. The consensus target is $275.31, and the stock closed most recently at $218.72.
Spotify Technology S.A. (NYSE: SPOT) was raised at Citigroup from Sell to Neutral with a $310 target. That compares with the $311.73 consensus target and Thursday’s final trade of $273.10 a share.
Texas Capital Bancshares Inc. (NASDAQ: TCBI) saw its target price raised to $82.50 from $73.50 at Hovde, which also raised the rating on the bank to Outperform from Market Perform. The consensus price target is $77.63. The share price was last seen at $70.20.
Tesla Inc. (NASDAQ: TSLA) was upgraded to Outperform from Neutral at Wedbush, which raised the price target on the electric vehicle leader to $1,000 from $950. The consensus target is just $619, and the shares closed most recently at $661.75. The stock was almost 8% in the premarket.
Unity Software Inc. (NYSE: U) was resumed in coverage with an Outperform rating and a $170 price target at Credit Suisse. That compares with the lower consensus target of $139.58 and the latest close at $101.08 per share.
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Three Goldman Sachs top oil stock picks are all solid ways for investors to play the upswing in crude prices and an improving 2021 economy. They offer a degree of safety and income, as well as exposure to a sector with good upside potential.
Last Thursday’s early top analyst upgrades and downgrades included Carnival, Dow, Goldman Sachs, Micron Technology, Netflix, Oracle, Snap, Spotify and Twitter. Analyst calls seen later in the day were on Airbnb, Amazon, Peloton, Uber and more.
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]]>In some ways it feels like earnings season was hijacked by the constant talk about economic stimulus and the coming elections. The stock market is supposed to be a live bet on where things are heading in three or six months. However, the news of the present does matter, and that so-called efficient market theory where all current news is factored in has been proven wrong year after year.
Third-quarter earnings have dominated October’s corporate news flow. There were some very negative surprises that brought some pain, as well as some very positive surprises that drove shares much higher.
24/7 Wall St. has tracked multiple earnings reports this earnings season, and here we feature seven reports that stood out the most. Some of these did not have the craziest moves, but they should signal some key lessons for their sectors and peers. Other reports were followed by big moves.
Remember that investors love chasing trends. Companies that beat earnings expectations and raise guidance tend to attract more positive attention over time. With companies that miss expectations, trying to pick bottoms in a stock can sometimes feel like a game of catching daggers falling from tall buildings.
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Here are seven top earnings shocks that stood out the most so far in October.
Fastly Inc. (NYSE: FSLY) may not seem like a very important stock. Yet, it was one of the top-performing high-flying cloud stocks, up 400% year to date before earnings. Fastly has become a warning siren for investors not to blindly trust that cloud and software stocks valued at 20, 30 and 50 times trailing sales and that are losing money will never fall back to earth.
The company’s new revenue target of $70 million to $71 million was barely under its prior guidance of $73.5 million to $75.5 million, but Fastly also withdrew all prior guidance, spoke about its top customer not meeting expectations with a significant revenue disappointment, and disclosed that a few of its customers had lower usage than it had estimated.
Fastly had risen “fastly” to above $120 a share prior to the October 14 confession. With a $13.7 billion market cap at that time, this valued it at close to 35 times its prior expected 2021 sales expectations, and Refinitiv had its consensus estimates showing a three-cent loss per share in 2020 and a three cent per-share earnings for all of 2021.
Fastly initially saw its $123.18 pre-earnings stock price fall 27% to $89.70. To prove that things can get worse when a stock is priced for perfection and disappoints, this stock fell to under $80 on Wednesday, and Friday’s drop of more than 4% to $75.60 was in the making for a seven-day consecutive losing streak. Its stock was down over 38% in just over a week.
JPMorgan Chase & Co. (NYSE: JPM) is still the nation’s most prestigious bank. Even so, analysts and most other investors were expecting larger loss provisions. The big trends were that some of JPMorgan’s numbers were stronger than they had been a year earlier, which seems hard to fathom this early in the recovery and with the stimulus package not having come yet (75 days late and counting).
CEO Jamie Dimon reported $2.92 EPS on revenue of $29.94 billion, versus $2.68 EPS on managed revenue of $30.01 billion in the same quarter a year earlier. Refinitiv’s consensus estimates were just $2.23 EPS on revenue of $28.29 billion. The bank’s average loan balance of $991 billion was also up 1% from a year earlier, and the $1.2 billion in net charge-offs was down from $1.6 billion a quarter earlier and down from $1.4 billion in the third quarter of 2019.
JPMorgan shares initially pulled the “let’s trade lower on good news” reaction, but after drifting to just under $100, the stock was back up above $103.00 as stimulus talks looked positive.
Logitech International (NASDAQ: LOGI) reported its most recent quarterly results on Monday, and the stock surged from $80 to $95 before backing off the rest of the week. The computer peripherals maker reported $1.87 EPS and $1.26 billion in revenue. This report blew away the consensus estimates of $0.57 in EPS and revenue of $834.55 million, and it compared to $0.50 EPS and $719.69 million in revenue for the same period in 2019.
While the stay-at-home trend may fade after a coronavirus cure and vaccine, the trend is not expected to dwindle any time soon, as the number of cases keeps rising in the United States and elsewhere. This also marked Logitech’s first time that quarterly sales exceeded the billion-dollar mark. Logitech’s CEO also talked up 2021 guidance.
Some investors may feel disappointed that the stock was down closer to $87 on Friday afternoon, but this is now up nearly 200% from the panic-selling lows of March.
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Mattel Inc. (NASDAQ: MAT) has been a down and out stock for longer than anyone would care to remember. Despite a rough economy, parents are indulging their kids like there is no tomorrow while everyone is having to play alone at home. The toymaker knocked the ball out of the park with $0.95 EPS on $1.63 billion in revenue. Consensus estimates had been only $0.38 EPS and $1.46 billion in revenue, and the year-ago results were $0.26 EPS and revenue of $1.48 billion.
What matters here now is that this should set up Mattel for a very strong Christmas spending season. Sales of dolls rose 22% and the category for action figures, building sets and games rose by 14%. This was offset by a 6% drop in the infant, toddler and preschool sales, while vehicles gained 6%.
Mattel shares were up almost 14% at $14.72 late on Friday, and the stock’s 52-week high of $14.83 was almost hit. While a 52-week high may be impressive, this traded above $30 in 2016, and it had peaked above $45 back in 2013.
Netflix Inc. (NASDAQ: NFLX) has been a very strong winner of the stay-at-home economy and with movie theaters shut down for months on end. When it gave very lackluster subscriber expectations ahead, analysts dismissed the forecasts as conservative on one end and sandbagging on the other. Analysts raised targets over the summer, but they then doubled down and raised their targets even more in September and October.
It turns out that Netflix was just being honest. We had even pointed out a classical triple-top stock chart pattern, and now Netflix is down about 15% from its peak. Some targets were still raised after earnings, but much more mixed, and now analysts are calling for Netflix to announce another round of price hikes to juice up the earnings.
Netflix had fallen to under $483.00 on Friday. Maybe it should have considered that stock split after all.
Snap Inc. (NYSE: SNAP) was the first of the big social media players to report. So far, Snapchat has little to no regulatory issues nor any election controversies hanging over its head. Snap reported a mere $0.01 EPS and $678.67 million in revenue on Tuesday, but Refinitiv had called for a net loss of $0.05 per share and $549.99 million in revenue. The same period of last year had a net loss of $0.04 per share and $446.2 million in revenue.
The company’s daily active users (DAUs) surged during 2020 in the pandemic, rising to 249 million from 211 million in the third quarter last year. DAUs increased sequentially and year over year on both iOS and Android platforms. The company also communicated that 40% of the U.S. Gen Z population watched sports Discover content on Snapchat last month, and that its average revenue per user increased 28% year over year to $2.73.
Snap closed Tuesday at $28.41 a share ahead of the report, but it surged more than 28% to $36.50 the first day after the earnings on more than 250 million shares in a single day. Even the next day, the stock was up another 6% at $38.65 shortly before the closing bell. Suddenly, this was up 36% in two trading days and then it was up another 8% at $42.25 mid-Friday. Overall, Snap added close to $20 billion in market capitalization this week.
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Travelers Companies Inc. (NYSE: TRV) is the one Dow Jones industrial average stock that almost everyone sort of forgets about. The insurance and financial services giant has just lagged all year long, and its valuations were stubbornly low. That sets a springboard for any unexpected good news.
Travelers showed that its third-quarter net income hit $827, its financial ratios improved, it had favorable reserve developments, its catastrophic losses were not high as some might have expected, and it said that net written premiums rose 3% sequentially to $7.771 billion with strong renewal rate changes in all three segments.
Travelers traded at $111.84 per share on Monday, but by Thursday afternoon it was up at $126.25, before less than a 1% pullback on Friday. It still has a market cap of less than $32 billion. With a 52-week trading range of $76.99 to $141.87, it may be more than just analysts who bet that the stock will head higher with a valuation that is barely 13 times next year’s expected earnings.
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]]>When Logitech International (NASDAQ: LOGI) reported its most recent quarterly results after the markets closed on Monday, the computer peripherals maker posted $1.87 in earnings per share (EPS) and $1.26 billion in revenue. The consensus estimates had called for $0.57 in EPS and revenue of $834.55 million. The fiscal second quarter of last year reportedly had EPS of $0.50 on $719.69 million in revenue.
During the latest quarter, net sales increased 75% in U.S. dollars and 73% in constant currency on a year over year basis. This was also the first time ever that Logitech’s quarterly sales exceeded the billion-dollar mark.
Also, non-GAAP operating income increased 295% year over year to $322 million, a massive gain from $68 million last year.
On the books, Logitech’s cash and cash equivalents totaled $917.22 million at the end of the quarter, up from $715.57 million at the end of the previous fiscal year.
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Management noted that growth and profitability accelerated again this quarter, and as a result it is raising the annual outlook. The growth trends that drive the business have accelerated as society adjusts to its new reality. Overall, the firm believes that its products are essential to helping customers work, play and create wherever they are. President and CEO Bracken Darrell concluded that Logitech is well positioned for long-term growth.
Looking ahead to the 2021 fiscal full year, the company now expects to see sales growth in the range of 35% to 40% in constant currency and $700 million to $725 million in non-GAAP operating income. The previous outlook called for 10% to 13% in sales growth and $410 million to $425 million in non-GAAP operating income. Analysts are calling for $2.32 in EPS and $3.35 billion in revenue for the fiscal full year.
Logitech stock traded up 16% to $92.92 Tuesday morning, in a 52-week range of $31.37 to $93.89. The consensus price target is $74.94.
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]]>Beginning in late September, Apple Inc. (NASDAQ: AAPL) began removing third-party products like headphones, earphones and speakers from its online store as the company prepares an announcement of new earphone and speaker products.
According to a report late Monday at Bloomberg, employees at Apple’s brick-and-mortar stores have been told to begin removing headphones and speakers from Bose, along with speakers from Sonos Inc. (NASDAQ: SONOS) and Logitech International S.A. (NASDAQ: LOGI).
Over the next few months, Apple is expected to release new over-the-ear headphones under the “AirPods Studio” brand name. The company is also expected to launch a smaller and cheaper version of its HomePod smart speaker.
Apple has taken this step before when it finally gets around to introducing something that competes with a third-party product it has been selling. Fitbit Inc.’s (NYSE: FIT) health tracker is, perhaps, the best example. Apple withdrew Fitbit products from its stores beginning in late 2014, just ahead of its April launch of the first Apple Watch. By the first quarter of 2017, Apple Watch had surpassed Fitbit in the number of units shipped.
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Apple’s current HomePod lists for $299. Logitech’s Ultimate Ears Blast smart speaker carries a list price of $179.99 while the Sonos Play: 1 has a price tag of $189.99. Bose offers a SoundLink Mini II smart speaker for $179.95. All three companies offer more expensive speakers, but Apple does not yet offer a competitor at the low end of the price range.
At a time when big tech companies are under a microscope because of their market power, it seems like tossing down the gauntlet by refusing to carry competing products may be a bad idea. Apple’s dispute with Epic Games over Apple’s royalty demands could result in a tectonic shift in power away from ecosystems like Apple’s toward smaller competitors.
Apple has to defend its ecosystem everywhere it can. Booting competing hardware products from the stores is all about lifting Apple’s own revenues and profits. Challenges to the company’s playbook are sure to multiply if Apple gives an inch.
Apple’s stock traded down about 1.9% Tuesday morning, at $114.30 in a 52-week range of $53.15 to $137.98. The consensus price target on the stock is $119.37.
Sonos traded down about 5.2% to $14.85, in a 52-week range of $6.58 to $17.83 and with a price target of $16.36.
Logitech stock dropped 5.5% to $76.32. The 52-range is $31.37 to $80.87, and the stock’s price target is $76.28.
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