Markets pushed lower on Tuesday, with the Nasdaq leading the charge, down around 2%. This move came as U.S. consumer confidence notched its lowest level since 2013, feeding even more fears of a recession.
According to the Conference Board, the consumer confidence index for June fell to 98.7 from 103.2 in May, which was below consensus estimates calling for a print of 100. Last week, the University of Michigan released its consumer sentiment data, which came in at a record low of 50.2. It remains to be seen what will come through the rest of the summer.
The expectations index, which considers consumers’ short-term outlook for income growth, labor market and overall business conditions, fell to 66.4. With the expectations index below 80, consumers are generally expecting weaker growth for the second half of the year, and they might even be considering the potential for recession.
24/7 Wall St. is reviewing additional 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 Autodesk, BioMarin, Darden, DraftKings, eBay, Riot Blockchain and more.
Apple Inc. (NASDAQ: AAPL): Evercore ISI reiterated an Outperform rating and cut the $210 price target to $180. The 52-week trading range is $129.04 to $182.94, and shares traded above $139 apiece on Tuesday.
Boston Beer Co. Inc. (NYSE: SAM): Goldman Sachs downgraded the stock to Sell from Neutral and cut the $380 price target to $318. The stock traded near $321 on Tuesday. The 52-week trading range is $287.00 to $1,048.99.
Farfetch Ltd. (NYSE: FTCH): UBS’s downgrade to Neutral from Buy included a price target cut to $10 from $13. The 52-week trading range is $6.53 to $53.10, and shares traded above $8 apiece on Tuesday.
Microchip Technology Inc. (NASDAQ: MCHP): Stifel upgraded the shares to Buy from Hold and raised the $70 price target to $75. The 52-week trading range is $56.24 to $90.00. The stock traded near $60 on Tuesday.
Molson Coors Beverage Co. (NYSE: TAP): Goldman Sachs lifted its Sell rating to Neutral and raised the price target to $54 from $46. The stock traded near $56 on Tuesday, in a 52-week range of $42.46 to $57.75.
Snowflake Inc. (NYSE: SNOW): Jefferies upgraded it to Buy from Hold, and it raised the $125 price target to $200. The shares traded near $145 on Tuesday. The 52-week trading range is $110.26 to $405.00.
United Parcel Service Inc. (NYSE: UPS): Credit Suisse initiated coverage with an Outperform rating and a $225 price target. The 52-week trading range is $165.34 to $233.72, and shares were trading near $181 on Tuesday.
Verizon Communications Inc. (NYSE: VZ): Scotiabank resumed coverage with a Sector Perform rating. The 52-week range is $45.55 to $56.85. Shares traded near $50 apiece on Tuesday.
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