The futures traded lower as investors returned to action after a big Thanksgiving holiday and weekend. The major indexes closed mixed on the shortened trading day on Friday, with both the Dow Jones industrials and the Russell 2000 posting gains. With a huge Black Friday behind us and Cyber Monday underway, many across Wall Street are concerned that, with the Michigan Consumer Sentiment index printing a lower number last week than during the pandemic, the holiday shopping numbers could plunge.
So far the numbers do not bear that out, but shoppers are indeed bargain hunting, and many are utilizing the “buy now, pay later” services. In addition, U.S. employers are slowing seasonal hiring as retailers forecast weaker sales growth.
Yields were modestly lower across the Treasury curve Friday, with only the benchmark 30-year-long bond yield ticking higher. The spread of the inversion between the 90-day Treasury bill and the 10-year note has exploded out to 72 basis points. A negative 10-year and 3-month spread historically has been viewed as a precursor or predictor of a recessionary period. The New York Fed uses the rate in a model to predict recessions that are two to six quarters ahead.
Brent and West Texas Intermediate crude ended a brutal week both trading down on Friday 2.00% and 1.78%, respectively. Bearish sentiment is creeping into the energy complex as published media reports indicated Friday that China’s daily coronavirus cases reached a record high as lockdowns continue, halting a lot of activity in Beijing. Gold and Bitcoin ended Friday lower as well.
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, November 28, 2022.
Activision Blizzard Inc. (NASDAQ: ATVI): Truist Financial upgraded the shares to Buy from Hold and has an $81 target price. The consensus target is $92.58. The stock closed Friday at $73.47, which was down 4% for the day.
Amazon.com Inc. (NASDAQ: AMZN): Goldman Sachs reiterated a Buy rating as the Christmas shopping season has started to heat up. The analysts have a $165 target price, which compares with the $141.24 consensus target and Friday’s closing print of $93.41.
Arcos Dorados Holdings Inc. (NYSE: ARCO): Goldman Sachs maintained a Buy rating and a $10 target on shares of the company, which has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 20 countries and territories in Latin America and the Caribbean. The consensus target is $10.15. Friday’s close was at $7.25.
Bilibili Inc. (NASDAQ: BILI): BofA Securities reiterated a Neutral rating but raised the $11.50 target price to $13.50. The consensus target is up at $25.31. The stock closed over 7% lower on Friday at $12.33. The company reports earnings Tuesday.
Construction Partner Inc. (NASDAQ: ROAD): Raymond James reiterated a Strong Buy rating with a $37 price objective. The consensus target is $31.86. Friday’s $29.28 close was up over 6% after posting strong quarterly results.
Coupa Software Inc. (NASDAQ: COUP): BofA Securities reiterated a Buy rating and has a $78 target price. The consensus target is $71.82. The stock closed on Friday at $62.69, up close to 7% for the day, on a Bloomberg article citing interest by Vista equity partners in a potential buyout.
Deere & Co. (NYSE: DE): UBS raised its $374 target price to $452 but stayed with a Neutral rating. The consensus target is $433.83. The shares ended Friday’s session trading at $441.47.
DraftKings Inc. (NASDAQ: DKNG): J.P. Morgan downgraded the shares from Neutral to Underweight with a $12 target price. The consensus target is $20.80. The stock closed on Friday at $15.14.
Energy Recovery Inc. (NASDAQ: ERII): Raymond James reiterated an Outperform rating with a $23 target price. The consensus target is $24.75, and shares closed on Friday at $22.27.
24/7 Wall St.Etsy Inc. (NASDAQ: ETSY): Goldman Sachs maintained a Buy rating with a $130 target price. No consensus target was available. The shares ended Friday trading at $120.31 apiece.
Everbridge Inc. (NASDAQ: EVBG): Raymond James maintained an Outperform rating with a $32 target price. The consensus target is $31.50. Friday’s closing share price was $30.86.
Gain Therapeutics Inc. (NASDAQ: GANX): Oppenheimer slashed its $30 price target to $10 but kept an Outperform rating on the stock. The consensus target is $13.75. Friday’s close was at $3.10.
Honda Motor Co. Ltd. (NYSE: HMC): BofA Securities maintained a Buy rating and has a $29.98 target price. The consensus target is $28.05. The stock closed on Friday at $24.43.
JD.com Inc. (NASDAQ: JD): Goldman Sachs reiterated a Buy rating with an $81 target price. The consensus target is $78.47. The stock closed Friday at $49.48, down over 5% on the day after more negative COVID-19 news from China.
Lufax Holding Ltd. (NYSE: LU): Credit Suisse’s downgrade to Underperform from Neutral included a target price cut to $1.40 from $1.70. The consensus target is higher at $4.86. The stock ended Friday at $1.40, down 20% for the day on the downgrade.
Meta Platforms Inc. (NASDAQ: META): Goldman Sachs reiterated a Buy rating, citing the strong position in digital advertising. The analyst has set a $165 target price. The $153.53 consensus also compares with Friday’s closing trade at $111.41.
Redfin Corp. (NASDAQ: RDFN): D.A. Davidson lowered its $9.50 target price to $5.50 and stayed with a Neutral rating. The consensus target is $4.53. The stock closed on Friday at $5.23.
Sarepta Therapeutics Inc. (NASDAQ: SRPT): Oppenheimer reiterated an Outperform rating with a $150 target price objective. The consensus target is $139.79, and the final trade on Friday was for $114.57 a share.
Tyson Foods Inc. (NYSE: TSN): The Barclays downgrade was to Underweight from Equal Weight. It also slashed the $89 target price to $58, well below the $80 consensus target and Friday’s close at $67.33.
24/7 Wall St.Upstart Holdings Inc. (NASDAQ: UPST): This credit services provider is the Zacks Bear of the Day stock. No need to rush into this former high-flyer, says the analyst. Shares have traded as high as $220.21 in the past year but closed most recently at $18.52. That is down more than 26% in the past 90 days.
Visa Inc. (NYSE: V): Goldman Sachs reiterated a Buy rating with a $251 target price after November trends were stable. The consensus target is $247.64. The stock ended Friday at $213.79.
Wynn Resorts Ltd. (NASDAQ: WYNN): J.P. Morgan upgraded the casino operator to Overweight from Neutral and raised its $71 target price to $91. The consensus target is $83.08. The stock closed on Friday at $74.93.
Investors may be able to ride a potential Santa Claus rally for the balance of 2022. Five high-yielding Nasdaq stocks have some solid defensive qualities and are offering among the best entry points in some time.
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