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After Feeble December Start, Analysts Upgrade or Downgrade Citigroup, JPMorgan, Shopify and More

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Markets pushed higher on Thursday with a big help from the technology sector. The Nasdaq led the charge higher, up over 1%, with the Dow Jones industrials and S&P 500 each up 0.8%. If the trend continues, the S&P 500 will snap its five-day losing streak.

Through the first seven days of December, the S&P 500 is down roughly 3.6%, while the Nasdaq is looking at losses around 4.4%. Historically speaking, December and the fourth quarter are generally a positive time for markets, but recent concerns about rate hikes and geopolitical headwinds have the Nasdaq off to its worst start of the month since 1975.

The question remains whether the Federal Reserve will come through next week and deliver a 50-basis-point rate hike, as is expected, or are markets due for more turmoil ahead.

Here, 24/7 Wall St. is reviewing additional 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 included Airbnb, Applied Materials, AutoZone, Carvana, Stitch Fix, TripAdvisor and more.

AppLovin Corp. (NASDAQ: APP): BTIG Research downgraded the stock to Neutral from Buy. The 52-week trading range is $10.18 to $99.29. Shares changed hands near $11 apiece on Thursday.

AvalonBay Communities Inc. (NYSE: AVB): The Goldman Sachs downgrade to Neutral from Buy included a price target cut to $187 from $197. The stock has traded as high as $259.05 a share in the past year but was last seen at around $170. That is down nearly 34% year to date.

Citigroup Inc. (NYSE: C): Piper Sandler initiated coverage with a Neutral rating and a $48 price target. The shares traded near $45 on Thursday. The 52-week range is $40.01 to $69.11.

General Dynamics Corp. (NYSE: GD): Citigroup started coverage with a Buy rating and a $298 price target. The shares traded near $248 on Thursday. The 52-week range is $197.03 to $256.86.

Hershey Co. (NYSE: HSY): UBS lifted its Neutral rating to Buy and hiked its $244 price target to $269. The 52-week trading range is $242.46 to $182.51. Shares changed hands near $239 apiece on Thursday.

JPMorgan Chase & Co. (NYSE: JPM): Piper Sandler initiated coverage with an Overweight rating and a $150 price target. The stock traded near $133 on Thursday, in a 52-week range of $101.28 to $169.81.

Match Group Inc. (NASDAQ: MTCH): UBS started coverage with a Neutral rating and a $46 price target. The stock was last seen trading near $45, in a 52-week range of $40.23 to $137.12.

Mondelez International Inc. (NASDAQ: MDLZ): Though UBS downgraded the shares to Neutral from Buy, it also nudged up its $70 price target to $71. The stock traded near $68 on Thursday, in a 52-week range of $54.72 to $69.47.

Ollie’s Bargain Outlet Holdings Inc. (NASDAQ: OLLI): Gordon Haskett downgraded the stock to Accumulate from Buy and has a $53 price target. Shares have traded as high as $72.27 in the past year but were changing hands near $50 on Thursday.

Salesforce Inc. (NYSE: CRM): Robert Baird’s downgrade was to Neutral from Outperform, and its $200 price target dropped to $150. The stock has traded as high as $270.57 in the past year but was last seen near $130. That is down over 48% year to date.

Shopify Inc. (NYSE: SHOP): UBS initiated coverage with a Sell rating and a $30 price target. Shares traded near $38 on Thursday, in a 52-week range of $23.63 to $153.40.


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