Stock Market Update
April 22, 2024
UPGRADES
Jefferies analyst Daniel Rizzo upgrades Ingevity (NYSE:NGVT) from Hold to Buy and raises the price target from $52 to $62.
DA Davidson analyst Manuel Navas upgrades Provident Finl Servs (NYSE:PFS) from Neutral to Buy and raises the price target from $15 to $20.
B of A Securities analyst Sachin Salgaonkar upgrades Sea (NYSE:SE) from Neutral to Buy and raises the price target from $62 to $70.
Alembic Global analyst Peter Skibitski upgrades L3Harris Technologies (NYSE:LHX) from Neutral to Overweight and announces $238 price target.
BMO Capital analyst John Kim upgrades Equity Residential (NYSE:EQR) from Market Perform to Outperform and raises the price target from $68 to $70.
DOWNGRADES
Evercore ISI Group analyst Stephen Richardson downgrades PPG Indus (NYSE:PPG) from Outperform to In-Line and maintains $152 price target.
BMO Capital analyst John Kim downgrades Prologis (NYSE:PLD) from Outperform to Market Perform and lowers the price target from $145 to $112.
Hovde Group analyst Erik Zwick downgrades CVB Financial (NASDAQ:CVBF) from Outperform to Market Perform and announces $18 price target.
Keefe, Bruyette & Woods analyst Brady Gailey downgrades Synovus Finl (NYSE:SNV) from Outperform to Market Perform and lowers the price target from $46 to $38.
Barclays analyst Nicholas Campanella downgrades OGE Energy (NYSE:OGE) from Overweight to Equal-Weight and maintains the price target at $34.
NEWS
Stocks ripped higher Monday, recovering their footing after a tough week, as tech shares rebounded and tensions in the Middle East dimmed. Traders also looked ahead to the release of major earnings.
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The Dow Jones Industrial Average climbed 253.58 points, or 0.67%, to close at 38,239.98. The S&P 500 traded 0.87% higher to finish the session at 5,010.60, while the Nasdaq Composite advanced 1.11% to 15,451.31. Both the S&P 500 and Nasdaq ended a six-day losing streak.
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Chipmaker and artificial intelligence favorite Nvidia climbed 4.4%, bouncing from a nearly 14% sell-off last week, its worst since September 2022. Arm Holdings also rebounded nearly 7% on Monday.
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U.S. crude prices slipped after Iran said it will not escalate the conflict with Israel. Investors had been concerned higher oil prices could contribute to inflation, leading the Federal Reserve to hold off on cutting rates.
April 19, 2024
UPGRADES
Redburn Atlantic analyst Dominic Ball upgrades Shift4 Payments (NYSE:FOUR) from Sell to Neutral and announces $53 price target.
Wolfe Research analyst Steven Chubak upgrades Bank of America (NYSE:BAC) from Peer Perform to Outperform and announces $42 price target.
Morgan Stanley analyst Keith Weiss upgrades Shopify (NYSE:SHOP) from Equal-Weight to Overweight and raises the price target from $74 to $85.
B. Riley Securities analyst Craig Ellis upgrades Ichor Hldgs (NASDAQ:ICHR) from Neutral to Buy and raises the price target from $40 to $48.
Wells Fargo analyst Michael Blum upgrades First Solar (NASDAQ:FSLR) from Equal-Weight to Overweight and raises the price target from $187 to $250.
DOWNGRADES
Jefferies analyst Ashley Helgans downgrades Ulta Beauty (NASDAQ:ULTA) from Buy to Hold and lowers the price target from $585 to $438.
Exane BNP Paribas analyst David O'Connor downgrades ARM Holdings (NASDAQ:ARM) from Outperform to Neutral and announces $100 price target.
Exane BNP Paribas analyst David O'Connor downgrades ON Semiconductor (NASDAQ:ON) from Neutral to Underperform and announces $55 price target.
B of A Securities analyst George Staphos downgrades O-I Glass (NYSE:OI) from Buy to Neutral and lowers the price target from $21 to $16.
Canaccord Genuity analyst Maria Ripps downgrades Netflix (NASDAQ:NFLX) from Buy to Hold and lowers the price target from $720 to $585.
NEWS
April 18, 2024
UPGRADES
Keybanc analyst Eric Heath upgrades Zscaler (NASDAQ:ZS) from Sector Weight to Overweight and announces $220 price target.
Wolfe Research analyst Keith Stanley upgrades Western Midstream (NYSE:WES) from Underperform to Peer Perform.
Rosenblatt analyst Catharine Trebnick upgrades Zoom Video Comms (NASDAQ:ZM) from Neutral to Buy and announces $75 price target.
DA Davidson analyst Matt Summerville upgrades Barnes Gr (NYSE:B) from Neutral to Buy and raises the price target from $35 to $45.
BMO Capital analyst John Kim upgrades SL Green Realty (NYSE:SLG) from Market Perform to Outperform and raises the price target from $56 to $58.
DOWNGRADES
Wolfe Research analyst Keith Stanley downgrades Williams Companies (NYSE:WMB) from Peer Perform to Underperform and announces $34 price target.
B of A Securities analyst Murilo Freiberger downgrades Azul (NYSE:AZUL) from Neutral to Underperform and lowers the price target from $18 to $9.
Deutsche Bank analyst Emmanuel Rosner downgrades Tesla (NASDAQ:TSLA) from Buy to Hold and lowers the price target from $189 to $123.
Keefe, Bruyette & Woods analyst David Konrad downgrades U.S. Bancorp (NYSE:USB) from Outperform to Market Perform and lowers the price target from $52 to $45.
Morgan Stanley analyst Lauren Schenk downgrades Etsy (NASDAQ:ETSY) from Equal-Weight to Underweight and lowers the price target from $64 to $55.
NEWS
Stocks mostly extended an April slump Thursday, while Treasury yields rose. Read the day's full markets roundup here.
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One driver of the downbeat day: chip stocks, with an index of chip shares falling nearly 1.7%. TSMC was upbeat about AI but more cautious about a wider industry rebound. Its U.S.-listed shares dropped. Semiconductor companies, the backbone of the stock market’s rally over the last few months, have lately fallen.
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On the rise: Ibotta's IPO, the latest sign of investor interest in the market for new offerings.
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Data released today showed that home sales slowed by 4.3% in March. Mortgage rates topped 7%.
April 17, 2024
UPGRADES
Morgan Stanley analyst Devin McDermott upgrades Antero Resources (NYSE:AR) from Equal-Weight to Overweight and raises the price target from $26 to $36.
Guggenheim analyst Ronald Jewsikow upgrades Group 1 Automotive (NYSE:GPI) from Neutral to Buy and announces $305 price target.
Truist Securities analyst Tobey Sommer upgrades Strategic Education (NASDAQ:STRA) from Hold to Buy and raises the price target from $110 to $125.
Wells Fargo analyst Steven Cahall upgrades Omnicom Group (NYSE:OMC) from Equal-Weight to Overweight and raises the price target from $91 to $106.
Scotiabank analyst George Farmer upgrades Legend Biotech (NASDAQ:LEGN) from Sector Perform to Sector Outperform and maintains a $65 price target.
DOWNGRADES
RBC Capital analyst Brian Abrahams downgrades Marinus Pharma (NASDAQ:MRNS) from Outperform to Sector Perform and lowers the price target from $24 to $3.
Piper Sandler analyst Paul Newsome downgrades Marsh & McLennan (NYSE:MMC) from Overweight to Neutral and maintains $211 price target.
Jefferies analyst Corey Tarlowe downgrades Urban Outfitters (NASDAQ:URBN) from Hold to Underperform and lowers the price target from $42 to $32.
B of A Securities analyst Tazeen Ahmad downgrades Sage Therapeutics (NASDAQ:SAGE) from Neutral to Underperform and lowers the price target from $24 to $14.
Northcoast Research analyst Chris Olin downgrades Boeing (NYSE:BA) from Neutral to Sell and announces $140 price target.
NEWS
Stocks dipped Wednesday, sliding after markets recently seemed to stabilize. Read the day's full markets roundup here.
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All three major U.S. indexes began today's session in the green, then retreated. Chip stocks dropped, weighing on the Nasdaq.
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Earnings season is driving big moves in stocks on both sides of the Atlantic. Strong numbers from United Airlines lifted it and other airline shares today. Solid results from big banks, meanwhile, have been a highlight so far of earnings season so far.
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Overseas, shares in chip-equipment maker ASML fell after the Dutch giant's quarterly orders undershot expectations. Adidas rallied after the German company posted better-than-anticipated earnings. And Louis Vuitton owner LVMH gained after a financial update.
April 16, 2024
UPGRADES
Baird analyst Ghansham Panjabi upgrades Crown Holdings (NYSE:CCK) from Neutral to Outperform and raises the price target from $85 to $90.
HSBC analyst Frank Lee upgrades Advanced Micro Devices (NASDAQ:AMD) from Hold to Buy and announces $225 price target.
Argus Research analyst Stephen Biggar upgrades Goldman Sachs Gr (NYSE:GS) from Hold to Buy and announces $465 price target.
Barclays analyst Benjamin Theurer upgrades Tyson Foods (NYSE:TSN) from Underweight to Overweight and raises the price target from $53 to $69.
Wells Fargo analyst Edward Kelly upgrades Kroger (NYSE:KR) from Equal-Weight to Overweight and raises the price target from $58 to $65.
DOWNGRADES
Baird analyst Ghansham Panjabi downgrades Berry Global Gr (NYSE:BERY) from Outperform to Neutral and lowers the price target from $68 to $65.
TD Cowen analyst Tara Bancroft downgrades Fusion Pharmaceuticals (NASDAQ:FUSN) from Buy to Hold.
Deutsche Bank analyst Nicole Deblase downgrades Honeywell Intl (NASDAQ:HON) from Buy to Hold and lowers the price target from $227 to $215.
Deutsche Bank analyst Bastian Synagowitz downgrades ArcelorMittal (NYSE:MT) from Buy to Hold and lowers the price target from $34 to $31.
DA Davidson analyst Brent Thielman downgrades Encore Wire (NASDAQ:WIRE) from Buy to Neutral and maintains $295 price target.
NEWS
United Airlines shares surged more than 17% Wednesday to a seven-month high after the carrier forecast second-quarter earnings well ahead of Wall Street estimates despite ongoing delivery delays from Boeing.
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The airline expects to post earnings of between $3.75 and $4.25 in the second quarter, ahead of analysts’ estimates of about $3.76 a share. Airlines make the bulk of their profits in the second and third quarters, during peak travel season.
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The carrier also reiterated its full-year earnings forecast of between $9 and $11 a share.
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United cut its aircraft-delivery expectations for the year. It expects it will receive just 61 new narrow-body planes this year, down from 101 it said it had anticipated at the beginning of the year and contracts for as many as 183 planes in 2024.
April 15, 2024
UPGRADES
JP Morgan analyst Seth Seifman upgrades Lockheed Martin (NYSE:LMT) from Neutral to Overweight and raises the price target from $475 to $518.
JP Morgan analyst Seth Seifman upgrades Triumph Group (NYSE:TGI) from Underweight to Neutral and raises the price target from $13 to $17.
Stifel analyst Rick Wise upgrades Masimo (NASDAQ:MASI) from Hold to Buy and raises the price target from $148 to $170.
B. Riley Securities analyst Dave Kang upgrades Extreme Networks (NASDAQ:EXTR) from Neutral to Buy and maintains $14 price target.
Wedbush analyst Tom Nikic upgrades PVH (NYSE:PVH) from Neutral to Outperform and raises the price target from $113 to $128.
DOWNGRADES
NEWS
UBS analyst Joshua Chan downgrades Rollins (NYSE:ROL) from Buy to Neutral and maintains the price target from $49 to $49.
Exane BNP Paribas analyst Xian Siew downgrades Brunswick (NYSE:BC) from Outperform to Neutral and lowers the price target from $94 to $82.
Guggenheim analyst John Difucci downgrades ServiceNow (NYSE:NOW) from Buy to Neutral.
Morgan Stanley analyst Erik Woodring downgrades Logitech International (NASDAQ:LOGI) from Equal-Weight to Underweight and lowers the price target from $85 to $75.
Goldman Sachs analyst Will Nance downgrades AvidXchange Holdings (NASDAQ:AVDX) from Neutral to Sell and lowers the price target from $13 to $11.
Salesforce shares closed down 7% on Monday after reports over the weekend that the cloud software company is in advanced talks to buy data-management firm Informatica.
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Shares of Informatica, which has a market cap of around $10 billion, closed down 6% following the reports.
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The price being weighed is below Informatica’s closing stock price on Friday of $38.48, according to The Wall Street Journal, which first reported the talks on Friday. A Reuters article said the deal could be announced soon. Neither publication provided specifics on the size of a potential transaction.
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Regardless, it would be Salesforce’s largest deal since purchasing Slack for nearly $28 billion in 2021, the company’s largest acquisition to date.
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