Stock Market Update
December 6, 2024
UPGRADES
Baird analyst Eric Coldwell downgrades Fortrea Holdings (NASDAQ:FTRE) from Outperform to Neutral and lowers the price target from $28 to $25.
Jefferies analyst Stephen Volkmann downgrades Kennametal (NYSE:KMT) from Buy to Hold and lowers the price target from $40 to $32.
Jefferies analyst Kaumil Gajrawala downgrades Duckhorn Portfolio (NYSE:NAPA) from Buy to Hold and maintains the price target from $11 to $11.
Lake Street analyst Mark Smith downgrades Smith & Wesson Brands (NASDAQ:SWBI) from Buy to Hold and lowers the price target from $18 to $13.
BMO Capital analyst John Kim downgrades Prologis (NYSE:PLD) from Market Perform to Underperform and lowers the price target from $120 to $104.
DOWNGRADES
Baird analyst Eric Coldwell downgrades Fortrea Holdings (NASDAQ:FTRE) from Outperform to Neutral and lowers the price target from $28 to $25.
Jefferies analyst Stephen Volkmann downgrades Kennametal (NYSE:KMT) from Buy to Hold and lowers the price target from $40 to $32.
Jefferies analyst Kaumil Gajrawala downgrades Duckhorn Portfolio (NYSE:NAPA) from Buy to Hold and maintains the price target from $11 to $11.
Lake Street analyst Mark Smith downgrades Smith & Wesson Brands (NASDAQ:SWBI) from Buy to Hold and lowers the price target from $18 to $13.
BMO Capital analyst John Kim downgrades Prologis (NYSE:PLD) from Market Perform to Underperform and lowers the price target from $120 to $104.
NEWS
The S&P 500 and Nasdaq Composite rose to fresh records on Friday after November jobs data came in slightly better than expected, but not so hot as to deter the Federal Reserve from cutting rates again later this month.
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The broad market S&P 500 climbed 0.25% to 6,090.27. Tech-heavy Nasdaq advanced 0.81% to 19,859.77, bolstered by gains in Tesla, Meta Platforms and Amazon. Both indexes touched new all-time highs during the session and closed at records. The Dow Jones Industrial Average slipped 123.19 points, or 0.28%, to close at 44,642.52.
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The S&P 500 and Nasdaq went on to their third straight positive week as well, rising 0.96% and 3.34%, respectively. The Dow slipped 0.6% during the period.
December 5, 2024
UPGRADES
Barclays analyst Julian Mitchell upgrades Rockwell Automation (NYSE:ROK) from Underweight to Equal-Weight and raises the price target from $255 to $290.
Bernstein analyst Peter Weed upgrades Okta (NASDAQ:OKTA) from Market Perform to Outperform and raises the price target from $123 to $129.
Wolfe Research analyst Emmanuel Rosner upgrades Mobileye Global (NASDAQ:MBLY) from Peer Perform to Outperform.
Morgan Stanley analyst Meta Marshall upgrades Hewlett Packard (NYSE:HPE) from Equal-Weight to Overweight and raises the price target from $23 to $28.
Goldman Sachs analyst Matthew Sykes upgrades Bruker (NASDAQ:BRKR) from Sell to Neutral and maintains the price target from $60 to $60
DOWNGRADES
Wolfe Research analyst Bill Carcache downgrades Prosperity Bancshares (NYSE:PB) from Outperform to Peer Perform.
Goldman Sachs analyst Matthew Sykes downgrades Veracyte (NASDAQ:VCYT) from Buy to Neutral and lowers the price target from $38 to $37.
Morgan Stanley analyst Joseph Moore downgrades Applied Mat (NASDAQ:AMAT) from Equal-Weight to Underweight and lowers the price target from $179 to $164.
Morgan Stanley analyst Bob Huang downgrades Principal Finl Gr (NASDAQ:PFG) from Equal-Weight to Underweight and lowers the price target from $86 to $80.
DA Davidson analyst Peter Heckmann downgrades Toast (NYSE:TOST) from Buy to Neutral and lowers the price target from $44 to $38.
NEWS
Ulta Beauty on Thursday beat Wall Street’s fiscal third-quarter expectations, fending off fears of fiercer competition and slowing demand for makeup and skin care.
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The retailer hiked its full-year outlook slightly to reflect the better-than-expected results. For the fiscal year, it said it now expects net sales to range from $11.1 billion to $11.2 billion, compared with its previous guidance for $11 billion to $11.2 billion.
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It said it now expects full-year earnings per year to range from $23.20 to $23.75, up from $22.60 to $23.50. For the full year, the comparable sales forecast ranges from a decline of 1% to flat. The comparable sales metric tracks sales at Ulta stores open at least 14 months, along with online sales.
December 4, 2024
UPGRADES
Keybanc analyst Sophie Karp upgrades Pinnacle West Capital (NYSE:PNW) from Sector Weight to Overweight and maintains the price target from $101 to $101.
Keefe, Bruyette & Woods analyst Catherine Mealor upgrades Shore Bancshares (NASDAQ:SHBI) from Market Perform to Outperform and raises the price target from $16 to $20.
JP Morgan analyst Tami Zakaria upgrades Trimble (NASDAQ:TRMB) from Neutral to Overweight and raises the price target from $74 to $92.
Piper Sandler analyst James Fish upgrades Pure Storage (NYSE:PSTG) from Neutral to Overweight and raises the price target from $56 to $76.
Mizuho analyst Haendel St. Juste upgrades Macerich (NYSE:MAC) from Underperform to Neutral and raises the price target from $14 to $22.
DOWNGRADES
Keybanc analyst Sophie Karp downgrades Entergy (NYSE:ETR) from Overweight to Sector Weight.
Stephens & Co. analyst Tommy Moll downgrades MSC Industrial Direct Co (NYSE:MSM) from Overweight to Equal-Weight and maintains the price target from $85 to $85.
Keybanc analyst Sophie Karp downgrades DTE Energy (NYSE:DTE) from Overweight to Sector Weight.
Needham analyst Charles Shi downgrades ACM Research (NASDAQ:ACMR) from Buy to Hold and maintains the price target from $25 to $25.
Wedbush analyst Jay McCanless downgrades Cavco Indus (NASDAQ:CVCO) from Outperform to Neutral and maintains the price target from $480 to $480.
NEWS
American Eagle Outfitters – Shares plunged 12% after the retailer reported weaker-than-expected revenue for the third quarter. For the period, American Eagle posted $1.29 billion in revenue, below the consensus estimate of $1.30 billion, according to LSEG. The retailer also offered a weak holiday outlook and slashed its full-year sales forecast.
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Five Below – The discount retailer advanced about 11% after posting third-quarter revenue of $844 million, well above the $799 million analysts polled by LSEG had expected. Adjusted earnings also topped the Street’s expectations. The company also guided for a fourth-quarter revenue range that encompassed the average consensus estimate.
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Verint Systems – Shares surged 18% after the company’s third-quarter results topped Wall Street’s expectations. Verint earned 54 cents per share, excluding items, on revenue of $224.2 million, excluding items. Analysts polled by LSEG were looking for 43 cents per share on revenue of $210 million.
December 3, 2024
UPGRADES
Deutsche Bank analyst George Hill upgrades CVS Health (NYSE:CVS) from Hold to Buy and maintains the price target from $66 to $66.
UBS analyst William Appicelli upgrades DTE Energy (NYSE:DTE) from Neutral to Buy and raises the price target from $129 to $143.
B of A Securities analyst Vivek Arya upgrades Credo Technology Group (NASDAQ:CRDO) from Underperform to Buy and raises the price target from $27 to $80.
RBC Capital analyst Josh Wolfson upgrades Anglogold Ashanti (NYSE:AU) from Sector Perform to Outperform and announces $31 price target.
Morgan Stanley analyst Meta Marshall upgrades Axon Enterprise (NASDAQ:AXON) from Equal-Weight to Overweight and raises the price target from $500 to $700.
DOWNGRADES
Wedbush analyst Jay McCanless downgrades Cavco Indus (NASDAQ:CVCO) from Outperform to Neutral and maintains the price target from $480 to $480.
Wells Fargo analyst Edward Kelly downgrades Ollie's Bargain Outlet (NASDAQ:OLLI) from Overweight to Equal-Weight and lowers the price target from $100 to $95.
BMO Capital analyst Kelly Bania downgrades Kroger (NYSE:KR) from Outperform to Market Perform and maintains the price target from $60 to $60.
JP Morgan analyst Anne Samuel downgrades Progyny (NASDAQ:PGNY) from Overweight to Neutral and lowers the price target from $22 to $17.
Bernstein analyst David Vernon downgrades FedEx (NYSE:FDX) from Outperform to Market Perform and lowers the price target from $337 to $316.
NEWS
Salesforce shares were up 9% on Tuesday after the company’s fiscal third-quarter earnings report showed revenue and fiscal fourth-quarter guidance that exceeded analysts’ expectations.
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The company’s revenue grew 8% year over year during the fiscal third quarter, which ended Oct. 31. Its net income was $1.5 billion in the quarter, up 25% from $1.2 billion a year ago.
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Salesforce said it is expecting fiscal fourth-quarter sales of between $9.90 billion and $10.10 billion. Analysts were projecting $10.05 billion in fourth-quarter sales.
The company said it expects earnings per share of between $2.57 and $2.62 in the fourth quarter, compared with analysts’ expectations of $2.65.
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December 2, 2024
UPGRADES
Wells Fargo analyst Finian O'Shea upgrades Runway Gwth Fin (NASDAQ:RWAY) from Equal-Weight to Overweight and announces $11 price target.
JP Morgan analyst Matthew Boss upgrades Gap (NYSE:GAP) from Neutral to Overweight and raises the price target from $28 to $30.
Morgan Stanley analyst Simeon Gutman upgrades Okta (NASDAQ:OKTA) from Equal-Weight to Overweight and raises the price target from $92 to $97.
Morgan Stanley analyst Keith Weiss upgrades Cloudflare (NYSE:NET) from Equal-Weight to Overweight and raises the price target from $92 to $130.
Piper Sandler analyst Edward Tenthoff upgrades Xencor (NASDAQ:XNCR) from Neutral to Overweight and raises the price target from $20 to $30.
DOWNGRADES
Morgan Stanley analyst Cecilia Furlong downgrades Nevro (NYSE:NVRO) from Equal-Weight to Underweight and lowers the price target from $9 to $4.
Morgan Stanley analyst Patrick Wood downgrades Glaukos (NYSE:GKOS) from Equal-Weight to Underweight and announces $120 price target.
Morgan Stanley analyst Patrick Wood downgrades Bausch & Lomb (NYSE:BLCO) from Overweight to Equal-Weight and announces $19 price target.
UBS analyst Esther Rajavelu downgrades Applied Therapeutics (NASDAQ:APLT) from Buy to Neutral and lowers the price target from $13 to $2.
TD Cowen analyst Andrew Kligerman downgrades Markel Group (NYSE:MKL) from Buy to Hold and lowers the price target from $1986 to $1836.
NEWS
DETROIT — General Motors plans to sell its stake in a $2.6 billion electric vehicle battery cell plant in Michigan to its joint venture partner LG Energy Solution, the automaker announced Monday.
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The Detroit carmaker said it expects to recoup its investment in the facility, which a source familiar with the plans said is anticipated to be roughly $1 billion. The sale is part of a nonbinding agreement between the two companies that is anticipated to close during the first quarter of next year, GM said.
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The nearly completed, 2.8 million-square-foot plant in Lansing, Michigan, was expected to be the third battery cell facility of the joint venture, known as Ultium Cells LLC, following plants in Ohio and Tennessee that have already opened and are operational..
November 29, 2024
UPGRADES
Jefferies upgrades Anglo American (NGLOY) from Hold to Buy.
Goldman upgrades VNET Group from Neutral to Buy and raises price target from $3.1 to $5.
DA Davidson Upgrades Costco (COST) to neutral and maintains a $880 price target.
Barclays upgrades Okta to Equal-Weight and announces $81 price target.
Cantor Fitzgerald upgrades (AMAT) Applied Materials to overweight and maintains a $250.00 price target.
DOWNGRADES
Morgan Stanley downgrades Noah Holdings (NOAH) from Overweight to Equal-Weight and announces $13 price target.
B. Riley Securities downgrades RumbleOn (RMBL) Buy to Neutral and announces $7 price target.
HSBC Securities downgrades Autodesk (ADSK) from Buy to Hold and announces $290 price target.
HSBC Securities downgrades HP. Inc. (HPQ) from Buy to hold and maintains price target from $38 to $38.
BofA Securities downgrades BAE Systems (BAESY) from Neutral to Underperform.
NEWS
The Dow Jones Industrial Average and S&P 500 rose to new heights on Friday amid a shortened trading day that capped a strong month for equities.
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The S&P 500 added 0.56% to 6,032.38, while the Nasdaq Composite jumped 0.83% to 19,218.17.The Dow climbed 188.59 points, or 0.42%, to end at 44,910.65. Both the Dow and S&P 500 notched new intraday and closing highs.
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Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren’t as strong as previously expected. Lam Research rallied more than 3%, while Nvidia jumped more than 2%. The iShares Semiconductor ETF (SOXX) added 1.3%.