Stock Market Update
December 18, 2024
UPGRADES
B of A Securities analyst Justin Post upgrades Expedia Group (NASDAQ:EXPE) from Neutral to Buy and raises the price target from $187 to $221.
Keybanc analyst Arvind Ramnani upgrades Q2 Holdings (NYSE:QTWO) from Sector Weight to Overweight and announces $126 price target.
Keybanc analyst Alex Markgraff upgrades BILL Holdings (NYSE:BILL) from Sector Weight to Overweight and announces $115 price target.
Stephens & Co. analyst Jacob Johnson upgrades Azenta (NASDAQ:AZTA) from Equal-Weight to Overweight and raises the price target from $50 to $60.
Stephens & Co. analyst Charles Nabhan upgrades Fiserv (NYSE:FI) from Equal-Weight to Overweight and raises the price target from $220 to $255.
DOWNGRADES
Barclays analyst David Anderson downgrades Halliburton (NYSE:HAL) from Overweight to Equal-Weight and lowers the price target from $43 to $33.
Barclays analyst Eddie Kim downgrades Valaris (NYSE:VAL) from Overweight to Equal-Weight and lowers the price target from $59 to $49.
Jefferies analyst Yaron Kinar downgrades RenaissanceRe Holdings (NYSE:RNR) from Buy to Hold and lowers the price target from $304 to $282.
Wells Fargo analyst Ned Baramov downgrades Antero Midstream (NYSE:AM) from Overweight to Equal-Weight and announces $16 price target.
NEWS
U.S. stocks sank to their second-worst loss of the year after the Federal Reserve signaled that it may deliver fewer interest rates cuts in 2025 than earlier thought.
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The S&P 500 dropped 2.9% Wednesday to pull further from its all-time high set a couple weeks ago. The Dow Jones Industrial Average sank more than 1,100 points, and the Nasdaq composite dropped 3.6%.
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Fed officials released projections showing they’re penciling in just two cuts to interest rates next year, instead of the four they were projecting a few months ago. Treasury yields ramped higher to add pressure on the stock market.
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December 17, 2024
UPGRADES
Stifel analyst Adam Borg upgrades Cloudflare (NYSE:NET) from Hold to Buy and raises the price target from $95 to $136.
Seaport Global analyst Laurie Havener Hunsicker upgrades Berkshire Hills Bancorp (NYSE:BHLB) from Neutral to Buy and announces $39 price target.
Morgan Stanley analyst Angel Castillo upgrades CNH Industrial (NYSE:CNH) from Equal-Weight to Overweight and raises the price target from $11 to $16.5.
Keefe, Bruyette & Woods analyst Damon Delmonte upgrades MidWestOne Financial Gr (NASDAQ:MOFG) from Market Perform to Outperform and raises the price target from $34 to $39.
JMP Securities analyst Mitch Germain upgrades Global Net Lease (NYSE:GNL) from Market Perform to Market Outperform and announces $9 price target.
DOWNGRADES
Loop Capital analyst Laura Champine downgrades Honest Co (NASDAQ:HNST) from Buy to Hold and maintains the price target from $7 to $7.
JP Morgan analyst Lisa Gill downgrades PACS Group (NYSE:PACS) from Overweight to Neutral and announces $18 price target.
JP Morgan analyst Allen Gong downgrades TransMedics Gr (NASDAQ:TMDX) from Overweight to Neutral and lowers the price target from $116 to $75.
JMP Securities analyst Mitch Germain downgrades Agree Realty (NYSE:ADC) from Market Outperform to Market Perform.
Jefferies analyst James Heaney downgrades Match Group (NASDAQ:MTCH) from Buy to Hold and lowers the price target from $40 to $32.
NEWS
In key stock market news, Broadcom (AVGO) gained 11.2% yesterday, with its market cap surpassing the $1 trillion mark. Also, Tesla (TSLA) rose 6.1% to a new record high after a Wedbush analyst raised the price target on the stock.
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Moving on, investors are now focused on the Federal Reserve’s monetary policy decision on Wednesday. The central bank is expected to implement a 25-basis-point interest rate cut. However, investors will be closely watching for any indications of future rate cuts and the Fed’s outlook on inflation.
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In other major economic reports, U.S. Retail Sales and Industrial Production data points are scheduled for release today. These reports will help investors gain an insight into the state of the U.S. economy.
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Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.418% at the time of writing. At the same time, WTI crude oil futures are trending lower, hovering near $70.41 per barrel as of the last check.
December 16, 2024
UPGRADES
​JP Morgan analyst Brian Essex upgrades Okta (NASDAQ:OKTA) from Neutral to Overweight and announces $100 price target.
Gordon Haskett analyst Chuck Grom upgrades Macy's (NYSE:M) from Hold to Buy and announces $20 price target.
Mizuho analyst Nitin Kumar upgrades ConocoPhillips (NYSE:COP) from Neutral to Outperform and raises the price target from $132 to $134.
Exane BNP Paribas analyst Andy Grobler upgrades Equifax (NYSE:EFX) from Neutral to Outperform and announces $305 price target.
Morgan Stanley analyst Jorge Kuri upgrades Banco BBVA Argentina (NYSE:BBAR) from Underweight to Overweight and announces $27 price target.
DOWNGRADES
B of A Securities analyst Vivek Arya downgrades Microchip Technology (NASDAQ:MCHP) from Neutral to Underperform and lowers the price target from $80 to $65.
B of A Securities analyst Ernesto Gabilondo downgrades Credicorp (NYSE:BAP) from Buy to Neutral and lowers the price target from $209 to $208.
Mizuho analyst Nitin Kumar downgrades CNX Resources (NYSE:CNX) from Neutral to Underperform and raises the price target from $33 to $38.
Loop Capital analyst Alan Gould downgrades Netflix (NASDAQ:NFLX) from Buy to Hold and raises the price target from $800 to $950.
Wells Fargo analyst Colin Langan downgrades Adient (NYSE:ADNT) from Overweight to Equal-Weight and lowers the price target from $27 to $20.
NEWS
Now may be the time for investors to step to the sidelines on Netflix, according to Loop Capital.
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The firm downgraded its investment rating on the dominant streaming platform to hold from buy on Monday, but it also raised its 12-month price target by $150 to $950 to catch up with where the stock is trading, implying a little more than 3% upside from Friday’s close.
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Alan Gould, a Loop Capital managing director, said his main concern has to do with Netflix’s “historically high” valuation, noting that it has an enterprise value of 9.4 times forward revenue estimates. That is close to the highs seen in mid-2021 and was only topped by a high in mid-2018, he said.
December 13, 2024
UPGRADES
Barclays analyst Brandt Montour upgrades Marriott Vacations (NYSE:VAC) from Equal-Weight to Overweight and raises the price target from $97 to $116.
B of A Securities analyst Bryan Spillane upgrades General Mills (NYSE:GIS) from Neutral to Buy and raises the price target from $78 to $80.
Keybanc analyst Tim Rezvan upgrades Viper Energy (NASDAQ:VNOM) from Sector Weight to Overweight and announces $62 price target.
Barclays analyst Brandt Montour upgrades Norwegian Cruise Line (NYSE:NCLH) from Equal-Weight to Overweight and raises the price target from $28 to $32.
Morgan Stanley analyst David Arcaro upgrades Sempra (NYSE:SRE) from Equal-Weight to Overweight and raises the price target from $85 to $98
DOWNGRADES
JP Morgan analyst Michael Rehaut downgrades Meritage Homes (NYSE:MTH) from Overweight to Neutral and lowers the price target from $220 to $197.
JP Morgan analyst Michael Rehaut downgrades Toll Brothers (NYSE:TOL) from Overweight to Neutral and lowers the price target from $166 to $150.
Maxim Group analyst Anthony Vendetti downgrades Aclarion (NASDAQ:ACON) from Buy to Hold.
Morgan Stanley analyst Jeffrey Hung downgrades Amicus Therapeutics (NASDAQ:FOLD) from Overweight to Equal-Weight and lowers the price target from $17 to $12.
Morgan Stanley analyst Andrew Galler downgrades Immunocore Hldgs (NASDAQ:IMCR) from Overweight to Equal-Weight and lowers the price target from $74 to $35.
NEWS
U.S. stocks fell Friday in light but broad-based selling by investors worried about persistent inflation and the upward move in bond yields.
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The Dow Jones Industrial Average slipped for a seventh-straight session, its longest such streak since February 2020. The S&P 500 dropped slightly. The tech-heavy Nasdaq Composite eked out a meager gain on the day, powered by the rise in shares of Broadcom, the chip maker.
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Rising bond yields and nagging concerns over inflation are giving equity investors pause in the final weeks of what has been a banner year for stocks.
December 12, 2024
UPGRADES
Barclays analyst Brandt Montour upgrades Marriott Vacations (NYSE:VAC) from Equal-Weight to Overweight and raises the price target from $97 to $116.
B of A Securities analyst Bryan Spillane upgrades General Mills (NYSE:GIS) from Neutral to Buy and raises the price target from $78 to $80.
Keybanc analyst Tim Rezvan upgrades Viper Energy (NASDAQ:VNOM) from Sector Weight to Overweight and announces $62 price target.
Barclays analyst Brandt Montour upgrades Norwegian Cruise Line (NYSE:NCLH) from Equal-Weight to Overweight and raises the price target from $28 to $32.
Morgan Stanley analyst David Arcaro upgrades Sempra (NYSE:SRE) from Equal-Weight to Overweight and raises the price target from $85 to $98.
DOWNGRADES
JP Morgan analyst Michael Rehaut downgrades Meritage Homes (NYSE:MTH) from Overweight to Neutral and lowers the price target from $220 to $197.
JP Morgan analyst Michael Rehaut downgrades Toll Brothers (NYSE:TOL) from Overweight to Neutral and lowers the price target from $166 to $150.
Maxim Group analyst Anthony Vendetti downgrades Aclarion (NASDAQ:ACON) from Buy to Hold.
Morgan Stanley analyst Jeffrey Hung downgrades Amicus Therapeutics (NASDAQ:FOLD) from Overweight to Equal-Weight and lowers the price target from $17 to $12.
Morgan Stanley analyst Andrew Galler downgrades Immunocore Hldgs (NASDAQ:IMCR) from Overweight to Equal-Weight and lowers the price target from $74 to $35.
NEWS
U.S. stocks fell Friday in light but broad-based selling by investors worried about persistent inflation and the upward move in bond yields.
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The Dow Jones Industrial Average slipped for a seventh-straight session, its longest such streak since February 2020. The S&P 500 dropped slightly. The tech-heavy Nasdaq Composite eked out a meager gain on the day, powered by the rise in shares of Broadcom, the chip maker.
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Rising bond yields and nagging concerns over inflation are giving equity investors pause in the final weeks of what has been a banner year for stocks.
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“We’ve had a big run-up but now interest rates are pushing up and people are taking profits,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. “Inflation numbers have come in a little hotter this week and the market is starting to price in less Fed interest rate cuts next year.”
December 11, 2024
UPGRADES
Wells Fargo analyst Elyse Greenspan upgrades Axis Capital Holdings (NYSE:AXS) from Underweight to Equal-Weight and raises the price target from $78 to $89.
Deutsche Bank analyst Michael Linenberg upgrades Frontier Group Holdings (NASDAQ:ULCC) from Hold to Buy and raises the price target from $6 to $8.
Citigroup analyst Joanne Wuensch upgrades Glaukos (NYSE:GKOS) from Neutral to Buy and raises the price target from $132 to $162.
Barclays analyst Matthew Bouley upgrades Taylor Morrison Home (NYSE:TMHC) from Equal-Weight to Overweight and raises the price target from $75 to $90.
Raymond James analyst William Crow upgrades EastGroup Props (NYSE:EGP) from Outperform to Strong Buy and raises the price target from $185 to $200.
DOWNGRADES
Wells Fargo analyst Elyse Greenspan downgrades Baldwin Insurance (NASDAQ:BWIN) from Equal-Weight to Underweight and lowers the price target from $43 to $41.
Wells Fargo analyst Elyse Greenspan downgrades Principal Finl Gr (NASDAQ:PFG) from Equal-Weight to Underweight and lowers the price target from $84 to $75.
Wells Fargo analyst Derek Archila downgrades Q32 Bio (NASDAQ:QTTB) from Overweight to Equal-Weight and lowers the price target from $95 to $16.
William Blair analyst Sharon Zackfia downgrades Dave & Buster's Enter (NASDAQ:PLAY) from Outperform to Market Perform.
Needham analyst Kyle Peterson downgrades MoneyLion (NYSE:ML) from Buy to Hold and maintains the price target from $100 to $100.
NEWS
The Nasdaq Composite crossed 20000 for the first time, lifted by the AI rally and new inflation data that bolstered expectations the Federal Reserve will cut interest rates next week.
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Relieved investors flocked to tech stocks. Shares in Alphabet, the parent company of Google, rose more than 5% to a record $195.40, while consumer staples like McDonald's dipped.
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Bets on AI and big tech stocks have supercharged the stock market in 2024, with the S&P 500 returning nearly 28% year-to-date. The index is on pace for back-to-back annual jumps of more than 20% for the first time since a four-year stretch that ended in 1998. Shares in semiconductor supplier Broadcom rose more than 6% following reports that it was working with Apple on AI software.