Thursday\u2019s Bear Market Bounce: Analysts Upgrade or Downgrade Boston Beer, Kellogg, United Airlines and More
Markets continued to improve on Thursday with the Nasdaq leading the charge higher, up over 2% on the day. Even though the Dow Jones and S&P 500 were lagging the Nasdaq, each had a gain of over 1% on the day thus far.
It’s worth noting that Thursday’s session marks the fourth consecutive day of gains for both the Nasdaq and the S&P 500. This move higher could easily be another bear market rally like the one week of gains we saw earlier in June. But the question remains of how much of the Federal Reserve’s actions have markets really priced in?
Earlier in the day, the Department of Labor reported that weekly jobless claims came in at 235,000, an increase of 4,000 from last week’s numbers. Bloomberg’s consensus estimate was calling for 230,000. While these numbers are not ideal, they are moving in the right direction, economically speaking.
More economic reports on the horizon include June’s Employment report which is due out on Friday morning. The Federal Reserve will be looking deeply into this report and considering whether or not it will be hiking rates by another 75 basis points later this month.
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 were on Boeing, Etsy, Kohl’s Merck, Netflix and more.
The Boston Beer Co., Inc. (NYSE: SAM): RBC Capital Markets downgraded to a Sector Perform from Outperform and cut the price target to $331 from $488. The stock traded near $302 on Thursday, in a 52-week range of $287.00 to $990.40.
Canadian National Railway Co. (NYSE: CNI): Scotiabank downgraded from an Outperform rating to Sector Perform. The 52-week trading range is $100.66 to $137.19, and shares traded above $112 apiece on Thursday.
Deere & Co. (NYSE: DE): Citigroup upgraded to a Buy rating from Neutral. The 52-week trading range is $283.81 to $446.76. The stock traded near $304 on Thursday.
Kellogg Co. (NYSE: K): UBS downgraded to a Neutral rating from Buy and cut the price target to $74 from $81. The 52-week range is $59.54 to $75.56. Shares traded near $72 apiece on Thursday.
Planet Fitness, Inc. (NYSE: PLNT): Exane BNP Paribas upgraded to a Neutral rating from Underperform with a $75 price target. The shares traded near $72 on Thursday. The 52-week trading range is $61.11 to $99.60.
United Airlines Holdings, Inc. (NASDAQ: UAL): Exane BNP Paribas downgrade3d to an Underperform rating from Neutral and cut the price target to $33 from $38. Argus downgraded to a Hold rating from Buy. The stock traded near $37 on Thursday. The 52-week trading range is $30.54 to $54.52.
Veritex Holdings, Inc. (NASDAQ: VBTX): Raymond James downgraded to Outperform from Strong Buy and cut the price target to $38 from $43. The 52-week trading range is $27.28 to $45.36, and shares traded above $30 apiece on Thursday.
The Walt Disney Co. (NYSE: DIS): Citigroup reiterated a Buy rating and cut the price target to $145 from $165. The 52-week trading range is $92.01 to $187.58, and shares were trading near $97 on Thursday.
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