Bear Market Bounce or Is the Bottom In? Analysts Upgrade or Downgrade Etsy, Ginkgo Bioworks and More

Markets

Markets continued their surge on Tuesday, with the Nasdaq leading the charge higher, up over 3%. The S&P 500 and the Dow Jones industrials were up 2.8% and 2.6%, respectively. This huge push has investors wondering if this is a bear market bounce or if the bottom is in.

So far, October is off to a strong start after an especially weak September. In Monday’s session the S&P 500 posted its best day since July, and the Dow saw its best day since June. However, if Tuesday’s session continues on this course, these gains could be even better.

Be on the lookout for September’s employment report coming out on Friday. This should give an updated perspective on where the economy stands and where the Federal Reserve might move from here, according to its dual mandate.

Here, 24/7 Wall St. is reviewing additional analyst calls seen on Tuesday. 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 Dominion Energy, Gilead Sciences, Lowe’s, Morgan Stanley, Tesla and more.

Bank of New York Mellon Corp. (NYSE: BK): Citigroup’s upgrade was from Neutral to Buy with a $46 price target. Shares have traded as high as $64.63 in the past year but were near $41 on Tuesday, which is down about 32% year to date.

Bowlero Corp. (NYSE: BOWL): Oppenheimer started coverage with an Outperform rating and a $16 price target. Shares traded near $13 on Tuesday, in a 52-week range of $6.96 to $14.31.

Butterfly Network Inc. (NYSE: BFLY): B. Riley Securities started coverage with a Buy rating and a $9.50 price target. Shares were last seen trading near $5. The 52-week range is $2.31 to $11.53.

Credicorp Ltd. (NYSE: BAP): Citigroup upgraded the stock to a Buy rating from Neutral and has a $161 price target. Shares traded near $133 on Tuesday, in a 52-week range of $108.05 to $182.11.

Etsy Inc. (NASDAQ: ETSY): Guggenheim resumed coverage with a Buy rating and a $105 price target. The stock was last seen trading near $109, in a 52-week range of $67.01 to $307.75.

Ginkgo Bioworks Holdings Inc. (NYSE: DNA): Morgan Stanley started coverage with an Equal Weight rating and a $5 price target. The shares traded near $3 on Tuesday. The 52-week range is $2.09 to $15.86.

Illumina Inc. (NASDAQ: ILMN): SVB Leerink upgraded the shares to Outperform from Market Perform and raised the $220 price target to $270. The 52-week trading range is $173.45 to $428.00. Shares changed hands near $202 apiece on Tuesday.

M&T Bank Corp. (NYSE: MTB): The Buy rating at Citigroup was cut to Neutral with a $200 price target. The 52-week trading range is $141.49 to $193.42. The share price was near $186 on Tuesday.

Poshmark Inc. (NASDAQ: POSH): Wedbush downgraded the stock to Neutral from Outperform. Its $14 price target was raised to $17.50 as well. The 52-week trading range is $8.97 to $27.34, and the share price was near $17 on Tuesday.

Vintage Wine Estates Inc. (NASDAQ: VWE): D.A. Davidson’s downgrade to Neutral from Buy included a price target cut to $3 from $9. Shares were last seen trading near $3, in a 52-week range of $2.68 to $12.38.


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