Markets bounced back on Wednesday, ahead of the Federal Reserve’s most recent announcement regarding monetary policy. After Monday’s crash, Wednesday’s bounce seems to be a case of “Buy the rumor, sell the news.”
After Friday’s consumer price index print, this definitely seemed to be the case, and Monday’s session more or less solidified it. Bear market territory and dead cat bounces may be more common than we think in the coming weeks or months, but there are still some stocks that will ride out this storm of market headwinds.
24/7 Wall St. is reviewing additional analyst calls seen on Wednesday. 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 Chesapeake Energy, eBay, Hewlett Packard Enterprise, Oracle, Phillips 66, US Steel and more.
Airbnb Inc. (NASDAQ: ABNB): Wolfe Research reiterated a Peer Perform rating but cut the price target to $110 from $130. The 52-week trading range is $97.20 to $212.58, and shares traded above $100 apiece on Wednesday.
Coinbase Global Inc. (NASDAQ: COIN): Needham reiterated a Buy rating but cut the $173 price target to $89. The 52-week trading range is $40.83 to $368.90, and shares were trading near $54 on Wednesday.
Community Health Systems Inc. (NYSE: CYH): BofA Securities downgraded to a Neutral rating from Buy and cut the price target to $5.50 from $7.50. The stock traded near $4 on Wednesday, in a 52-week range of $4.28 to $16.66.
Marvel Technology Inc. (NASDAQ: MRVL): B. Riley Securities downgraded the stock to Neutral from Buy and cut the $75 price target to $63. The 52-week range is $47.62 to $93.85, and shares traded near $48 apiece on Wednesday.
Nike Inc. (NYSE: NKE): Morgan Stanley resumed coverage with an Overweight rating and a $159 price target. The shares traded near $113 on Wednesday. The 52-week trading range is $103.46 to $179.10.
Robinhood Markets Inc. (NASDAQ: HOOD): Atlantic Equities lowered its Neutral rating to Underweight and cut the $15 price target to $5. The stock traded near $7 on Wednesday. The 52-week trading range is $6.88 to $85.00.
Sketchers USA Inc. (NYSE: SKX): Argus upgraded it from Hold to Buy with a $44 price target. The 52-week trading range is $33.50 to $55.87, and shares were changing hands at around $38 on Wednesday.
Snowflake Inc. (NYSE: SNOW): Canaccord Genuity’s upgrade from Hold to Buy with a $185 price target. Shares were trading near $118, in a 52-week range is $110.26
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With many top energy companies poised to have a strong second half of 2022, seven stocks with reasonably safe and reliable distributions have room to run and are rated Buy across Wall Street.
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