Tuesday Afternoon Analyst Upgrades and Downgrades: Amazon, Deere, Oracle, Palo Alto Networks and More
Stocks were mixed approaching the midway point for trading on Tuesday. While traders welcomed the morning’s news that consumer prices cooled off in August, they still rose a staggering 5.3% from a year before as supplies and labor continued to drive up prices. Those that have been touting the fact that the higher inflation trends are transitory will point to this print as some proof. In fact, across the board, prices have trended higher, and whether it is at the grocery store, the gas pump or a host of other items, Americans are paying far more this year than last year.
24/7 Wall St. is reviewing some big analyst calls seen on Tuesday. We have included the latest analyst call on each stock, as well as a recent trading history and the consensus targets among analysts. Note that there were also early analyst calls on Applied Materials, Dollar Tree, Dow, Garmin, KLA, Lucid and more.
Amazon.com Inc. (NASDAQ: AMZN): Evercore ISI reiterated its Outperform rating on the technology behemoth and boosted its target price to $4700 from $4200. The stock has traded in a 52-week range of $2,871 to $3,773.08. The consensus price target is $4154.33.
Darden Restaurants Inc. (NYSE: DRI): Oppenheimer reiterated an Outperform rating on the restaurant leader and kept a $175 price target. The lower consensus price objective is $161.71. The stock has traded in a 52-week range of $85.38 to $153.89.
Deere & Co. (NYSE: DE): BofA Securities reiterated a Buy rating on the industrial and farm equipment leader and has a $425 price target. The shares have traded between $210.18 and $400.34 apiece over the past year. The consensus price target is $411.48.
Dynavax Technologies Corp. (NASDAQ: DVAX): Goldman Sachs lowered the price target on the shares to $17 from $19 but kept a Buy rating. Over the past 52 weeks, the stock has traded between $3.58 and $20.40. The posted consensus target is $21.
Lam Research Corp. (NASDAQ: LRCX) Susquehanna downgraded the semiconductor capital equipment giant to Neutral from Positive and also lowered the price target to $690 from $750. The shares have traded in a wide 52-week range of $296.17 to $673.80. The posted consensus price target is $736.17.
Oracle Corp. (NYSE: ORCL): Goldman Sachs raised the price target on the legacy technology company to $68 from $69, despite keeping a Sell rating on the shares. The stock has traded between $55.14 and $91.78 over the past 52 weeks and has an $83.31 consensus price target.
Palo Alto Networks Inc. (NYSE: PANW): Stifel reiterated a Buy rating on the cybersecurity software leader and boosted its target price to $560 from $460. The shares have traded in a 52-week range of $219.34 to $485.75 and have a $488.30 consensus price objective.
VICI Properties Inc. (NYSE: VICI): Stifel reiterated its Buy rating and lifted the price target to $34.75 from $33, after the company priced the largest REIT follow-on in history last week. The stock has traded in a 52-week range of $22.13 to $33.35 and has a consensus target of $36.70.
Zoom Video Communications Inc. (NYSE: ZM): Baird reiterated its Outperform rating and has a $380 price target. The consensus target is $389.98. The stock has traded between $273.20 and $588.84 over the past year.
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