As of Thursday\u2019s closing bell, the Dow Jones industrial average was down about 3.72% for this week, the S&P 500 was down about 4.8% and the Nasdaq 100 was down nearly 6%. Over the past 20 days, the Dow has lost about 7.3%, the S&P 500 has dipped by 10.6% and the Nasdaq 100 is down 14.3%. All three were moving higher Friday morning.<\/p>\n
Every sector traded higher Friday morning, led by consumer cyclicals (3.6%), tech (3.1%) and energy (3.1%). Still, energy is up about 45% for the year to date, while consumer cyclicals have dropped about 25% and tech stocks have lost around 21%.<\/p>\n
Analysts have made a number of price target changes over the past week, and virtually all of those have been downward. Growth stocks, especially, have been the object. None of this is particularly new; it has been going on for more than a month now, as macroeconomic conditions and higher interest rates have led analysts and investors to reevaluate the sunny projections of six months ago.<\/p>\n
Here are six ratings or price target changes (three upgrades and three downgrades) we noted this week.<\/p>\n
Wells Fargo upgraded ON Semiconductor Corp. (NASDAQ: ON) from Equal Weight to Overweight and hiked the chipmaker\u2019s price target from $58 to $65. The consensus target is $72.44. The shares traded up more than 5.5% before noon on Friday, at $55.93 in a 52-week range of $34.01 to $71.25.<\/p>\n
Goldman Sachs started coverage on cloud platform DigitalOcean Holdings Inc. (NYSE: DOCN) with a Buy rating and a $49 price target. The consensus target is higher at $57.82. Shares traded up almost 12% late Friday morning, at $37.70 in a 52-week range of $30.05 to $133.40.<\/p>\n
Jefferies maintained its Buy rating on International Business Machines Corp. (NYSE: IBM) stock and has a $165 price target on the venerable technology giant. The consensus target is $144.88, so Jefferies\u2019 action is sort of an upgrade. The stock traded at $133.24 on Friday, in a 52-week range of $114.56 to $152.84.<\/p>\n
Goldman Sachs downgraded Coupa Software Inc. (NASDAQ: COUP) to Sell and slashed its $83 price target to $64. The consensus target is $106.61. The stock traded about 6% higher Friday morning, at $70.19 in a 52-week range of $58.43 to $283.38.<\/p>\n
Oppenheimer maintained an Outperform rating on Coinbase Global Inc. (NASDAQ: COIN), along with a $197 price target. The consensus target is $175.14, after the dust settled following Coinbase\u2019s miserable quarterly report. Shares were recovering, however, and the stock traded at $69.68 Friday morning, up more than 19%, in a 52-week range of $40.83 to $368.90. Goldman Sachs also cut its rating on the stock from Buy to Neutral this week.\n\t\t<\/p>\n
\nOppenheimer also maintained an Outperform rating on AppLovin Corp. (NASDAQ: APP) but dropped its price target from $100 to $74. The consensus target is $76.43. The shares traded up more than 11% Friday morning, at $40.89 in a 52-week range of $27.04 to $116.09. That low was posted on Monday, and shares jumped 35% Thursday after the company was reported to be considering a sale of its app business to focus on the higher-margin software silo.<\/p>\n
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