Tuesday was a tough day for stocks in the broader US markets, with the Dow Jones and S&P 500 each down more than 1% and the Nasdaq more than 2%. Much of that decline was precipitated by a rapid surge in US Treasury yields, particularly the 10-year note jumped more than five basis points to its highest level since June.
Analysts suggest that inflation and rising bond yields could push our regulatory agencies to tighten monetary policy, but that remains to be seen. For now, analysts are weighing on equities and after what happened on Tuesday.
24/7 Wall St. reviews some big analyst calls seen on Tuesday. We’ve included the latest analyst call on each stock, as well as recent trading history and consensus goals among analysts. Note that analyst calls seen earlier today were for Applied Materials, Coinbase, Kinder Morgan, Macy’s, Qualcomm, Wells Fargo and more.
Blade Air Mobility Inc. (NASDAQ: BLDE): Oppenheimer launched a cover with an outperformance rating and a price target of $ 14. The shares were trading near $ 11 on Tuesday and the consensus price target is $ 15.67.
Fortinet Inc. (NASDAQ: FTNT): Cowen reiterated an outperformance rating and raised the price target to $ 385 from $ 335. The stock was trading at around $ 287 a share and its consensus price target is $ 300.12.
Magellan Midstream Partners LP (NYSE: MMP): BofA Securities resumed hedging with an underperformance rating and a price target of $ 49. The shares were last seen trading around $ 47. They have a consensus price target of $ 52.53.
Marathon Oil Corp. (NYSE: MRO): Citigroup moved to a buy rating of neutral and raised the price target to $ 17 from $ 14. The shares have traded in a 52 week range of $ 3.73 to $ 14.33, while the current share price is around $ 14.
Morgan Stanley (NYSE: MS): Berenberg was downgraded to a Hold rating from Buy, but raised the price target to $ 95 from $ 91. The 52 week range is $ 46.42 to $ 105.95, and the stock price is close to $ 102.
PetroChina Co. Ltd. (NYSE: PTR): Bernstein was downgraded to a Market Perform rating from Outperform. The shares were last seen at nearly $ 50 each. The consensus price target is $ 60.70.
Shell Midstream Partners LP (NYSE: SHLX): BofA Securities started with an underperformance rating and a price target of $ 12.50. The consensus price target is $ 14.60 and the stock price is around $ 12.
United Parcel Service Inc. (NYSE: UPS): Evercore ISI started out with an outperformance rating and a price target of $ 225. The shares were trading around $ 187 and the analyst consensus target is $ 217.50.
As quantitative easing will begin to wane soon, it is highly unlikely that the Federal Reserve will actually raise interest rates until 2023, so buying blue-chip stocks with strong total return potential remains a choice. cautious investment for the remainder of 2021 and beyond.
Five top stocks could be crushed by a failure to raise the US debt limit. Camber Energy and Canoo were among the stock exchange memes on Monday. Also check out the bullish and bearish cases for Airbnb.