Markets turned lower on Tuesday, after snapping a seven-week-long losing streak for the S&P 500. Note that this was the longest losing streak for the index in over two decades. In early trading, each of the major indexes was down over 1% for the day.
Many analysts are calling this recent bounce a “bear market rally,” while some are speculating that it could be the beginning of a bull market. Tuesday’s move seems to suggest the former. However, given a couple of weeks, the direction will become clearer.
The case for a bear market rally is centered around the fact that market headwinds are not really improving. While the situation has been more or less the same from week to week, there is growing fatigue among sellers. Also, considering markets have been on the longest decline in over 20 years, we are due for a bounce. However, a couple of questions remain. How high will markets bounce if this truly is a bear market rally? And how far will they fall afterward?
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 Costco, CVS Health, Dell Technologies, Dish Network, Macy’s, UnitedHealth and more.
Cheniere Energy Partners L.P. (NYSEAMERICAN: CQP): Wells Fargo downgraded the stock to Underweight from Equal Weight and has a $55 price target. The 52-week trading range is $38.00 to $61.91, and shares traded near $55 apiece on Tuesday.
Dow Inc. (NYSE: DOW): Alembic Global Advisors downgraded the shares from Overweight to Neutral with a $75 price target. The stock traded near $68 on Tuesday, in a 52-week range of $52.07 to $71.86.
Estee Lauder Companies Inc. (NYSE: EL): Oppenheimer reiterated an Outperform rating and has a $300 price target. The 52-week trading range is $225.39 to $374.20, and shares were trading near $253 on Tuesday.
Magellan Midstream Partners L.P. (NYSE: MMP): Wells Fargo’s upgrade to Overweight from Equal Weight included a price target hike to $56 from $54. The 52-week trading range is $43.58 to $53.85, and shares traded near $51 apiece on Tuesday.
Nektar Therapeutics (NASDAQ: NKTR): Jefferies resumed coverage with a Hold rating but cut the $12 price target to $4. Shares were trading near $3.60, in a 52-week range is $3.30 to $19.37.
Novo Nordisk A/S (NYSE: NVO): Guggenheim upgraded it to Buy from Neutral. The 52-week trading range is $78.71 to $122.16, and shares traded near $111 apiece on Tuesday.
NorthWestern Corp. (NASDAQ: NWE): BofA Securities lowered its Neutral rating to Underperform but raised the price target to $62 from $61. The stock traded near $61 on Tuesday. The 52-week trading range is $53.66 to $65.62.
Rocket Companies Inc. (NYSE: RKT): Argus downgraded the stock to Hold from Buy. The 52-week trading range is $6.91 to $22.68, and shares were trading near $9 on Tuesday.
Sherwin-Williams Co. (NYSE: SHW): Credit Suisse started coverage with an Underperform rating and a $245 price target. The stock traded near $267 on Tuesday, in a 52-week range of $233.32 to $354.15.
Steel Dynamics Inc. (NASDAQ: STLD): Goldman Sachs downgraded the shares to Neutral from Buy and cut the $114 price target to $92. The stock traded near $85 on Tuesday. The 52-week trading range is $50.54 to $100.37.
Zoom Video Communications Inc. (NASDAQ: ZM): The Daiwa Securities upgrade to Outperform from Underperform came with a price target boost from $107 to $121. The stock traded near $108 on Tuesday. The 52-week trading range is $79.03 to $406.48.
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