Markets were absolutely crushed to start out the week with the Nasdaq facing the worst of it, down nearly 4%. The S&P 500 and Dow Jones were punished as well, down around 2.5% and 1.5%, respectively.
This cataclysmic trading session was the function of geopolitical tensions coupled with inflationary concerns and rising interest rates. As investors have seen, the S&P 500 has declined over the course of the last five weeks and the bottom does not appear to be in sight. The index also hit its lowest level for the year.
The question for this week in particular is what Wednesday’s Consumer Price Index (CPI) holds in terms of inflation data. The month of March saw CPI’s highest level in over four decades. The month of April may clue investors in as to if we are on the downtrend for inflation, or if we are in for a rough summer.
24/7 Wall St. is reviewing additional analyst calls seen on Monday. 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 Block, Crocs, Foot Locker, Gap, Moderna and many more.
Arvinas, Inc. (NASDAQ: ARVN): Wedbush downgraded to a Neutral rating form Outperform. The 52-week trading range is $37.41 to $108.47, and shares traded near $38 apiece on Monday.
BankUnited, Inc. (NYSE: BKU): Piper Sandler downgraded to an Underweight rating from Neutral and cut the price target to $41 from $45. The 52-week trading range is $37.08 to $49.55, and shares were trading near $39 on Monday.
Domino’s Pizza, Inc. (NYSE: DPZ): Argus downgraded to a Hold rating from Buy. The 52-week trading range is $331.70 to $567.57, and shares traded near $332 apiece on Monday.
iHeartMedia, Inc. (NASDAQ: IHRT): JPMorgan downgraded to a Neutral rating from Overweight and cut the price target to $19 from $28. The stock traded near $12 on Monday. The 52-week trading range is $11.38 to $28.24.
Match Group, Inc. (NASDAQ: MTCH): Wells Fargo upgraded to an Overweight rating from Equal Weight and cut the price target to $115 from $140. The 52-week trading range is $69.28 to $182.00, and shares were trading near $71 on Monday.
Novartis AG (NYSE: NVS): Wolfe Research downgraded to a Peer Perform rating from Outperform. The stock traded near $84 on Monday, in a 52-week range of $79.09 to $95.17.
PagSeguro Digital Ltd. (NYSE: PAGS): New Street downgraded to a Neutral rating from Buy with an $18 price target. The stock traded near $11 on Monday. The 52-week trading range is $10.61 to $61.65.
Progressive Corp. (NYSE: PGR): Morgan Stanley upgraded to an Equal Weight rating from Underweight and raised the price target to $115 from $85. Shares were trading near $109. The 52-week range is $89.35 to $120.17.
Virgin Galactic Holdings, Inc. (NYSE: SPCE): Truist downgraded to a Hold rating from Buy and cut the price target to $8 from $24. The 52-week trading range is $6.12 to $57.51, and shares traded near $6 apiece on Monday.