New Month, Renewed Optimism? Analysts Upgrade or Downgrade eBay, Infosys, Valero Energy and More

Markets pushed higher early Wednesday, as investors seemed to gain renewed optimism going into a new month of trading. Even though the market headwinds of inflation and rising interest rates persist, everyone now seems to know the game and what to expect going forward.

Historically speaking, June has returned an average of 1.4% over the past decade, but this number worsens if the timeline is stretched out over the past 20 years. Also, considering the bounce at the end of May, going into June, this could set up for a bear market rally this summer. However, the question remains if and when this bounce returns to Earth.

24/7 Wall St. is reviewing additional analyst calls seen on Wednesday. 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 Amazon, Deere, Etsy, PayPal and more.

Blueprint Medicines Corp. (NASDAQ: BPMC): Jefferies upgraded the stock to a Buy rating from Hold, yet it cut the $88 price target to $78. The 52-week trading range is $50.96 to $117.86, and shares traded above $55 apiece on Wednesday.

Danaher Corp. (NYSE: DHR): The RBC Capital Markets upgrade to Outperform from Sector Perform included a price target hike to $299 from $310. The stock traded near $262 on Wednesday, in a 52-week range of $233.71 to $333.96.

eBay Inc. (NASDAQ: EBAY): JMP Securities resumed coverage with a Market Perform rating. The stock traded near $47 on Wednesday. The 52-week trading range is $43.28 to $81.19.

Fortis Inc. (NYSE: FTS): Wells Fargo lowered its Equal Weight rating to Underweight. The 52-week trading range is $43.12 to $51.66, and shares were trading just under $63 on Wednesday.

GoodRx Holdings Inc. (NASDAQ: GDRX): Robert Baird downgraded it to Neutral from Outperform and cut the $10 price target to $7. The 52-week trading range is $7.31 to $48.05, and shares were trading above $7 on Wednesday.

Infosys Ltd. (NYSE: INFY): HSBC Securities upgraded the stock to Buy from Hold. The 52-week trading range is $17.90 to $26.39, and shares traded near $19 apiece on Wednesday.

Sealed Air Corp. (NYSE: SEE): J.P. Morgan’s downgrade to Underweight from Neutral included a price target cut to $62 from $71. The stock traded near $61 on Wednesday, in a 52-week range of $53.87 to $70.72.

Squarespace Inc. (NYSE: SQSP): Credit Suisse started coverage with a Neutral rating and a $25 price target. Shares were trading near $20, in a 52-week range is $14.43 to $64.71.

Valero Energy Corp. (NYSE: VLO): Redburn downgraded the shares to Neutral from Buy. The stock traded near $130 on Wednesday. The 52-week trading range is $58.85 to $135.75.

Xylem Inc. (NYSE: XYL): Cowen upgraded it from Market Perform to Outperform with a $75 price target. The 52-week trading range is $78.92 to $138.78, and shares traded near $84 on Wednesday.

With inflation and the potential for a recession not going away anytime soon, worried investors may want to consider moving some capital to the seven highest-yielding Dividend Kings.

Also, see why one key analyst turned cautious on four REIT stocks, as well as the shifting view on midstream energy stocks by another top analyst.

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