Are April Earnings Enough? Analysts Upgrade or Downgrade Coca-Cola, Kinder Morgan, Vroom and More
Markets are continuing their bounce back after struggling earlier in the week. While economic headwinds have put a big damper on what has been a promising earnings season, optimism in the past couple of days has proven powerful, and there is more to be seen as results from more big tech names are coming out.
Historically, April has usually been a strong month for the market. First-quarter earnings reports have been a buoy to that effect, and this year is no different, but there have been overwhelming headwinds in terms of geopolitical tensions, Chinese lockdowns and inflation. As it stands now, April is on track to post one of its worst performances since the 1970s.
24/7 Wall St. is reviewing additional analyst calls seen on Thursday. 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 Alphabet, Chipotle Mexican Grill, Corning, Microsoft, PepsiCo, Spotify, Visa and many more.
Coca-Cola Co. (NYSE: KO): DZ Bank downgraded the stock from Buy to Hold with a $69 price target. The 52-week trading range is $52.28 to $67.20, and shares traded near $65 apiece on Thursday.
Fifth Third Bancorp (NASDAQ: FITB): Wells Fargo upgraded the shares to Overweight from Equal Weight and has a $52 price target. The 52-week trading range is $34.35 to $50.64, and shares were trading near $38 on Thursday.
Kinder Morgan Inc. (NYSE: KMI): Wells Fargo lifted its Underweight rating to Equal Weight with a $21 price target. Shares traded near $18 on Thursday, in a 52-week range of $15.01 to $20.19.
Teladoc Health Inc. (NYSE: TDOC): Wells Fargo’s downgrade to Equal Weight from Overweight included a price target cut to $40 from $104. William Blair downgraded the stock to Market Perform from Outperform, while Guggenheim reduced it to Neutral from Buy. The Citigroup downgrade to Neutral from Buy came with a price target cut to $43 from $115. Credit Suisse lowered its Outperform rating to Neutral and slashed the $114 price target to $35. Shares were trading near $30. The 52-week range is $29.12 to $178.68.
3M Co. (NYSE: MMM): Argus downgraded the shares to Hold from Buy. The stock traded near $145 on Thursday. The 52-week trading range is $139.74 to $208.95.
Vroom Inc. (NASDAQ: VRM): William Blair’s downgrade was to Market Perform from Outperform. The stock traded near $1.50 on Thursday. The 52-week trading range is $1.49 to $48.80.
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