The market is currently attempting to recover from the selloff that occurred on Friday. A key factor influencing this rebound is the pullback in oil prices due to hopes that the conflict in the Middle East will not escalate further following Iran’s attacks on Israel.
Despite a slight increase in consumer inflation last month, retail sales saw a significant jump of 0.7% in March. This surge in sales exceeded expectations, with the February numbers also being revised higher.
Goldman Sachs reported impressive first-quarter results, with revenue up by 16% to $14.21 billion. The earnings per share (EPS) of $11.58 also surpassed estimates by a significant margin, coming in at $8.56. The strong performance was attributed to gains in fixed income currency and commodities, as well as investment banking revenues.
Citi has added Nvidia to a 90-day catalyst watch list, anticipating positive supply chain commentary from key suppliers during earnings season and an upcoming update from CEO Jensen Huang at the Computex Taiwan conference in June.
JPMorgan recently upgraded Lockheed Martin to a buy-equivalent overweight rating. Analysts are optimistic about the company’s prospects as they believe that defense stocks are poised for growth following a period of underperformance and weak sentiment.
Bank of America upgraded Cisco Systems to a buy rating. Analysts are confident that the company’s offerings in Splunk, security, and artificial intelligence will offset any weaknesses in networking.
Argus upgraded Constellation Brands to a buy with a price target of $306 per share. The analysts believe that the Mexican beer company deserves a higher price-to-earnings multiple due to its promising outlook and potential for a dividend hike.
Wedbush upgraded PVH, the company behind popular brands like Tommy Hilfiger and Calvin Klein, to a buy-equivalent outperform rating. The 25% selloff after the recent earnings announcement is seen as an opportunity for investors.
Guggenheim downgraded ServiceNow due to concerns about its valuation following a 110% run-up in stock price since October 2022. Evercore ISI, on the other hand, added IBM to its tactical outperform list ahead of first-quarter earnings.
UBS initiated coverage on SharkNinja with a buy rating and a price target of $76 per share, citing potential market share gains and product expansion. Mizuho started coverage on GE Vernova with a buy rating and a price target of $154 per share, praising the company as a “diversified powerhouse of the energy transition.”
The market’s performance on Monday, April 15, will be closely monitored by investors and analysts alike. With a mix of upgrades, downgrades, and new coverages across various industries, it will be interesting to see how these stocks perform in the coming days and weeks.
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