Markets were on the rise Wednesday after a relatively positive consumer price index (CPI) report. Although inflation is still at historic levels, it appears to be slowing. With this tailwind, equities are on the move, but there are still some laggards that could weigh on investors. One major Wall Street firm has picked a couple winners (and losers) going forward that should continue to offer upside.
Basically, Barclays has issued a few calls across multiple industries where it sees significant potential upside, as well as some to stay away from. Considering the current inflationary climate, finding upside is key to keeping pace with the recovery from the market lows this summer.
It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
Americold Realty Trust
Americold Realty Trust Inc. (NYSE: COLD) was reiterated as Underweight and the price target lowered from $29 to $28, implying downside of 10% from the most recent closing price of $31.18. Anthony Powell headed up this call, and he was fairly bearish. He said that positive momentum on occupancy for Americold is being offset by persistent labor challenges, increasing start-up costs at developments, general inflation and higher variable interest rates.
The stock traded at around $32 on Wednesday, in a 52-week range of $23.96 to $37.78. Shares are down roughly 5% year to date.
CRISPR Therapeutics AG (NASDAQ: CRSP) was downgraded to an Equal Weight rating from Overweight. The $99 price target was cut to $88, implying upside of 8% from the most recent closing price of $81.39. Gena Wang was the lead analyst on the call, and she noted that CRISPR’s second quarter release was “largely incremental,” highlighting the progress of its multiple clinical programs. Ultimately, she is stepping to the sidelines “given some questions on durability” of the allogeneic CAR-T programs and lack of other major data catalysts in the next 12 months.
The stock traded at around $77 on Wednesday, in a 52-week range of $42.51 to $141.63. Shares are actually up 7% year to date.
An Overweight rating was reiterated on MacroGenics Inc. (NASDAQ: MGNX), but the price target was cut to $8 from $18. The implied upside from the most recent closing price target of $4.55 is 76%. Peter Lawson was the lead analyst, and he made the call in the wake of second-quarter results. He posited that a 15% reduction in workforce and closure of two satellite offices helps extend the company’s cash runway into 2024. Lawson concluded that he still sees significant upside in shares going forward, as reflected in the price target.
The stock has a 52-week trading range of $2.13 to $28.09, and it traded near $5 a share on Wednesday. The stock is down over 71% year to date.
Take-Two Interactive Software
On Take-Two Interactive Software Inc. (NASDAQ: TTWO), Barclays reiterated an Overweight rating and raised the price target to $175 from $171. The implied upside from the most recent closing price of $125.51 is 39%. Mario Lu was the lead analyst on the call for this video game firm. He noted that the company reported standalone bookings at 1% and earnings 9% above the midpoint of its guidance despite headwinds of currency, as well as an impairment charge and higher tax rate postmerger with Zynga. Overall, Lu thinks the combined company’s fiscal 2023 bookings and earnings guidance “came slightly below but within the ballpark of buy-side expectations.”
The stock traded at around $123 on Wednesday, in a 52-week range of $101.85 to $195.83. Shares are down nearly 30% year to date.
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