Record CPI Inflation: Analysts Upgrade or Downgrade BioNTech, Freeport McMoRan, Hasbro, Synchrony Financial and More

Markets turned lower late on Wednesday after shocking inflation data was released earlier in the day. The Dow Jones led the charge lower, down about 0.6%, while the S&P 500 was down closer to 0.4%. The Nasdaq was almost breaking even for the day.

The Consumer Price Index (CPI) for June saw an inflation print of 9.1%, beating out the consensus estimate calling for an increase of 8.8%. This is the biggest increase since November of 1981.

With inflation hitting record levels, this is likely to lock in another 75 basis point increase from the Federal Reserve. We can expect this announcement closer to the end of the month, specifically July 26-27.

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 Herbalife, JetBlue, Snowflake, Southwest Airlines and more.

Ambev S.A. (NYSE: ABEV): JPMorgan upgraded to an Overweight rating. The stock traded near $3 on Wednesday, in a 52-week range of $2.42 to $3.55.

Bath & Body Works, Inc. (NYSE: BBWI): Evercore ISI downgraded to an In Line rating from Outperform. Separately, Raymond James initiated coverage with a Strong Buy rating and a $45 price target. The 52-week trading range is $25.75 to $82.00, and shares traded above $27 apiece on Wednesday.

BioNTech SE (NASDAQ: BNTX): SVB Leerink upgraded to an Outperform rating from Market Perform. The 52-week trading range is $117.08 to $464.00. The stock traded near $168 on Wednesday.

Caesars Entertainment, Inc. (NASDAQ: CZR): KeyBanc Capital Markets downgraded to a Sector Weight rating from Overweight. The 52-week range is $36.41 to $119.81. Shares traded near $38 apiece on Wednesday.

Freeport McMoRan Inc. (NYSE: FCX): Exane BNP Paribas upgraded to an Outperform rating from Neutral. Also Citigroup downgraded to a Neutral rating from Buy and cut the price target to $28 from $48. The shares traded near $26 on Wednesday. The 52-week trading range is $25.37 to $51.99.

The Gap, Inc. (NYSE: GPS): Deutsche Bank downgraded to a Hold rating from Buy and cut the price target to $9 from $12. The stock traded near $8 on Wednesday. The 52-week trading range is $7.79 to $32.26.

Hasbro, Inc. (NASDAQ: HAS): KeyBanc Capital Markets downgraded to a Sector Weight rating from Overweight. The 52-week trading range is $78.32 to $105.73, and shares traded above $81 apiece on Wednesday.

The Sherwin-Williams Co. (NYSE: SHW): BofA Securities downgraded to a Neutral rating from Buy and cut the price target to $292 from $313. The 52-week trading range is $214.22 to $354.15, and shares were trading near $245 on Wednesday.

Synchrony Financial (NYSE: SYF): Wells Fargo downgraded to an Equal Weight rating from Overweight and cut the price target to $32 from $45. The stock traded near $30 on Wednesday, in a 52-week range of $27.22 to $52.49.

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