U.S. stock market faces lower open as geopolitical risk, analyst calls shape trading
U.S. stocks are set for a weaker open as investors weigh renewed tension involving Iran, firmer oil prices and a May inflation reading that matched expectations. Bond yields edge lower, but the data does not materially shift market expectations that still favor at least one Federal Reserve rate increase this year.
Highlights
- Barclays lowers Honeywell's price target to $239 from $251 and Bernstein initiates with a hold and $233 target, citing automation and cash flow concerns.
- Evercore ISI upgrades Entergy to buy, raising its price target to $121 from $115, after management demonstrates ability to attract significant power demand at investor day.
- RBC Capital downgrades Nike to hold as turnaround under CEO Elliott Hill underwhelms, while Barclays lifts Datadog's target to $260 citing confidence despite share-price pressure.
Analyst moves and sector implications
Barclays cuts its price target on Honeywell to $239 from $251, citing weaker near-term cash flow, while maintaining a buy rating. Bernstein starts coverage with a hold and a $233 target, reflecting more cautious views on Honeywell's automation business.Barclays also keeps a buy rating on SailPoint, as interest remains firm in identity cybersecurity software. Orlando Bravo, founder of Thoma Bravo, says artificial intelligence is giving software companies an "enormous tailwind," arguing the period of pressure on software valuations has ended.
TD Cowen names Dutch Bros its best mid-cap stock idea, calling the coffee chain a positive sales revision story in a weak food and beverage group. Starbucks also remains in focus as investors monitor its turnaround under CEO Brian Niccol.
Evercore ISI upgrades Entergy to buy from hold and raises its price target to $121 from $115 after the utility's investor day, pointing to management's ability to attract significant power demand. In healthcare distribution, Barclays lowers targets on McKesson and Cencora, citing pressure tied to GLP-1 drugs and the Inflation Reduction Act.
Nike is downgraded by RBC Capital to hold from buy, with analysts saying the turnaround under CEO Elliott Hill is progressing more slowly and narrowly than expected. Barclays, by contrast, raises its target on Datadog to $260 from $215, backing the cloud monitoring and security provider even after recent share-price pressure.
Our earlier coverage of Dutch Bros (BROS) highlighted a volatile session that still ended with the stock holding a constructive, mildly bullish technical setup above key moving averages. We noted immediate support around $56.32 and outlined a near-term trading range of roughly $55.71 to $59.87, with upside potential if resistance is cleared and downside risk limited as long as support holds.
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