It is possible that the S&P 500 could fall another 25% or more, but the news is not bad for all stocks. There are sectors, industries, and individual stocks that are still seeing positive activity from the analysts even though the economy is broken. FedEx, which just reported a big miss while predicting a global recession, is seeing a lot of downgrades and is moving lower.
MarketBeat.com - MarketBeat A number of names in the group have been upgraded. The price targets for most of the companies were increased after the firm upgraded them to equal weight. According to the analyst, the group is offering a value and has the potential for earnings strength. Carlos de Alba wrote in his report that they are turning more positive on mining shares as they trade at attractive stock valuations.
This activity is not limited to other companies. The targets for all the stocks in the group are down on a year over year basis, but the sentiment and price targets are still firm. Southern Copper Corporation is the stock with the lowest consensus target as indicated by Marketbeat.com, but Morgan Stanley sees a double-digit upside and all of its new targets are indicating a double-digit upside Tech is expected to see at least 40% of the gains, while the other two companies are expected to see 85% and 85% gains, respectively.
The company is getting upgraded ahead of next week's earnings report. In the first week of September, the latest channel checks from Baird show a 4% increase in sales, which is good news for this operator. In a market that has seen competition evaporate over the past two years, the company's chains are well loved and command significant portions of the market. The company has received at least four commentaries this month alone including three boosted targets and one initiated coverage at Outperform with a price target above the broad Marketbeat.com consensus estimate which is projecting about 10% of upside for the stock.
It is also possible to get a dividend from Darden Restaurants. There is a positive outlook for distribution growth and the stock is paying 3.70%. If not for the recent 15% CAGR the company has been running, additional increases should be supported by the high payouts.
The price target of 50% above the current consensus estimate was the reason for the upgrade. The tax-and-climate bill is supportive of the green energy sector, and the rise in energy prices also helps.
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