Analysts Just Revised Their Ratings for These 10 Companies

Published June 23, 2022 at 5:42 am EDT Updated September 7, 2026 at 2:15 pm EDT

In this article, we will take a look at analysts’ updated recommendations for 10 companies.

Analysts recently upgraded oil and gas giant Exxon Mobil Corporation (NYSE:XOM), real estate investment trust American Tower Corporation (NYSE:AMT) and healthcare provider Centene Corporation (NYSE:CNC). Shares of Exxon, American Tower and Centene closed higher on Tuesday, June 21, following the upgrades.

In addition, software giant Adobe Inc. (NASDAQ:ADBE) and energy company Suncor Energy Inc. (NYSE:SU) were also spotted making moves after analysts updated their recommendations for them.

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Let’s take a look at some of the important recent analyst ratings.

10. MarineMax, Inc. (NYSE:HZO)

Number of Hedge Fund Holders: 20

Shares of MarineMax, Inc. (NYSE:HZO) slipped nearly two percent on Tuesday, June 21, 2022, after receiving a downgrade from B. Riley. The research firm lowered its ratings for the recreational boat retailer from “Buy” to “Neutral,” citing the rapidly changing economic environment.

B. Riley analyst Eric Wold also cut his price target for MarineMax, Inc. from $84 per share to $44 per share. Wold thinks the company could face increasing challenges amid a dwindling consumer outlook.

MarineMax, Inc. have struggled to gain value so far in 2022. The company’s share price has plummeted about 38 percent on a year-to-date basis.

9. SunPower Corporation (NASDAQ:SPWR)

Number of Hedge Fund Holders: 21

Shares of SunPower Corporation (NASDAQ:SPWR) dropped over three percent on Tuesday, June 21, 2022, after Goldman Sachs downgraded the solar technology provider from “Neutral” to “Sell.”

Goldman Sachs analyst Brian Lee thinks that heightened inflation and increasing interest rates could affect the sales of solar products. He also cut his price target for SunPower Corporation from $19 per share to $13 per share.

Many people secure loans to buy solar products as they can’t pay in upfront cash. However, Lee believes rising interest rates may discourage them from borrowing money, resulting in lower demand for solar companies, including SunPower Corporation.

8. International Paper Company (NYSE:IP)

Number of Hedge Fund Holders: 27

Citigroup lowered its ratings for International Paper Company (NYSE:IP) from “Buy” to “Neutral” on Tuesday, June 21, 2022, citing cautious commentary from Pulp and Paper Week last week. Pulp and Paper Week is a price reporting and analytics firm offering insight into the latest trends in the pulp and paper market.

Referring to the fading demand, Citi analyst Anthony Pettinari also cut his price target for International Paper Company from $53 per share to $46 per share. Though containerboard stocks have performed well so far in 2022, Pettinari believes these companies are less likely to sustain that performance in the second half.

Like Paper Company, analysts also revised their ratings for Exxon Mobil Corporation, American Tower Corporation and Adobe Inc..

7. Six Flags Entertainment Corporation (NYSE:SIX)

Number of Hedge Fund Holders: 38

Shares of Six Flags Entertainment Corporation (NYSE:SIX) fell four percent on Tuesday, June 21, 2022, after B. Riley downgraded the amusement parks operator from “Buy” to “Neutral,” referring to the rapidly changing economic environment.

The research firm also trimmed its price target for Six Flags Entertainment Corporation from $55 per share to $24 per share. B. Riley said the fading consumer outlook could increase challenges for the company.

Unlike the latest downgrade, asset management firm Baron Real Estate Fund expressed optimism over the growth the prospect of Six Flags Entertainment Corporation last month. Here’s what the fund said about Six Flags in its first-quarter 2022 investor letter:

“The shares of Six Flags Entertainment Corporation increased modestly in the most recent quarter following encouraging business results. The company is the largest operator of regional theme parks in the world with 30 parks across the U.S., Mexico, and Canada and hosts approximately 30 million visitors annually. Six Flags enjoys robust unaided consumer awareness due to its 60-year operating history and enduring brand.

We have recently spent time with newly appointed CEO Selim Bassoul. Selim spent over 20 years as the former CEO of The Middleby Corporation where he engineered a successful turnaround, implementing an accretive acquisition strategy and reinvigorating organic growth. Middleby ultimately grew sales from approximately $100 million to over $2.5 billion at his retirement in 2019. Six Flags also has elements of a turnaround situation, yet also has the ability to leverage its well-known brand and long operating history.”

6. WestRock Company (NYSE:WRK)

Number of Hedge Fund Holders: 39

Shares of WestRock Company (NYSE:WRK) hit a new 52-week low of $39.89 on Tuesday, June 21, 2022, after Citigroup analyst Anthony Pettinari turned bearish on the corrugated packaging company.

Pettinari lowered his ratings for WestRock Company from “Buy” to “Neutral” and trimmed his price for the stock from $53 per share to $45 per share. Pettinari referred to the cautious commentary from analytics firm Pulp and Paper Week and fading demand.

The analyst believes the outperformance of containerboard stocks, including WestRock Company, is less likely to continue in the second half of 2022 due to deteriorating demand.

5. Suncor Energy Inc. (NYSE:SU)

Number of Hedge Fund Holders: 41

Shares of Suncor Energy Inc. jumped over eight percent on Tuesday, June 21, 2022, after RBC Capital improved its ratings for the Canadian integrated energy company from “Sector Perform” to “Outperform.”

The upgrade follows RBC Capital analyst Greg Pardy’s recent institutional meeting with the company. Following the meeting, Pardy sees Suncor Energy Inc. reclaiming its best-in-class status with enhanced operational reliability.

Separately, investment management firm ClearBridge Investments mentioned Suncor Energy Inc. in its first-quarter 2022 investor letter published in April. Here’s what the fund said:

“Also within the structural bucket, we added to our commodity exposure with the purchase of Suncor Energy (NYSE:SU). Suncor, a past holding, is a Canadian integrated oil company where we capitalized on attractive valuation due to a COVID-19-induced slowdown. We expect recovery in oil demand and strong pricing will result in faster than expected free cash flow growth and financial deleveraging.

The structural bucket has the shortest investment horizon across the spectrum of growth companies we target in the Strategy. We closely monitor the macro impacts and turnaround progress of these companies and will be disciplined sellers when the thesis for a holding plays out.”

4. American Tower Corporation (NYSE:AMT)

Number of Hedge Fund Holders: 50

Shares of American Tower Corporation turned green on Tuesday, June 21, 2022, after JPMorgan upgraded the Boston-based real estate investment trust from “Underweight” to “Overweight.”

JPMorgan analyst Philip Cusick referred to the highly predictable revenue stream of American Tower Corporation. Moreover, Cusick believes the drop in the company’s share price on a year-to-date basis has created a positive risk/reward. The analyst also lifted his price target for American Tower Corporation from $245 per share to $285 per share.

3. Centene Corporation (NYSE:CNC)

Number of Hedge Fund Holders: 60

Shares of Centene Corporation rose nearly six percent on Tuesday, June 21, 2022, after receiving an upgrade from Credit Suisse. The research firm raised its ratings for the healthcare company from “Neutral” to “Outperform.”

Credit Suisse analyst A.J. Rice thinks that the possible headwinds have already mirrored in Centene’s shares and the stock has the potential to go higher from here. Rice increased his price target for Centene Corporation from $86 per share to $88 per share.

The upgrade came just a few days after Centene Corporation updated its profit outlook for the full year. The company now anticipates adjusted earnings in the range of $5.55 – $5.70 per share, up from its previous guidance of $5.40 – $5.55 per share.

2. Exxon Mobil Corporation (NYSE:XOM)

Number of Hedge Fund Holders: 83

Shares of Exxon Mobil Corporation closed higher on Tuesday, June 21, 2022, after Credit Suisse improved its ratings for the stock from “Neutral” to “Outperform,” citing Exxon’s investments in several lucrative oil and gas projects.

Credit Suisse analyst Manav Gupta believes Exxon’s “differentiated growth strategy” following the Russia-Ukraine conflict will drive its growth. Gupta also lifted his price target for Exxon Mobil Corporation from $115 per share to $125 per share.

The upgrade comes a day after Exxon Mobil Corporation inked a deal with QatarEnergy to increase Qatar’s gas exports. Exxon will invest $29 billion in the project, dubbed as the biggest gas project in the world.

1. Adobe Inc. (NASDAQ:ADBE)

Number of Hedge Fund Holders: 93

Morgan Stanley downgraded Adobe Inc. from “Overweight” to “Equal Weight” on Tuesday, June 21, 2022. The research firm also trimmed its price target for the software company from $591 per share to $362 per share.

Morgan Stanley analyst Keith Weiss expressed concerns over the growth prospects of Adobe Inc.. Moving forward, Weiss expects Adobe’s growth to be weaker. He anticipates an annual growth of 12 percent in the company’s earnings and sales through 2024.

Investment management firm Polen Global Growth Fund also mentioned Adobe Inc. in its first-quarter 2022 investor letter published last month. The fund said:

“Adobe is a prime example of the COVID-19 air pocket. Adobe continues to compound capital at high rates and exhibit increasing returns to scale. In the case of Adobe, reported growth appears to have decelerated significantly. However, when accounting for foreign exchange impacts and for their fiscal year 2021 having 53 weeks, the adjusted revenue growth was 17% year over year, which is fully in line with their typical growth rates. The 53rd week of the fiscal year 2021 added $267m to total revenue, creating an eight-percentage point difference in reported and adjusted revenue growth. We applaud management’s recent roll- out of Creative Cloud Express to tap into the non-professional market, as well as increasing price in 2022, which we expect to materialize in the back half of the year.”

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