Stocks sold off this week after the Federal Reserve raised interest rates to the highest level in 15 years , and signaled more hikes to come. But some names are still on track to post slight gains. This Fed on Wednesday hiked interest rates by 50 basis points. While the move marked a step down from the previous four increases, comments from the central bank and Chair Jerome Powell indicated higher-for-longer rates in 2023, heightening fears of a recession.
The consensus price target suggests a little over 5% upside for shares from Thursday's close, with the stock down about 25% this year. Shares gave up some of their weekly gains Friday, last trading down almost 8%. Homebuilding stocks Lennar and PulteGroup are also on pace to finish the week on a positive note. Analysts at Barclays upgraded both stocks to overweight this week , saying that Lennar is one of the best-positioned names to capitalize on a housing trough in 2023.
Does anybody care that $ADBE had a great quarter, guided above expectations? The are optimistic about next year. The acquisition of Figma will catalyze growth in 2023 and beyond, which is why they're overpaying for it. Like Facebook buying Instagram, basically. Huge.