What Cramer is watching Friday — Papa leaves Bausch board, Citi likes Microsoft

Published Fri, Jun 24 20228:54 AM EDTUpdated Fri, Jun 24 20229:28 AM EDT

What I am looking at June 24, 2022 Multiple price target cuts for Darden (DRI), parent of Olive Garden and other restaurant chains: Barclays, Piper Sandler, Wedbush, Deutsche Bank, Baird, Citi. On Thursday, the company reported better-than-expected profit and revenue for its latest quarter, but gave a downbeat outlook. What will it do to Darden shares? There could be many stocks that look like this. Joseph Papa forced out as chairman of Bausch Health (BHC) — very good. Investor John Paulson will become chairman. Shares bounced more than 3% in premarket trading. Evercore starts Bausch + Lomb (BLCO) with a buy rating — part of the Trust's worst name. Company has big cash flow. Citi says de-rating of software stocks almost done, with valuation multiples near multi-year lows ... likes Microsoft (MSFT), ServiceNow (NOW), MongoDB (MDB), CrowdStrike (CRWD), Fortinet (FTNT), Atlassian (TEAM). Zendesk (ZEN) jumped 56.5% in the premarket on a report in The Wall Street Journal that the software company is close to a buyout deal with a group a private equity firms. Uber (Uber) price target lowered to $27 from $30 at Wolfe Research. Post-multiple correction BUT analyst says move is because of reduced estimates for Uber Eats. Constellation Brands (STZ) price target cut to $272 from $283 at Barclays, but maintains a buy rating. Analyst is ahead of consensus estimates for fiscal first quarter ended May 31, but says 2023 is the problem. I do not see this problem. Credit Suisse cuts PT for Tesla (TSLA), sees EV maker missing consensus deliveries estimate (280,000) for second quarter, largely driven by China's Covid lockdowns. Keeps outperform rating. Morgan Stanley resumes coverage of Shopify (SHOP) with a hold, cites near-term worries about small business, slowdown in e-commerce spending and limited transparency for management ... does note longer-term opportunity, says shares likely undervalued and has a PT of $450. Altria Group (MO) upgraded to hold from sell at Morgan Stanley, eliminates the overhang from Juul e-cigarettes following the U.S. ban. Abbott Laboratories (ABT) price target cut to $130 from $140 at BTIG, notes indiscriminate sell-off in sector. (Jim Cramer's Charitable Trust is long BHC, MSFT, STZ. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

Joseph Papa, CEO, Bausch Health

Scott Mlyn | CNBC

What I am looking at June 24, 2022

Multiple price target cuts for Darden (DRI), parent of Olive Garden and other restaurant chains: Barclays, Piper Sandler, Wedbush, Deutsche Bank, Baird, Citi. On Thursday, the company reported better-than-expected profit and revenue for its latest quarter, but gave a downbeat outlook. What will it do to Darden shares? There could be many stocks that look like this.
Joseph Papa forced out as chairman of Bausch Health (BHC) — very good. Investor John Paulson will become chairman. Shares bounced more than 3% in premarket trading.