Analysts Turn Cautious on Industrials and Consumer Staples

A broad pattern of target price cuts dominated analyst activity this week. Defensive and industrial names bore the brunt.

McCormick drew the most attention. The consensus target fell to $54.46 from $54.85. The spice maker also faces a 77% probability of MSCI World deletion, with ORTEX Index Rebalance Radar estimating $735M of forced selling over 4.4 days of volume if it exits in November. The announcement is due 11 November.

Honeywell saw its average target trim to $253.48 from $255.09. General Electric also suffered a cut, with the consensus average sliding to $378.90 from $382.81.

Procter & Gamble received multiple analyst actions, with the target jumping to $172.35 from $166.27. Two analysts upgraded their recommendations, moving the buy count from 12 to 14.

On the positive side, Merck picked up a target increase to $159.76 from $158.56. Coinbase also saw its target lifted, with the consensus reaching $213.55. Crypto sentiment remains firm behind that call.

Bloom Energy attracted multiple changes with one analyst shifting from hold to buy. Its target sits near $284.77. The energy transition theme continues to pull differing views on the name.

SLB received an upgraded target to $62.34, while ConocoPhillips gained a fresh new recommendation from an analyst initiating coverage with a buy stance.