The futures were trading higher, as we get ready to end the third quarter. Many investors with whiplash from the huge back-and-forth moves over the past 90 days are probably glad to see it over. All the major indexes were crushed Thursday, with Apple leading the way after a downgrade at BofA Securities. All of Wednesday’s big gains evaporated fast.

The song remains the same, as rising interest rates (30-year mortgage rates jumped over 7% for the first time in 15 years), numerous corporate layoff announcements (with more expected) and concerns that third-quarter earnings, and especially guidance, will be very disappointing all contributed to the risk-off move. Toss in global geopolitical risk, and the path of least resistance still appears to be lower.

Treasury yields were up across the curve, after massive buying Wednesday chopped rates on some maturities by over 20 basis points. The five-year note pushed back to the 4% level, and the dreaded two-year and 10-year inversion stayed in place. The former closed at 4.20% and the latter at 3.77%. With the final gross domestic product print for the second quarter coming in at −0.6% we are technically in the recession the inversion suggests.

Brent and West Texas Intermediate crude closed lower after big gains on Wednesday following the Hurricane Ida landfall. Published reports Thursday said that BP was starting production back up at two Gulf of Mexico offshore oil and gas platforms. Natural gas also closed down, while gold ended the day lower as well. Bitcoin rallied to end modestly higher, after trading lower most of the day. The crypto giant still closed below the $20,000 level at $19,477.50.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.

These are the top analyst upgrades, downgrades and initiations seen on Friday, September 30, 2022.

Albemarle Corp. (NYSE: ALB): Jefferies reiterated a Buy rating with a $350 target price. The consensus target is $265.44. The shares closed almost 5% lower on Thursday at $265.44.

Apple Inc. (NASDAQ: AAPL): BofA Securities downgraded the technology giant to Neutral from Buy, and it cut its $189 target price to $160. The consensus target is $183.06. The stock was mauled Thursday, closing at $142.48, down almost 5%, largely on the surprising downgrade.

Boston Beer Co. Inc. (NYSE: SAM): Goldman Sachs reiterated a Sell rating with a $251 target price. The higher $319.04 consensus target also is less than Thursday’s close at $332.18.

Cadence Design Systems Inc. (NASDAQ: CDNS): Deutsche Bank initiated coverage with a Buy rating and a $200 target price. The consensus target is $196.31. The stock closed on Thursday at $164.69.
Coinbase Global Inc. (NASDAQ: COIN): Wells Fargo initiated coverage with an Underweight rating and a $57 price target. That compares with the higher $99.91 consensus target and Thursday’s close at $61.94, which was down 8% for the day.

Constellation Brands Inc. (NYSE: STZ): Goldman Sachs reiterated a Buy rating on the spirits giant, which is on the firm’s Conviction List of top stock picks. Its $273 target price is shy of the $276 consensus target. The stock closed on Thursday at $233.67.

Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL): The Zacks Bull of the Day stock is coming into the buy zone, says the analyst. Shares last closed at $94.78 and are up 12% or so in the past 90 days.

CyberArk Software Ltd. (NASDAQ: CYBR): Cowen initiated coverage with an Outperform rating and a $195 target price. The consensus target is just $179.50. Thursday’s final trade was reported at $149.16.

Dollar General Corp. (NYSE: DG): Jefferies maintained a Buy rating and has a $285 target price. The consensus target is $267.00. The stock closed at $239.47 on Thursday.

First Solar Inc. (NASDAQ: FSLR): Evercore ISI’s upgrade to Outperform from In line included a price target hike to $150 from $88. The consensus target is $136.21. Thursday’s close at $130.93 was down almost 4% on the day.

Getty Images Holdings Inc. (NASDAQ: GETY): Goldman Sachs started coverage with a Neutral rating and an $8 target. The consensus target is higher at $20.63. The stock closed 7% lower on Thursday at $7.06.

Golar LNG Ltd. (NASDAQ: GLNG): As BofA Securities upgraded the stock to Buy from Neutral, it also raised the $23 price target to $29. The consensus target is $35. Thursday’s close was at $24.66.

Kraft Heinz Co. (NYSE: KHC): UBS raised its Sell rating on the consumer staples giant to Neutral with a $34 target price. The consensus target is $41.98. The shares closed at $33.56 on Thursday.

Marvell Technology Inc. (NASDAQ: MRVL): Stifel lowered its $78 price target on the Buy-rated stock to $70. The consensus target is $74.84. The shares closed Thursday at $42.87, down almost 4% on the day.

MillerKnoll Inc. (NASDAQ: MLKN): The Buy rating at Craig Hallum was cut to Hold, and the $50 target price was slashed to $20. The consensus target is $43.75 for now. The stock closed on Thursday at $16.96, down 15% for the day on no news we could source except the downgrade and the weak tape.

Mohawk Industries Inc. (NYSE: MHK): Zacks selected this flooring products stock as its Bear of the Day, citing falling earnings estimates. Shares have traded as high as $199.37 in the past year but closed most recently at $91.99. That is down more than 27% in the past 90 days.
Monster Beverage Corp. (NASDAQ: MNST): Goldman Sachs reiterated its Buy rating on the energy drink heavyweight and has a $102 target price. The consensus target is $101.06. The stock ended Thursday trading at $88.01.

MPLX L.P. (NYSE: MPLX): The BofA Securities downgrade was from Buy to Underperform with a $34 target. The consensus target is $38.00. Thursday’s close was at $30.03.

Proterra Inc. (NASDAQ: PTRA): Truist Financial started coverage with a Buy rating and a $9 target price. The consensus target is $8.08. The stock ended Thursday’s session at $5.34 a share.

QuantumScape Corp. (NYSE: QS): Truist Financial started coverage with a Hold rating and a $10 target. The consensus target for the battery company’s stock is $14.00. The stock closed on Thursday at $8.36, down almost 10% for the day on the initiation and the very weak tape.

Range Resources Corp. (NYSE: RRC): TD Securities upgraded the shares to Buy from Hold and bumped its $32 price target to $33. The consensus target is higher at $40.43. The stock closed on Thursday at $24.57.

Synopsys Inc. (NASDAQ: SNPS): Deutsche Bank started coverage with a Buy rating and a $420 target price. The consensus target is $410.60. Thursday’s close was at $309.22.

V.F. Corp. (NYSE: VFC): Goldman Sachs lowered its $35 target price on the Sell-rated stock to $30. The consensus target is $50.61. The stock closed 6% lower on Thursday at $30.75.

Wix.com Ltd. (NYSE: WIX): Oppenheimer’s upgrade was from Perform to Outperform with a $110 target price. The consensus target is $92.29. The shares closed up 4% on Thursday at $80.41.

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Thursday’s top analyst upgrades and downgrades included Apple, CSX, Enovix, Healthpeak Properties, Lockheed Martin, Netflix, Philip Morris International, Regions Financial, Riot Blockchain, Rivian Automotive, Sunrun, Truist Financial and ZoomInfo Technologies.

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