The futures were lower after yet another down day across Wall Street that saw all the major indexes close lower to kick off the first big third-quarter earnings reporting week. Some of the biggest banks are due to report on Friday, but all eyes across Wall Street will be focused on the consumer price index (CPI) data for September due Thursday morning.

According to published Bloomberg forecasts, the headline CPI for September is expected to show a slight moderation on a year-over-year figure to 8.1%, versus the 8.3% for August. While cooler than some of this summer’s prints, the number still will come in way above the Federal Reserve target of 2%. There also seems to be a degree of trepidation in front of third-quarter earnings on mounting fears that estimates for 2023 will have to come down as companies are facing an inflation-ravaged consumer and wage costs that are rising, among other issues.

The Treasury market was closed for the Columbus Day celebration, so it will be interesting to see if the sellers from last week return Tuesday and the rest of the week.

Brent and West Texas Intermediate crude both took a breather on Monday, closing lower after jumping last week following the OPEC announcement of a massive 2 million barrel per day production cut. Natural gas closed down almost 5% Monday, but the potential for a big jump higher lurks as the fall weather starts to cool and Europe will be scrambling for supply this winter. Gold and Bitcoin both closed lower Monday, as the crypto giant slid under the $20,000 level.

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 Tuesday, October 11, 2022.

American International Group Inc. (NYSE: AIG): Goldman Sachs resumed coverage of the financial services and insurance giant with a Buy rating and an $83 target price. The consensus target is $67.10, and the closing share price on Monday was $48.44.

APA Corp. (NASDAQ: APA): Truist Financial raised its $70 target price to $75 and reiterated a Buy rating. The consensus target is $53.46. The stock closed over 3% lower on Monday at $41.17.

C3.ai Inc. (NYSE: AI): Canaccord Genuity resumed coverage with a Hold rating and a $14 target. The consensus target is $15.63. The stock closed on Monday at $12.19.
DigitalOcean Holdings Inc. (NASDAQ: DOCN): Canaccord Genuity resumed coverage with a Buy rating and a $49 target. The consensus target is higher at $55.27. Monday’s close at $35.53 was down almost 4% on the day.

Etsy Inc. (NASDAQ: ETSY): Goldman Sachs began coverage with a Buy rating and a $130 target price. The consensus target is $117.68, and Monday’s close was at $108.97.

Euronet Worldwide Inc. (NASDAQ: EEFT): Keefe Bruyette cut its Outperform rating to Market Perform and lowered the $124 target price to $90. The consensus target is up at $129.67. The shares closed on Monday at $75.89.

Fate Therapeutics Inc. (NASDAQ: FATE): Canaccord Genuity initiated coverage with a Buy rating and a $42 target price. The consensus target is up at $74.05. The stock closed at $21.32 on Monday.

Global Medical REIT Inc. (NYSE: GMRE): Baird downgraded the shares from Outperform to Neutral with a $9 target. The consensus target is $14.25. The shares closed over 3% lower on Monday at $7.27.

Goldman Sachs Group Inc. (NYSE: GS): Jefferies reiterated a Buy rating on the Wall Street colossus and has a $355 target price. The consensus target is higher at $384.16. The stock closed on Monday at $300.54.

Howmet Aerospace Inc. (NYSE: HWM): BofA Securities started coverage with a Buy rating and a $40 target price. The consensus target is $42.83. The final trade for Monday was reported at $32.94 a share.

Lincoln National Corp. (NYSE: LNC): The Jefferies downgrade to Hold from Buy included a target price cut to $51 from $55. The consensus target is $58.50. Monday’s close was at $45.85.

MongoDB Inc. (NASDAQ: MDB): Canaccord Genuity resumed coverage with a Buy rating and a $300 target price. The consensus is up at $355.05. The shares were last seen on Monday trading at $182.09.

Morgan Stanley (NYSE: MS): Jefferies reiterated a Buy rating, and its $97 target price is a bit higher than the consensus figure. The stock closed on Monday at $78.41.

Royal Gold Inc. (NASDAQ: RGLD): BofA Securities stuck with a Neutral rating but boosted its $121 target price to $130. The consensus target is higher at $137.58. The shares closed on Monday at $93.79.

Sensient Technologies Corp. (NYSE: SXT): Sidoti upgraded the stock to Buy from Neutral and has a $92 target price. The consensus target is higher at $99.00. The stock closed on Monday at $70.69, which was up almost 3% on the day.
Stanley Black & Decker Inc. (NYSE: SWK): Zacks has selected this took maker as its Bear of the Day stock, citing the declining earnings outlook. The stock has traded as high as $199.20 a share in the past year but closed most recently at $77.24, which is down 45% in the past six months.

Third Harmonic Bio Inc. (NASDAQ: THRD): Morgan Stanley started coverage with an Overweight rating and a $34 target. The stock hit a 52-week high of $21.49 last month but closed on Monday at $19.37, down over 3% for the day.

Topgolf Callaway Brands Corp. (NASDAQ: MODG): B. Riley Securities resumed coverage with a Buy rating and a $29 target. The consensus target is up at $35.20. The stock closed on Monday at $18.25.

Turning Point Brands Inc. (NYSE: TPB): Barclays downgraded the stock to Equal Weight from Overweight. It also trimmed its $28 target price to $22, much less than the $37.33 consensus. The $19.99 close on Monday was down close to 6% for the day.

Warner Music Group Corp. (NASDAQ: WMG): Goldman Sachs initiated coverage with a Buy rating and a $32 price objective. The consensus target is $32.53. The stock closed on Monday at $22.35.

Wayfair Inc. (NYSE: W): Goldman Sachs started coverage with a Neutral rating and a $36 price target. The consensus target is much higher at $71.84. The final trade Monday was recorded at $30.27.

Welltower Inc. (NYSE: WELL): Baird downgraded the stock to Neutral from Outperform and has a $66 target price. The consensus target is $88.00. Monday’s close was at $57.37 a share.

Wendy’s Co. (NASDAQ: WEN): Stifel kept a Hold rating on the popular fast-food restaurant, and its target price is $20. The consensus target is $23.46, and the last trade was served on Monday at $19.34.

Wix.com Ltd. (NASDAQ: WIX): Oppenheimer maintained an Outperform rating with a $110 target price. The consensus target is $93.71. The shares ended trading almost 6% lower on Monday at $75.29.

Workday Inc. (NASDAQ: WDAY): Oppenheimer reiterated an Outperform rating with a $205 price target. The posted consensus target is $217. The last trade Monday came in at $147.83 per share.

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Monday’s top analyst upgrades and downgrades included Advanced Micro Devices, Alcoa, Chewy, Coupang, CrowdStrike, DraftKings, Freeport-McMoRan, Goldman Sachs, Halliburton, Lyft, Okta, Palo Alto Networks, Patterson-Uti Energy, Progressive, Schlumberger, Unity Software and Zoom Video Communications. Analyst calls seen later in the day were on Bristol Myers Squibb, Ford, Fortinet, General Motors, Kraft Heinz, Kroger, Merck, Procter & Gamble, Toast and more.

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