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Thursday's Top Analyst Upgrades and Downgrades: Blackstone, CarMax, Coinbase, Expedia, Lennar, Livent, Oracle, Salesforce, Southwest Airlines and More
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The futures traded lower after the December consumer price index numbers came in pretty much in line with expectations. On Wednesday, all the major indexes closed higher in front of the data. With the CPI report out of the way, the discussion over the end-of-the-month federal rate increase will continue, while the main focus will return to earnings for the fourth quarter, as the big banks are set to begin reporting Friday. The rest of the S&P deluge will begin in earnest on Monday.
Treasury yields were lower Wednesday, after a big spike higher earlier in the week. Some analysts pointed to the continued “higher-for-longer” and pivot pushback from Federal Reserve officials that spurred the buying interest across the curve. The 10-year note ended at a 3.55% yield, while the two-year short paper was flat at 4.22%. The inversion between the two securities is a sign to the bond market of an impending recession.
Brent and West Texas Intermediate crude both finished the day over 3% higher, as an ongoing recovery in Chinese demand countered a large build in U.S. commercial crude stocks. Natural gas was also a winner Wednesday, closing up almost 2% at $3.70. Gold and Bitcoin both finished modestly higher as well.
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 Thursday, January 12, 2023.
Ally Financial Inc. (NYSE: ALLY): Analysts are cutting estimates again on this digital bank, says Zacks, which named it the Bear of the Day stock. Shares have traded as high as $53.83 in the past year but closed most recently at $27.23 and the consensus target is $30.30.
Aspen Technology Inc. (NASDAQ: AZPN): Berenberg started covering the stock with a Hold rating and a $210 target price. The consensus target is $259.40. The stock closed on Wednesday at $206.11 a share.
Autodesk Inc. (NASDAQ: ADSK): Berenberg started coverage with a Buy rating and a $230 target price. The consensus target is $228.18, and shares closed on Wednesday at $199.93.
Bill.com Holdings Inc. (NYSE: BILL): Mizuho initiated coverage with a Neutral rating and a $105 price target. The consensus target is higher at $174.54. The shares most recently closed at $102.40.
Blackstone Inc. (NYSE: BX): As Wells Fargo upgraded the stock to Overweight from Equal Weight, it lifted its price target to $95. The consensus target is $94.37. The stock closed over 3% higher on Wednesday at $83.11.
Chemours Co. (NYSE: CC): The BofA Securities upgrade to Buy from Neutral included a target price bump to $40 from $37. The consensus target is $34.75. The stock closed on Wednesday at $32.96, a 3% gain on the day.
CarMax Inc. (NYSE: KMX): J.P. Morgan downgraded the stock to Underweight from Neutral and has a $60 price target. The consensus target is $61.64. The stock ended Wednesday trading at $67.43.
Coinbase Global Inc. (NASDAQ: COIN): BofA Securities downgraded the stock to Underperform from Neutral. It also cut its $50 target price to $35, much lower than the consensus target. The stock closed on Wednesday at $43.79.
Cutera Inc. (NASDAQ: CUTR): When Cantor Fitzgerald downgraded the stock to Neutral from Overweight, it slashed its $85 target price to $33. The consensus target is $61.20 for now. The stock closed on Wednesday at $27.79, down almost 7% for the day after the downgrade.
Eastman Chemical Co. (NYSE: EMN): The BofA Securities upgrade was to Buy from Neutral, and the $98 target price increased to $108. The consensus target is $92.86. Wednesday’s close was at $91.49.
Expedia Group Inc. (NASDAQ: EXPE): Oppenheimer upgraded the stock to Outperform from Perform and has a $120 target price. The consensus target is $125.65. The shares closed almost 5% higher on Wednesday at $99.24.
Gaming and Leisure Properties Inc. (NASDAQ: GLPI): Truist Securities upgraded the stock to Buy from Hold and lifted its $54 target price to $60. The consensus target is $55.52. Wednesday’s $52.98 close was almost 4% higher on the upgrade.
24/7 Wall St.International Flavors & Fragrances Inc. (NYSE: IFF): BofA Securities downgraded the stock from Buy to Underperform with a $121 target. The consensus target is $122.52. Wednesday’s close was at $115.29.
JinkoSolar Holding Co., Ltd. (NYSE: JKS): Roth Capital upgraded the shares to Buy from Neutral and boosted its $50 target price to $70. The consensus target is $59.36. The stock was last seen on Wednesday at $58.29. That was up over 9% on the day after the company announced its Second Generation Tiger Neo panel family, one of the world’s most efficient and powerful solar panels.
Lennar Corp. (NYSE: LEN): BofA Securities upgraded the stock to Neutral from Underperform and lifted its target price to $102 from $92. The consensus target is set just higher at $104.12. The final trade Wednesday was filled at $98.58.
Levi Strauss & Co. (NYSE: LEVI): The Buy rating at Citigroup slipped to Neutral, and the analyst trimmed the $19 target price to $17. The consensus target is $19.86. The stock closed on Wednesday at $16.80.
Livent Corp. (NASDAQ: LTHM): BofA Securities raised its Underperform rating to Buy with a $26 target price. The consensus target is higher at $32.71. The stock closed at $22.83 on Wednesday, up almost 10% on the double upgrade.
Motorola Solutions Inc. (NYSE: MSI): Credit Suisse’s downgrade to Neutral from Outperform included a target price reduction to $270 from $300. The consensus target is $286.91. The final Wednesday trade was recorded at $264.34.
Oracle Corp. (NYSE: ORCL): Mizuho initiated coverage with a Buy rating and a $116 target price. That compares with the lower $92.76 consensus target and Wednesday’s closing print of $88.60.
Pool Corp. (NASDAQ: POOL): Deutsche Bank upgraded the stock to Buy from Hold. Its $417 target price is much higher than the $343.90 consensus target. Thursday’s close was at $342.81, up over 5% for the day on the upgrade.
Salesforce Inc. (NYSE: CRM): Bernstein downgraded the shares to Underperform from Market Perform while cutting its $134 price target to $119. The consensus target is up at $192.23. Wednesday’s final trade was for $144.90 a share.
Southwest Airlines Co. (NYSE: LUV): Susquehanna downgraded the popular airline to Neutral from Positive and has a $40 target. The consensus target is up at $47.63. The shares were last seen on Wednesday trading at $35.97.
Toll Brothers Inc. (NYSE: TOL): BofA Securities raised its Neutral rating on the luxury home builder to Buy with a $68 target price. The stock’s close on Wednesday at $55.45 was up close to 3% for the day on the upgrade.
Warner Bros. Discovery Inc. (NASDAQ: WBD): Guggenheim’s upgrade was from Neutral to Buy with a $16.50 target price. The consensus target is $20.60. The stock closed at $12.60 on Wednesday.
As interest rate increases begin to slow, five top real estate investment trusts in gaming, apartments, document storage and other areas offer growth and income investors a degree of safety and reliable, substantial dividends.
Wednesday’s top analyst upgrades and downgrades included Ally Financial, American Tower, Archer Daniels Midland, AT&T, Bank of America, Bloom Energy, Boeing, Diamondback Energy, D.R. Horton, Dynatrace, Exxon Mobil, Invesco, Macy’s, Morgan Stanley, NXP Semiconductors, ONEOK, Royal Caribbean Cruises and ZoomInfo Technologies.
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