The futures traded flat on Tuesday, after a big opening rally on Monday faded and the major indexes closed mixed: the Dow Jones industrials up almost 0.6% while the Nasdaq closed lower. The early strength was a result of the deposits and loan book for Silicon Valley Bank being sold to First Citizens Bank. The deal covers $119 billion in deposits and $72 billion in assets, and SVB’s 17 branches reopened as First Citizens on Monday, the Federal Deposit Insurance Corporation said. In addition, no more troubling news on Deutsche Bank emerged over the weekend, which also helped the positive tone toward the financials.

Treasury yields exploded higher across the curve, as demand for safe-haven assets ebbed after the mostly positive news. With deposits fleeing from banks into insured money markets, many are concerned loan portfolio restrictions and tighter lending could be the end result. This comes at a time when commercial real estate concerns are also starting to be raised across Wall Street. The inversion of the two-year and 10-year notes remained in place, as the short paper closed Monday at 4.02%, up a whopping 24 basis points, while the other finished the day at 3.53%. The ongoing inversion suggests recession is on the way.

Brent and West Texas Intermediate crude both exploded higher, following through on last week’s 3.5% gain. Brent ended Monday up 4.25%, while WTI closed up 5.4%. Top analysts pointed to the halt in Kurdistan’s 400,000 barrels per day as a reason for the strength in the two benchmarks. The lighter tone on the financials with no new blow-ups was cited as a tailwind as well.

Natural gas had another bad day, closing down over 5% to the $2.09 level. Gold was down just over 1% after a big move higher last week and closed at $1957. Bitcoin, which surged higher last week as well, finished the Monday session down over 3% at $27,016.

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, March 28, 2023.

Alphabet Inc. (NASDAQ: GOOGL): Truist Financial reiterated a Buy rating with a $120 target price. The consensus target is $125.04, and shares closed on Monday at $102.46.

BioNTech S.E. (NASDAQ: BNTX): Citing earnings that have peaked and technicals that are lagging, Zacks named this vaccine maker as its Bear of the Day. Shares have traded as high as $189.07 in the past year but closed most recently at $123.60. That is down almost 18% year to date.

Caterpillar Inc. (NYSE: CAT): Baird’s downgrade to Underperform from Neutral included a target price cut to $185 from $230. The consensus target is up at $249.46. The stock closed on Monday at $218.
Cimpress PLC (NASDAQ: CMPR): Truist Financial reiterated a Buy rating and lifted its $45 target price to $50. The consensus target is $51. The stock closed on Monday at $41.80, which was up 34% for the day on the positive analyst commentary.

Corning Inc. (NYSE: GLW): As Deutsche Bank raised its Hold rating to Buy, the $35 target price was bumped up to $38. The consensus target is $37.73. Shares closed on Monday at $33.35.

Digital Realty Trust Inc. (NYSE: DLR): The BMO Capital Markets downgrade to Market Perform from Outperform came with a target price cut to $100 from $121. The consensus target is $120.17. The shares closed on Monday at $94.

Dish Network Corp. (NASDAQ: DISH): The Buy rating at UBS dropped to Neutral, and its $27 target price is now $10. The consensus target is $26.81 for now. The shares closed on Monday at $8.60.

Equinix Inc. (NASDAQ: EQIX): BMO Capital Markets upgraded the stock to Outperform from Market Perform. Its $755 target price rose to $785, above the $782.33 consensus target. The shares ended Monday’s session at $687.62.

Incyte Corp. (NASDAQ: INCY): Oppenheimer reiterated an Outperform rating with a $95 target price. The consensus target is $89.25, and shares closed on Monday at $70.81.

Intuit Inc. (NASDAQ: INTU) Oppenheimer reiterated an Outperform rating with a $476 target price. The consensus target is $481.60. The stock closed at $426.94 on Monday.

KeyCorp (NYSE: KEY): Citigroup upgraded the stock to Buy from Neutral and has a $20 target price. The consensus target is $20.35. The stock closed on Monday at $12.49, up over 5% for the day on the upgrade and a bank stock rally.

Leidos Holdings Inc. (NYSE: LDOS): Jefferies downgraded the shares to Hold from Buy. It also cut its $120 target price to $95, while the consensus target is $117.42. The stock closed on Monday at $91.37.

M&T Bank Corp. (NYSE: MTB): Though Citigroup upgraded the stock to Buy from Neutral, it also cut its $178 target price to $155. The consensus target is $ 176.05 for now. The stock closed on Monday at $117.93.

Nvidia Corp. (NASDAQ: NVDA): UBS reiterated a Buy rating and raised its price objective to $315 from $270. The consensus target is $267.83. The shares ended Monday trading at $265.31.

Ollie’s Bargain Outlet Holdings Inc. (NASDAQ: OLLI): Citigroup downgraded the stock to Sell from Neutral, and it lowered its target price to $49 from $52. The consensus target is $64.79. Monday’s close was at $58.02.
Pinterest Inc. (NYSE: PINS): UBS changed its Neutral rating to Buy from, and it raised its $27 target price to $35. The consensus target is $28.99, and shares finished Monday at $28.07.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN): When SVB Securities upgraded the stock to Outperform from Market Perform, its $834 price target jumped to $976. The consensus target is $865.22. The stock closed at $820.41 on Monday.

Roku Inc. (NASDAQ: ROKU): Susquehanna upgraded the stock from Neutral to Positive with a $75 target price. The consensus target is $68.51. Monday’s $62.82 close up almost 5% for the day on the upgrade and positive analyst commentary.

Tesla Inc. (NASDAQ: TSLA): Citigroup reiterated a Neutral rating but raised its target price to $192 from $146. The consensus target is $196.30. The stock closed on Monday at $191.81.

United Rental Inc. (NYSE: URI): Baird lowered its Neutral rating to Underperform and slashed its $425 target price to $300. The consensus target is higher at $457.88. Monday’s was at $372.82.

Victory Capital Holdings Inc. (NASDAQ: VCTR): Piper Sandler’s upgrade was to Overweight from Underweight, and the analyst boosted the $27 price target to $35. The consensus target is $33. The last trade on Monday was for $29.71 a share.

Virtus Investment Partners Inc. (NASDAQ: VRTS): Piper Sandler upgraded the shares to Overweight and raised its $248 target price to $260. The consensus target is $199. The stock closed over 4% higher on Monday at $175.70 due to the upgrade.

Wingstop Inc. (NASDAQ: WING): Jefferies cut its Hold rating to Underperform. Its $160 target price compares with the $183.82 consensus target and Monday’s closing print of $182.11.

Wynn Resorts Ltd. (NASDAQ: WYNN): This is the Zacks Bull of the Day stock. The analyst makes the case that this Nevada-based hotel and casino operator is “firing on all cylinders.” Shares last closed at $106.34, and the $118.85 consensus price target would be a 52-week high.

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Monday’s top analyst upgrades and downgrades included Altria, Block, Coinbase Global, Deere, First Horizon, KB Home, Pfizer, PNC Financial Services, RingCentral, Uber Technologies and Zoom Video Communications.

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