The futures were flat to start the first trading day of the second quarter, after a big Friday rally to finish up what was a very volatile but profitable first quarter. All the major indexes finished the day higher, with the Nasdaq leading the way, as once again big technology stocks were the target. Strategists also pointed to the lower print for the core personal consumption expenditures index, which came in at 0.3% versus the expected 0.4%. Other inflation reports were lower as well. While the S&P 500 finished the quarter higher, it was noted Friday that just eight stocks drove the index to the upside for the first 90 days of 2023.

Another tailwind for the market on Friday was that Treasury yields were lower across the curve. As noted last week, quarter-end window dressing by portfolio managers could have driven some of the demand for the bonds. Despite the buying, yields were still up sharply last week. The 10-year note closed the day at 3.49%, while the two-year finished the day at 4.04%, keeping the inversion well in place.

Brent and West Texas Intermediate crude both closed higher on Friday, concluding a strong week for the two oil benchmarks, which were up almost 10%. Analysts also noted that the rig count dropped for the week, as some companies had slowed drilling due to a big drop in pricing earlier in March. Natural gas was the big winner, closing up over 5% at $2.22.

Gold closed lower to end the quarter as profit takers came in after a very solid move higher that saw the bullion trade back over the $2,000 level, before pulling back to close at $1,970. Bitcoin, which exploded higher during the first quarter, finished the week on a strong note, up 1.6% to close at $28,478.

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 Monday, April 3, 2023.

Advance Auto Parts Inc. (NYSE: AAP): Barclays upgraded the shares to Equal Weight from Underweight and lowered its $140 target price to $129. The consensus target is $151.08. The stock closed on Friday at $121.61.

AmerisourceBergen Corp. (NYSE: ABC): Citigroup initiated coverage with a Buy rating and a $185 target price. The consensus target is $184.07. Friday’s final trade was for $160.11 a share.

BlackBerry Ltd. (NYSE: BB): TD Securities upgraded the shares from Reduce to Hold with a $4 price target. The consensus target is $4.77. The stock closed on Friday at $4.56.
Braze Inc. (NASDAQ: BRZE): Oppenheimer reiterated an Outperform rating and raised its $30 target price to $36. The consensus target is $38.92. The stock closed almost 10% higher on Friday at $34.57 after a strong quarterly report.

Cardinal Health Inc. (NYSE: CAH): Citigroup initiated coverage with a Neutral rating with a $77 price target. The consensus target is $85.61. The shares closed on Friday at $75.42.

Chart Industries Inc. (NYSE: GTLS): Jefferies reiterated a Buy rating with a $190 target price. The consensus target is $193.75. Friday’s $125.40 close was up almost 3% on the day.

Cintas Corp. (NASDAQ: CTAS): Jefferies cut its Buy rating to Hold and lowered its $512 target price to $487. The consensus target is $500.08. The shares closed Friday at $462.68.

Comstock Resources Inc. (NYSE: CRK): Zacks selected this stock as its Bear of the Day. The analyst pondered whether natural gas has bottomed. The stock has traded as high as $22.11 in the past year but closed most recently at $10.79.

DICE Therapeutics Inc. (NASDAQ: DICE): Needham started coverage with a Buy rating and a $56 target. The consensus target is $62.71. The stock closed on Friday at $28.65.

Howmet Aerospace Inc. (NYSE: HWM): Benchmark upgraded the stock to Buy from Hold, and its $49 target price is higher than the $46.75 consensus target. Friday’s close was at $42.37.

Jack in the Box Inc. (NASDAQ: JACK): Loop Capital started coverage with a Buy rating and a $114 target price. The consensus target is $91.63. Friday’s close at $87.59 was up over 3% for the day on the positive coverage.

JD.com Inc. (NYSE: JD): Loop Capital downgraded the shares to Hold from Buy and slashed its $82 target price to $49. The consensus target is $71.39, and on Friday the shares closed at $43.89.

Lovesac Co. (NASDAQ: LOVE): Oppenheimer reiterated an Outperform rating. The firm’s $60 target price compares with a $52.50 consensus target. The closing share price on Friday of $28.90 was up almost 5% for the day following solid quarterly results.

McKesson Corp. (NYSE: MCK): Citigroup initiated coverage with a Buy rating and a $420 target price. The consensus target is $429.75. The last trade on Friday was reported at $356.05.
Pacific Biosciences of California Inc. (NASDAQ: PACB): TD Cowen upgraded the shares to Outperform from Market Perform, and its $13 target price rose to $15. The consensus target is $12.13. The stock closed on Friday at $11.58.

RadNet Inc. (NASDAQ: RDNT): CJS Securities initiated coverage with a Market Outperform rating and has a $30 price target. The consensus is $29.00, and the stock closed on Friday at $25.03.

Restaurant Brands International Inc. (NYSE: QSR): TD Cowen upgraded the shares to Outperform from Market Perform. It also bumped its $72 target price to $75, while the consensus target is $70.64. Friday’s close was at $67.14.

RH (NYSE: RH): Goldman Sachs lowered its $215 target price on the Sell-rated stock to $158. The consensus target is up at $275.47, and shares closed at $243.55 on Friday.

Silk Road Medical Inc. (NASDAQ: SILK): B. Riley Securities initiated coverage with Buy rating and a $58 target price. The consensus target is $56.00. The shares closed on Friday at $39.13.

Tenaris S.A. (NYSE: TS): The Zacks Bull of the Day stock is a value pick. Shares of this steel pipe maker last closed at $28.42 apiece, and the consensus target price of $45.00 represents more than 58% upside and would be a multiyear high.

Wendy’s Co. (NASDAQ: WEN): Truist Financial reiterated a Buy rating with a $28 target price. The consensus target is $24.75. Friday’s close was at $21.78.

Zimmer Biomet Holdings Inc. (NYSE: ZBH): As Jefferies upgraded the stock to Hold from Underperform, it lifted its $115 target price to $130. The consensus target is $133.00. The shares closed on Friday at $129.20.

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With the second quarter now underway, seven top dividend-paying Goldman Sachs stock picks make sense for growth and income investors who are looking for stocks that are still offering reasonable entry points.

Friday’s top analyst upgrades and downgrades included American Tower, Charles Schwab, Crown Castle, DiamondRock Hospitality, DraftKings, Enphase Energy, GitLab, Interpublic Group of Companies, Juniper Networks, Philip Morris International, Shoals Technologies and Sunrun.

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