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Wednesday's Top Analyst Upgrades and Downgrades: American Express, Analog Devices, Boeing, Chevron, Comcast, CSX, Etsy, Prudential Financial and More
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The futures were trading down on Wednesday, after all the major indexes finished the day lower on Tuesday. Many on Wall Street feel that the recent rally, which was the second big move higher since the October lows, is running out of steam, and possibly fast. Wall Street is keeping a close eye on trading levels as more layoffs have been announced, this time at fast-food giant McDonald’s, the spike in oil will fan the still smoldering inflation flames, stock buyback windows have been closed, factory orders have slowed, lending is starting to tighten and people continue to fear more financial sector problems.
One positive for equities that did not translate through Tuesday was that yields across the Treasury curve were much lower, with the benchmark 10-year note closing at 3.34%. The buyers were all over the shorter maturities, with the two-year yield down a whopping 16 basis points on the day to close at 3.82%. Many investors are likely getting the sense that the safe-haven bomb shelter of government securities is the reason behind the buying, and that in of itself is very worrisome.
Brent and West Texas Intermediate crude were modestly higher, while taking a breather from the big 6% run after the OPEC announcement earlier this week about production cuts. This move, combined with last week’s big 9% rally, likely tempted some profit takers, but any dip had buyers grabbing more shares of top energy stocks. Natural gas finished the day at $2.09.
Gold had a big move higher, closing up 1.8% at $2020. A big acquisition deal has been in the spotlight this week as Pan American Silver completed its takeover of Yamana Gold. The deal adds four producing mines to Pan American’s operations and holdings. Bitcoin also had a big day, up 1.7% to close at $28,288.
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 Wednesday, April 5, 2023.
American Express Co. (NYSE: AXP): Oppenheimer reiterated an Outperform rating while trimming its $182 target price to $180. The consensus target is $187.05. The stock closed on Tuesday at $162.56.
Analog Devices Inc. (NYSE: ADI): BofA Securities reiterated a Buy rating and raised its $230 target price to $250. The consensus target is $216.81. The shares closed on Tuesday at $195.12.
Atlas Energy Solutions Inc. (NASDAQ: AESI): Capital One started coverage with an Overweight rating and a $25 target price. A consensus target has not been set yet. The shares closed on Tuesday at $17.22.
Battalion Oil Corp. (NYSE: BATL): Roth MKM downgraded the shares from Buy to Neutral with a $28 target price. The stock closed Tuesday at $8.56, up over 11% on the day despite the downgrade. The company has named a new chief executive.
Boeing Co. (NYSE: BA): Northcoast’s downgrade was to Neutral from Buy. Its $180 target price is less than the $228.10 consensus target and Tuesday’s close at $213.94.
Burlington Stores Inc. (NYSE: BURL): When Loop Capital upgraded the popular retailer to Buy from Hold, its $220 target price increased to $225. The consensus target is $237.47. The shares closed on Tuesday at $206.71.
Capital Bancorp Inc. (NASDAQ: CBNK): Stephens resumed coverage with an Equal Weight rating and a $19 target price. The consensus target is higher at $23.70. The stock closed on Tuesday at $16.12.
Chevron Corp. (NYSE: CVX): Exane BNP Paribas upgraded the energy giant to Neutral from Underperform and has a $200 target price. The consensus target is $191.59. The stock closed on Tuesday at $169.08.
Chipotle Mexican Grill Inc. (NYSE: CMG): Oppenheimer reiterated an Outperform rating raised its target price to $1,940 from $1,875. The consensus target is $1830.04. The shares closed on Tuesday at $1734.79.
Comcast Corp. (NASDAQ: CMCSA): KeyBanc Capital Markets lifted its Sector Weight rating to Overweight with a $44 target price. That compares with a $43.84 consensus target and Tuesday’s $37.63 closing price.
Corebridge Financial Inc. (NASDAQ: CRBG): Though Goldman Sachs upgraded the shares to Buy from Neutral, the analyst trimmed the $25 target price to $23. The consensus target is $26.08, and the stock closed on Tuesday at $15.34.
CSX Corp. (NASDAQ: CSX): Morgan Stanley upgraded the stock to Equal Weight from Underweight. Its $24 target price is less than the $34.21 consensus target and Tuesday’s close was at $29.51.
Deckers Outdoor Corp. (NYSE: DECK): Piper Sandler reiterated an Overweight rating. The firm also raised its $485 target price to $535. The consensus target is $487.19. The stock ended Tuesday’s session trading at $455.26.
Etsy Inc. (NASDAQ: ETSY): Piper Sandler’s upgrade to Overweight from Neutral included a target price hike to $140 from $135. The consensus target is $136.31. The shares closed on Tuesday at $109.64.
Fastenal Co. (NASDAQ: FAST): Stifel initiated coverage with a Buy rating and a $61 price target. The consensus target is $51.63. The last trade on Tuesday was reported at $53.01.
IDACORP Inc. (NYSE: IDA): Mizuho’s downgrade to Neutral from Buy came with a target price cut to $107 from $117. The consensus target is $115. The stock closed on Tuesday at $106.89.
Norfolk Southern Corp. (NYSE: NSC): Morgan Stanley upgraded the stock from Underweight to Equal Weight with a $177 target price. The consensus target is $246.58. Tuesday’s close was at $205.01.
ONEOK Inc. (NYSE: OKE): Citigroup lifted its Neutral rating to Buy from and bumped its $71 target price to $72. The consensus target is $72.33, and shares closed on Tuesday at $65.04.
Prudential Financial Inc. (NYSE: PRU): J.P. Morgan upgraded the stock to Overweight from Neutral and has a $114 price objective. The consensus target is $98.08. The shares closed at $82.27 on Tuesday.
RH (NYSE: RH): Citing falling estimates, Zacks selected this retail stock as its Bear of the Day. The shares have traded as high as $361.76 in the past year but closed most recently at $241.70 after retreating more than 17% in the past month.
Sarepta Therapeutics Inc. (NASDAQ: SRPT): Citigroup initiated coverage with a Buy rating and a $179 target price. The consensus target is $168.37. The closing price on Tuesday was $138.58.
ServiceNow Inc. (NYSE: NOW): As Baird upgraded the stock to Outperform from Neutral, its $475 target price jumped to $548. The consensus target is $519.57, and Tuesday’s close was at $476.
Thermo Fisher Scientific Inc. (NYSE: TMO): Barclays reiterated an Overweight rating but lowered its $660 target price to $625. The consensus target is $648. Tuesday’s final trade was for $576.18 a share.
WideOpenWest Inc. (NYSE: WOW): KeyBanc Capital Markets upgraded the stock from Sector Weight to Overweight with a $14 target price. The consensus target is $15.06. The stock closed on Tuesday at $10.52.
For investors looking for safe-haven stocks, seven Warren Buffett stock picks are quality names with among the largest dividends, and they may provide some shelter from the coming economic storm.
Tuesday’s top analyst upgrades and downgrades included Agnico Eagle Mines, Bloom Energy, Crocs, Edison International, Enphase Energy, First Solar, Intel, Macy’s, Plug Power, SL Green Realty, Tesla and Wolfspeed.
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