The futures were trading mixed, as we get ready to finish the holiday-shortened week as the stock market will be closed on Friday. All the major indexes closed lower Wednesday, with the exception of the Dow Jones industrials, which carved out a tiny gain. The Nasdaq once again took the biggest beating, closing down 1.07%. The selling started on Tuesday after the JOLTs report came in lower than expected as job openings declined. Toss in the weakest ISM manufacturing number in three years on Monday, and worries over economic growth are starting to multiply. While Thursday’s job report was in line with expectations, inflation remains a big concern.

Once again, Treasury yields plunged across the curve, and again lower rates did not provide any sort of tailwind to equities. In fact, the yield on the two-year note dropped to its lowest level since September of last year, closing at 3.79%. The yield on the 10-year note finished Wednesday at 3.29%. The inversion between the two securities has tightened recently but still indicates recession is on the way.

Brent and West Texas Intermediate crude closed flat on the day, after jumping earlier in the week on the surprise OPEC production cut. This week, the Energy Information Administration announced crude inventory draws totaling 3.7 million barrels for the period ending March 31. Gasoline inventories were lower as well. Natural gas finished the day 1.4% higher, closing at $2.14.

Gold was flat on the day, closing at $2,020. It appears some of the buyers are taking a breather after the bullion closed back over the $2,000 mark and has been on fire since the banking issues prompted a big flight to safety. Bitcoin was flat for the day, closing at $28,188.

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, April 6, 2023.

Albemarle Corp. (NYSE: ALB): BofA Securities downgraded the stock to Underperform from Neutral but reduced its $262 price target to $195. The consensus target is $312.80. The stock closed over 6% lower on Wednesday at $196.71 after the downgrade.

Amgen Inc. (NASDAQ: AMGN): Jefferies reiterated a Buy rating and has a $325 target price. The consensus target is $258.29, and the stock closed on Wednesday at $253.37.

Arista Networks Inc. (NASDAQ: ANET): Goldman Sachs raised its target price on the Buy-rated shares to $190 from $170. The consensus target is $172.27. Wednesday’s close was at $162.86.
Bloom Energy Corp. (NYSE: BE): Raymond James downgraded the shares to Outperform from Strong Buy and trimmed its $29 target price to $25. The consensus target is $29.58. Wednesday’s $18.26 close was down over 4% for the day on the downgrade.

Bloomin’ Brands Inc. (NASDAQ: BLMN): Zacks named this as its Bull of the Day stock, citing earnings momentum, a dividend raise and stock buybacks. Shares last closed at $24.90, and the $30.00 consensus target price would be a 52-week high.

Cigna Group (NYSE: CI): Raymond James upgraded the stock to Strong Buy from Outperform. Its $350 target price compares with a $349.13 consensus target. The shares closed almost 4% higher Wednesday at $265.88.

ConocoPhillips (NYSE: COP): Societe Generale upgraded the energy giant from Sell to Hold with a $105 target. The consensus target is up at $131.17. The stock closed on Wednesday at $107.75.

Dutch Bros. Inc. (NYSE: BROS): Wedbush lifted its Neutral rating to Outperform with a $37 target price. The consensus target is $38.80. Wednesday’s close was at $31.89.

Fastenal Co. (NASDAQ: FAST): Stifel initiated coverage with a Buy rating and a $61 price target. The consensus target is $51.63. The stock closed at $51.51 on Wednesday.

Fluence Energy Inc. (NASDAQ: FLNC): Guggenheim’s upgrade was from Neutral to Buy with a $25 target price. The consensus target is $25.87. The shares closed on Wednesday at $19.19.

Jackson Financial Inc. (NYSE: JXN): The $36 Goldman Sachs target price was raised to $41, though the firm kept a Neutral rating. The consensus target is $42.20. Wednesday’s close was at $35.69.

Livent Corp. (NYSE: LTHM): Though BofA Securities upgraded the stock to Buy from Neutral, the analyst trimmed the $29 target price to $27. The consensus target is $33.05. The stock closed on Wednesday at $20.27.

On Holding AG (NYSE: ONON): Baird’s downgrade was from Outperform to Neutral with a $33 target price. The consensus target is $32.30. The stock closed almost 10% lower Wednesday at $29.34 after the downgrade.

Palo Alto Networks Inc. (NASDAQ: PANW): Truist Financial reiterated a Buy rating. Its $225 target price compares with a $222.63 consensus target and the closing price of $194.18 on Wednesday.

Sealed Air Corp. (NYSE: SEE): UBS upgraded the stock to Buy from Neutral and has a $59 price objective. The consensus target is $58, and shares closed on Wednesday at $46.99.
SLM Corp. (NASDAQ: SLM): Morgan Stanley’s upgrade to Overweight from Underweight included a target price bump to $15 from $14. The consensus target is $17.25. The stock closed on Wednesday at $13.06, which was up over 5% for the day on the upgrade and positive commentary.

SolarEdge Technologies Inc. (NASDAQ: SEDG) Janney started coverage with a Buy rating and a $351 target. The consensus target is $366.99. The stock closed almost 5% lower on Wednesday at $278.90.

UnitedHealth Group Inc. (NYSE: UNH): When Raymond James upgraded the stock to Strong Buy from Outperform, it also raised its $615 target price to $630. The consensus target is $596.26. The shares ended Wednesday trading at $509.23, up over 3% for the day on the upgrade.

United Rentals Inc. (NYSE: URI): Exane BNP Paribas resumed coverage with an Outperform rating and a $535 target price. That is well above the $435.53 consensus target and Wednesday’s closing print of $351.27.

Vici Properties Inc. (NASDAQ: VICI): Mizuho started coverage with a Buy rating and a $35 target price. The consensus for the gambling REIT giant is set at $37.68. The shares ended Wednesday at $32.12.

Vita Coco Co. Inc. (NASDAQ: COCO): Craig Hallum initiated coverage with a Buy rating and has set a $25 target price. The consensus target is $19. The stock closed Wednesday at $20.83.

Zions Bancorp N.A. (NASDAQ: ZION): Baird upgraded the stock to Outperform from Neutral with a $60 target price. The consensus is set lower at $49.65. The stock closed Wednesday at $28.63.

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Wednesday’s top analyst upgrades and downgrades included American Express, Analog Devices, Boeing, Chevron, Chipotle Mexican Grill, Comcast, CSX, Etsy, Fastenal, ONEOK, Prudential Financial, RH and ServiceNow.

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