The futures traded lower after a dreadful Thursday that saw all the major indexes finish the day lower. The Dow Jones industrial average posted its first back-to-back losses in a month. Big-time earnings disappointments from AT&T and American Express got the selling started, and some very cautious commentary from big tech helped keep it going. While many strategists continue to predict the Federal Reserve will pivot and even lower rates this year, the reality is that with inflation remaining stubbornly higher than expected, not only will rates go up another 25 basis points in early May, some now feel there could be two rate hikes after that.

Treasury yields were lower across the curve Thursday, as buyers returned as the stock market rolled over. The rush to the safety of government securities came as the yield on the two-year note had jumped a stunning 50 basis points in less than a month. The short paper closed Thursday at 4.15%. With the 10-year note closing at 3.55%, the inversion between the two remained at 60 basis points.

Brent and West Texas Intermediate crude were down again, as the latter fell back below the $80 level to close the day at $77.85. While oil has backed up from the big move higher, which was a result of OPEC announcing a big production cut, analysts cite the summer driving season and increased Chinese demand as support for higher prices to come. Natural gas closed lower on the day at $2.20.

Gold closed flat but back over the $2,000 level at $2003 as worried investors hurry back to the bullion. Some feel that gold can take a run at new all-time highs, especially if there is any big-time weakness in the equity markets. Bitcoin closed lower again on Thursday, down 1.85% at $28,277.

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 Friday, April 21, 2023.

Alphabet Inc. (NASDAQ: GOOGL): Bernstein reiterated a Buy rating on the search giant and trimmed its $130 target price to $125. The consensus target is $124.64. Thursday’s closing share price was $105.29.

Capri Holdings Ltd. (NYSE: CPRI): Raymond James upgraded the stock from Outperform to Strong Buy with a $60 target price. The consensus target is $60.03. The stock closed on Thursday at $45.69.

Chegg Inc. (NYSE: CHGG): Craig Hallum raised its Hold rating to Buy and its $20 target price to $25. The consensus target is $20.38. The stock closed over 5% on Thursday at $18.60 after the upgrade.

Citizens Financial Group Inc. (NYSE: CFG): The BofA Securities downgrade to Neutral from Buy included a target price cut to $33 from $37. The consensus target is $38.53. The stock closed almost 5% lower on Thursday at $29.06 due to the downgrade.

Comstock Resources Inc. (NYSE: CRK): As Citigroup upgraded the stock to Neutral from Sell, its $10 target price rose to $12. The consensus target is $14.59. The shares closed on Thursday at $11.08.
Coterra Energy Inc. (NASDAQ: CTRA): Citigroup raised its Sell rating to Neutral and its $22 price target to $25. The consensus target is $30.45. Thursday’s close was at $25.56.

CubeSmart (NYSE: CUBE): BMO Capital Markets downgraded the stock to Market Perform from Outperform. It also trimmed its $54 target price to $52, just below the $52.22 consensus target. Thursday’s close was at $45.65.

Emerson Electric Co. (NYSE: EMR): Wells Fargo’s upgrade was to Overweight from Equal Weight, and its $90 target price increased to $105. The consensus target is $101.92. Shares closed on Thursday at $85.87.

Fastly Inc. (NASDAQ: FSLY): when Morgan Stanley upgraded the shares to Equal Weight from Underweight, its $12 target price rose to $18. The consensus target is $20.38. Thursday’s close was at $16.32.

F5 Inc. (NASDAQ: FFIV): the Overweight rating at Barclays has dropped to Equal Weight. The analyst also dropped the $166 target price to $140, well below the $164.83 consensus target. The shares closed on Thursday at $134.16.

General Electric Co. (NYSE: GE): The Jefferies upgrade was from Hold to Buy with a $120 target price. The consensus target is $100.89. Thursday’s final trade was for $99.76 a share.

Las Vega Sands Corp. (NYSE: LVS): Stifel reiterated a Buy rating and raised its $66 target price to $73. Jefferies also kept a Buy rating, and its $66 price target is now $69. Barclays reiterated an Overweight rating and lifted its target price to $69 from $64. The consensus price target is $66.21. The shares closed almost 4% higher on Thursday at $61.53 after strong quarterly results.

Medical Properties Trust Inc. (NYSE: MPW): Wells Fargo initiated coverage with an Equal Weight rating and a $9 target price. The consensus target is $12.42. The stock closed on Thursday at $8.23.

Microsoft Corp. (NASDAQ: MSFT): KeyBanc Capital Markets reiterated an Overweight rating and raised its $316 target price to $335. That is well above the $300.11 consensus target and Thursday’s closing print of $286.11.

NetApp Inc. (NASDAQ: NTAP): BofA Securities lowered its Neutral rating to Underperform and its $70 target price to $58. The consensus target is $71.47. Thursday’s $63.36 close was down almost 4% for the day on the downgrade.

Nio Inc. (NYSE: NIO): Zacks points out that its Bear of the Day stock continues to trend lower. Shares of this Chinese EV maker have traded as high as $24.43 in the past year but closed most recently at $8.28, which is about 15% lower year to date.

Novavax Inc. (NASDAQ: NVAX): TD Cowen downgraded the stock to Market Perform from Outperform and slashed its $55 target price to $10. The consensus target is $50.80 for now. Thursday’s close at $8.23 was down over 8% for the day on the downgrade.

Omega Healthcare Investors Inc. (NYSE: OHI): Wells Fargo initiated coverage with an Overweight rating and a $30 target price. The consensus target is $29.25. Thursday’s close was at $26.78.

Raytheon Technologies Corp. (NYSE: RTX): The Jefferies downgrade to Hold from Buy came with a target price cut to $110 from $115. The consensus target is $109.50. The stock closed on Thursday at $102.84.
Sea Ltd. (NYSE: SE): UBS downgraded the stock to Neutral from Buy and lowered its target price to $92 from $105. The consensus target is $101.56. The stock closed on Thursday at $78.76.

Shift4 Payments Inc. (NYSE: FOUR): Stephens upgraded the stock to Overweight from Equal Weight. Its $80 target price is near the $80.80 consensus target. On Thursday, shares closed at $65.76, which was up over 5% for the day on the upgrade and positive commentary.

Southern Co. (NYSE: SO): Mizuho upgraded the utility giant to Buy from Neutral and bumped its $72 target price to $77. The consensus target is $72.23. Thursday’s close was at $73.02.

Splunk Inc. (NASDAQ: SPLK): Even though its Bull of the Day stock is trading sideways, Zacks says bulls are hopeful positive earnings momentum will continue. Shares last closed at $91.33, and the $116.29 consensus price target represents more than 27% upside potential.

Tesla Inc. (NASDAQ: TSLA): Goldman Sachs reiterated a Buy rating but lowered its $210 target price to $185. Citigroup maintained a Neutral rating, and its $192 target price dropped to $175. J.P. Morgan reiterated an Underweight rating and cut its $120 target price to $115. The consensus target is $196.47 for now. The stock closed almost 10% lower on Thursday at $162.99, after a first-quarter earnings miss.

Tripadvisor Inc. (NASDAQ: TRIP): Truist Financial downgraded the stock to Hold from Buy and cut the price target almost in half to $21 from $40. The consensus target is $25.77. The stock closed on Thursday at $18.25, down close to 5% for the day on the downgrade.

Ventas Inc. (NYSE: VTR): Wells Fargo initiated coverage with an Overweight rating and a $50 target price. The consensus target is $52.35. The stock closed on Thursday at $44.58.

Welltower Inc. (NYSE: WELL): Wells Fargo started coverage with an Overweight rating. Its $85 target price is above the consensus target of $81.94. The stock closed on Thursday at $75.88.

WestRock Co. (NYSE: WRK): BofA Securities lifted its Neutral rating to Buy and its $38 target price up to $40. The consensus target is $37.31. Thursday’s close was at $31.07.

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Thursday’s top analyst upgrades and downgrades included Apple, Aramark, Bank of America, Chevron, Diamondback Energy, Exxon Mobil, Goldman Sachs, KeyCorp, Marathon Petroleum, Meta Platforms, Netflix, Nvidia, Pioneer Natural Resources, Rivian Automotive, Schlumberger, Starbucks, Tesla, Walmart and Western Alliance Bancorp.

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