The futures were trading slightly lower as we begin the second half of 2023. The major indexes saw sizable gains on Friday, with the Nasdaq leading the group, up 1.5%. As for the first half of the year, the S&P 500 finished up nearly 18%, while the Dow Jones industrial average only managed to hit roughly a 5% gain. However, it was a banner six months for the Nasdaq, which had its best first half in 52 years.
Treasury yields jumped across the curve as the GDP data almost assures that there will be at least two more federal funds rate hikes this year, with one possibly as soon as this month. The benchmark 10-year note is holding just over 3.8%, while the two-year maturity is holding over 4.8%. Note that the inversion between the two still suggests recession is on the way.
West Texas Intermediate crude finished the day slightly higher, with WTI holding just above $70. Wednesday’s report of a giant draw from reserves continued to provide a tailwind for the black gold. Natural gas finished Friday around $2.70, as a heatwave continues to sit over Texas and a large swath of the country.
Gold continued to hold near $1,925. Gold analysts see strong support at $1,900 for the bullion, which was trading over $2,000 per ounce as recently as late April. Bitcoin bounced back above the $30,000 mark.
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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, July 3, 2023.
ACM Research Inc. (NASDAQ: ACMR): Jefferies upgraded it to a Buy rating from Underperform and raised its $9 price target to $23.40. The consensus target is $17.44, and shares closed on Friday at $13.08.
AMC Entertainment Holdings Inc. (NYSE: AMC): Citigroup reiterated a Sell rating. The consensus target is $2.27, and shares closed on Friday at $4.40 apiece.
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Arch Resources Inc. (NYSE: ARCH | ARCH Price Prediction): Citing a weak industry and a plethora of fundamental challenges, Zacks named this coal mining stock as its Bear of the Day. Shares have traded as high as $173.90 in the past year but closed most recently at $112.76.
Bausch + Lomb Corp. (NYSE: BLCO): Bank of America reiterated a Neutral rating and raised the price target to $23 from $19. The consensus target is $28.38, and the stock closed on Friday at $20.07.
Croda International PLC (COIHY): Stifel’s downgrade was to Hold from Buy. The 52-week range is $32.90 to $46.94. Friday’s final over-the-counter (OTC) trade was for $35.63 a share.
Eton Pharmaceuticals Inc. (NASDAQ: ETON): H.C. Wainwright maintained a Buy rating. Shares have traded as high as $4.28 in the past year but closed most recently at $3.49.
Galp Energia SGPS S.A. (GLPEY): Exane BNP Paribas upgraded the OTC-traded stock to Outperform rating from Neutral. Shares closed on Friday at $5.85.
Givaudan S.A. (GVDNY): Stifel boosted its Hold rating to Buy. The consensus target is $199.41. The OTC shares closed on Friday at $66.41.
Lazard Ltd. (NYSE: LAZ): The Underperform rating at Wolfe Research is now at Peer Perform. The consensus target is $36.14. The stock closed on Friday at $32.00.
LifeMD Inc. (NASDAQ: LFMD): H.C. Wainwright initiated coverage with a Buy rating and a $9 price target. The consensus target is lower at $5.25. Friday’s close was at $4.35.
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Lucid Group Inc. (NASDAQ: LCID): Citigroup resumed coverage with a Neutral rating and an $8 price target. The consensus target is $8.33. Friday’s close was at $6.89.
MicroStrategy Inc. (NASDAQ: MSTR): Zacks makes the case that the stage for an explosive move in its Bull of the Day stock. Shares of the software company last closed at $342.42 apiece, which is up nearly 142% year to date.
Paychex Inc. (NASDAQ: PAYX): Barclays maintained a Neutral rating and lowered its price target to $126 from $134. The consensus price target is $119.41. The stock closed on Friday at $111.87.
ReWalk Robotics Ltd. (NASDAQ: RWLK): H.C. Wainwright reiterated its Buy rating. The consensus target is $3.00. The stock was last seen on Friday at $0.60, which was up close to 5% for the day.
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With all the parades, barbecues, boating, bands and much more, five all-American companies should have solid 4th of July sales and are poised to continue to be outstanding investments for the second half of 2023.
Friday’s top analyst upgrades and downgrades included Citizens Financial, Eaton, Freeport-McMoRan, General Mills, Graphic Packaging, Micron Technology, Mosaic, Netflix, Pfizer, Roku, Ross Stores and TJX Companies.
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