The futures are trading higher after a back-and-forth Monday that saw the major indices finish the day solidly to the upside. With second-quarter earnings starting in a big way later this week, as many of the major banks report on Friday, all eyes are now turned to Wednesday when the consumer price index for June will hit the tape. While it may indicate some progress is being made, it’s a solid bet that the numbers won’t be good enough to change the path of the Federal Reserve in lifting rates another 25-basis-points at the end of the month.
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Treasury yields were modestly higher Monday across the board on the shorter maturities after buyers jumped in on Friday to grab government debt that was at some of the highest yield levels across the curve since early March. The longer maturities yields all finished lower as buyers continued to add to positions. The 10-year note finished Monday at 4%, while the short 2-year paper closed the day at 4.86%. While the worrisome inversion between the two securities has narrowed, the case for a recession later this year remains strong.
Brent Crude and West Texas Intermediate were lower after printing a 10-week high back on Friday. Concerns over the economy and the slow response from the Chinese government in boosting their country’s sagging economy both weighed on the black gold on Monday. Natural gas was a winner on Monday, closing up over 3% at $2.67.
Gold closed modestly lower on Monday as profit takers took advantage of the $20 gain in the bullion on Friday. The move higher Friday was triggered by the June non-farm payroll numbers that came in slightly below expectations. Bitcoin closed up 2% Monday at $30,747.90.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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 Tuesday, July 11, 2023.
Advance Auto Parts, Inc. (NYSE: AAP) Atlantic Equities downgraded the shares to Neutral from Buy and crushed the target price down to $50 from $130. The consensus target access Wall Street is $82.54 for now. The stock closed Monday’s session at $68.80.
Azul S.A. (NYSE: AZUL) Barclays upgraded the stock to Equal Weight from Underweight and raised the target price to $14 from $8. The consensus on Wall Street is posted at $13.77. The stock was last seen Monday at $12.17, up almost 3% on upgraded and positive analysts’ comments.
Ball Corporation (NYSE: BLL) BofA Securities downgraded the stock to Neutral from Buy and slid the target price to $63 from $65. The consensus target across Wall Street is $60.70. The final trade for Monday was filled at $56, down almost 3%.
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BlackRock, Inc. (NYSE: BLK) Keefe Bruyette upgraded the stock to Outperform from Market Perform and boosted their target price up to $835 from $770. The consensus is posted lower at $760.64. The shares were last seen Monday at $696.53.
Boise Cascade Company (NYSE: BCC) BofA Securities upgraded the shares to Neutral from Underweight and has a $103 target price. The consensus price objective on Wall Street is $83.20. The stock closed Monday at $93.04.
Bristol-Myers Squibb Company (NYSE: BMY) SVB Securities started coverage with a Market Perform rating to go with a $66 target price objective. The consensus is posted higher at $79.24. The shares ended Monday at $62.48.
Cava Group, Inc. (NYSE: CAV) Sitfel started coverage on the recent red-hot IPO with a Buy rating and a $48 target price. Jefferies also began covering the trendy restaurant with a Buy rating and also has a $48 target price objective, while Baird started covering the shares with an Outperform rating and a $50 target. The consensus was not available as the stock just came out of the quiet period. The last Monday trade hit the tape at $44, up a massive 11%.
Charles River Laboratories International, Inc. (NYSE: CRL) Citigroup downgraded the company to Neutral from Buy and slashed the price target to $260 to a $225 target price. The consensus is higher at $249. The last trade Monday was filled at $208.76.
The Charles Schwab Corporation (NYSE: SCHW) JMP Securities upgraded the legacy discount brokerage to Market Outperform from Market Perform with a $73 target price. The consensus is $67.89. The final trade Monday was recorded at $57.87.
Columbia Banking System Inc. (NASDAQ: COLB) UBS downgraded the shares to Sell from Neutral and cut their target price to $18.50 from $21.50. The consensus target is $26.75. The shares were last seen on Monday at $20.74.
First Solar, Inc. (NASDAQ: FSLR) BMO Capital Markets initiated coverage with a Market Perform rating on the solar leader and has a $204 target price. The consensus target is $226.95. Monday’s final trade was reported at $190.82.
Fox Corporation (NASDAQ: FOXA) Wells Fargo downgraded the stock to Underweight from Equal Weight and lowered their target price to $31 from $35. The consensus is posted at $35.67. The shares closed trading Monday at $33.70.
Franklin Resources, Inc. (NYSE: BEN) BMO Capital Markets resumed coverage with a Market Perform rating on the mutual fund behemoth and raised the price target to $24 from $20. The consensus target is $24.60. Monday’s final trade was reported at $27.15, up close to 4%.
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Invesco Ltd. (NYSE: IVZ) BMO Capital Market resumed coverage with a Market Perform rating on the investment giant and raised the price target to $21 from $15. The consensus target is $17.75. Monday’s closing trade was reported at $17.37, up close to 3%.
Northern Trust Corporation (NASDAQ: NTRS) UBS downgraded the shares to Neutral from Buy and lowered their target price to $80 from $100. The consensus target is $84.42. The shares were last seen on Monday at $73.73.
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) RBC Capital Markets upgraded the stock to Outperform from Sector Perform and has the price target set at $19. The consensus target is posted at $16.81. The stock closed Monday at $13.36, up almost 3% on the upgrade.
Sealed Air Corporation (NYSE: SEE) BofA Securities upgraded the stock to Buy from Hold and trimmed the target price to $52 from $61. The consensus across Wall Street is posted at $54. The stock ended trading Monday at $41.87.
ShockWave Medical, Inc. (NASDAQ: SWAV) Morgan Stanley upgraded the company to Overweight from Equal Weight and boosted the target price objective to $335 from $291. That compares with the consensus target being lower at $289.33. The shares closed the day at $277.52, a gain of over 6% on the upgrade and commentary.
Tesla, Inc. (NASDAQ: TSLA) Jefferies reiterated a Hold rating while raising their target price on the electric vehicle and space giant to $265 from $185. The consensus target is posted at $209.81. The last trade Monday was reported at $269.61.
Weyerhaeuser Company (NYSE: WY) BofA Securities upgraded the stock to Buy from Hold and bumped the target price to $38 from $34. The consensus across Wall Street is posted at $37.10. The stock ended trading Mon
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