The futures were trading higher, as we get ready to finish up July, after a huge week that saw all of the major indexes end Friday solidly higher. Hopes for a soft landing for the economy and the end of the interest rate hikes got a solid tailwind Friday morning after an inflation metric the Federal Reserve follows closely, the PCE price index, came in at 4.1%, slightly below estimates. That was the lowest annual increase in the data point since September of 2021. In addition, the employment cost index, another Fed favorite, finished the second quarter up 1%, less than expected. While consumer spending increased, income declined, which could be an omen going forward.

Treasury yields were lower across the board on Friday, as buyers took advantage of some scale selling earlier in the week. The 10-year note dropped back under the 4% level to finish the day at 3.97%, while the short two-year paper closed at 4.89%. While Fed Chair Powell suggested the central bank does not see a recession this year, and it is indeed unlikely as you need two quarters in a row of negative growth, some feel things could get dicey by the fourth quarter. The inversion has been a spot-on indicator for decades, and it is still in place.

Brent and West Texas Intermediate crude finished up a solid week of gains on Friday, with both of the indexes closing over the $80 level with: Brent at $84.75 and WTI at $80.39. The rig count saw another small decline last week, but with production cuts kicking in and demand surging, prices could be poised to go higher in August. Natural gas closed Friday up almost 2% at $2.64.

Gold also finished Friday higher, at $1,958.30, as traders cited the lower but still strong PCE numbers as a tailwind for the bullion on Friday. Many gold traders are also convinced that the ongoing rate increases are bound to weaken the economy eventually. Bitcoin closed Friday at $29,311.30.

24/7 Wall St. reviews dozens of analyst research reports each weekday 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 Wall Street analyst upgrades, downgrades and initiations seen on Monday, July 31, 2023.

ASE Technology Holding Co. Ltd. (NYSE: ASX): Goldman Sachs upgraded the shares to Buy from Neutral and raised its $6.60 price target to $9.20. The consensus target is $6.91. The stock closed trading on Friday at $8.40, up close to 4% for the day on the upgrade.

Block Inc. (NYSE: SQ): Exane BNP Paribas upgraded the stock to Outperform from Underperform and has a $95 target. The consensus target is $85.15. Friday’s $78.36 close was up over 3% on the day.

California Water Service Group (NYSE: CWT): Janney upgraded the shares from Neutral to Buy with a $66 target price. The consensus target is $56.50. The stock closed on Friday at $52.05, which was up over 2% for the day.
Cal-Maine Foods Inc. (NASDAQ: CALM): Its Bear of the Day stock has falling earnings estimates, Zacks points out. Shares closed most recently at $46.30, which is near the bottom of their 52-week range.

Celestica Inc. (NYSE: CLS): CIBC lifted its Neutral rating to Sector Outperform and its$14  target price to $25. The consensus target is $18.58 for now. Friday’s close at $20.72 was a 15% gain for the day, after stellar results were posted last week.

Comcast Corp. (NASDAQ: CMCSA): Macquarie’s upgrade was from Underperform to Neutral with a $46 price objective. The consensus target is $45.75. The stock closed on Friday at $45.23.

Copart Inc. (NASDAQ: CPRT): Citing its dominant market position and strong balance sheet, Zacks selected this as its Bull of the Day stock. Shares last closed at $88.61, which is more than 33% higher than six months ago.

Crocs Inc. (NASDAQ: CROX): Though Stifel upgraded the shares to Buy from Hold, the firm trimmed its $140 target price to $130. The consensus target is $149.10. On Friday, shares closed almost 6% higher at $125.06 after the upgrade.

Digital Realty Trust Inc. (NYSE: DLR): Exane BNP Paribas upgraded the stock to Outperform from Neutral. Its $138 target is higher than the consensus target of $116.82. Friday’s close was at $122.78, which was up over 6% for the day in the wake of solid quarterly results.

Enphase Energy Inc. (NASDAQ: ENPH): Deutsche Bank’s downgrade to Hold from Buy included a target price cut to $165 from $200. The consensus target is up at $242.93 for now, and Friday’s $154.33 close was down almost 8% for the day on the downgrade and negative commentary.

First Solar Inc. (NASDAQ: FSLR): The BofA Securities upgrade to Buy from Neutral came with a target price hike to $283 from $202. The consensus target is $224.61. After it posted better than expected numbers and very upbeat guidance, its shares closed at $208.40 on Friday, almost a 5% gain for the day.

Intel Corp. (NASDAQ: INTC): Truist Financial reiterated a Hold rating but raised its target price to $37 from $32. Deutsche Bank also stayed with a Hold rating, and its $32 target rose to $38. Needham maintained a Buy rating, while lifting its target to $40 from $36. The consensus figure is $28.89. Friday’s $36.83 close was up almost 7% for the day due to its positive quarterly results.

Meta Platforms Inc. (NASDAQ: META): China Renaissance upgraded the shares to Buy from Hold. Its $380 target price compares with a consensus target of $317.89 and Friday’s close at $325.48, which was up almost 5% for the day, after the company posted strong results last week.

Owens Corning (NYSE: OC): When J.P. Morgan upgraded the shares to Neutral from Underweight, the analyst lifted the $95 target price to $133. The consensus target is $154.85. The shares closed on Friday at $140.07.
Parsons Corp. (NYSE: PSN): The Hold rating at Truist Financial is now at Buy, and its target price moved to $60 from $50. The consensus target is $51.89. Shares closed on Friday at $49.40.

Perficient Inc. (NASDAQ: PRFT): Scotiabank raised its Sector Perform rating to Sector Outperform with a $70 price objective. The consensus target is up at $84.71. The stock closed down over 5% on Friday at $63.49, after posting so-so quarterly results.

Roku Inc. (NASDAQ: ROKU): Needham reiterated a Buy rating and lifted its target price to $85 from $80. Oppenheimer stayed with an Outperform rating but changed its $75 target to $90. D.A. Davidson keeps a Buy rating and bumped its $75 target to $81. The consensus target is $69.19 for now. The stock exploded higher Friday, up over 31% to close at $89.61, due to huge results for the quarter and a sizable short position seemingly being covered.

Southwest Airlines Co. (NYSE: LUV): Deutsche Bank’s downgrade was to Hold from Buy, and its $52 price target dropped to $38. The consensus target is $41.68 for now. The shares closed Friday at $33.70, up over 2% for the day, as despite posting record revenues, concerns over rising costs and slowing travel demand pressured the stock.

Snap Inc. (NYSE: SNAP): China Renaissance downgraded the shares to Sell from Hold. Its target price is set at $7. The consensus target is $8.98, and Friday’s close was at $10.68. That was up over 3% on the day.

Trade Desk Inc. (NASDAQ: TTD): BTIG Research upgraded the stock to Buy from Neutral and has a $104 target price. The consensus target is $78.18. Friday’s $90.45 close was up just shy of 6% due to the upgrade.

Ultra Clean Holdings Inc. (NASDAQ: UCTT): Craig Hallum upgraded the shares to Buy from Hold. Its $60 target price towers over the consensus target of $39.33 and Friday’s $36.13 per share close.

Wingstop Inc. (NASDAQ: WING): As Wedbush downgraded the stock to Neutral from Outperform, its $240 target price dropped to $185. The consensus target is $197.81. Friday’s close at $164.83 was down over 8% for the day on the downgrade and concerns over this week’s coming earnings report.

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Friday’s top analyst upgrades and downgrades included Apple, Bilibili, Boeing, Carvana, Coty, Estee Lauder, Meta Platforms, Omega Healthcare Investors, RTX, Southwest Airlines and SunPower.

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