The futures traded higher after another risk-off day for the stock market on Wednesday that once again saw all the major indexes close lower. Reports indicated that many investors have been taking profits, as there were concerns over July’s consumer price index report, which came in as expected. While Tuesday’s furious selling on the open was met with a midday rally that brought all the indexes off their intraday lows, no such rally appeared Wednesday. Stocks finished close to their worst levels of the day.

Treasury yields were mixed across the curve Wednesday, as buyers once again snapped up the safe-haven government securities. The hedge fund shorting of the long end (and other maturities), which was disclosed in a big way last week, may be helping to spur some of the buying. The 10-year note closed at 4.02%, while the two-year closed at 4.81%. The ongoing inversion still suggests recession is possible.

Brent and West Texas Intermediate crude both surged higher on Wednesday after an inventory build for the week to August 4 of 5.9 million barrels. That compares with the massive 17-million-barrel draw from the week before, (which was the largest in years). China’s report of deflation kept a lid on prices early in the session, but buyers emerged later on Wednesday as Brent closed at $87.40 up 1.23%, while WTI finished the day at $84.40, up 1.78%. Natural gas had a huge day, up 6.6% to close at $2.96.

Gold continued moving lower on the weak China data, falling to a four-week low on the December contract at $1,948.60, down 0.58%. Bitcoin gave back some of Tuesday’s big gains in a big way and finished down 1.18% at $29,419.20.

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 Thursday, August 10, 2023.

Ambac Financial Group Inc. (NASDAQ: AMBC): Compass Point upgraded the stock from Neutral to Buy with an $18 target price. Shares have traded as high as $17.75 in the past year but closed on Wednesday at $14.07.

Bumble Inc. (NASDAQ: BMBL): RBC Capital Markets reiterated an Outperform rating but lowered its $27 target price to $23. The consensus target is $24.43. Wednesday’s $16.61 close was down almost 8% on the day in the wake of lackluster numbers and guidance.

Chart Industries Inc. (NYSE: GTLS): Wells Fargo boosted its Equal Weight rating to Overweight and its $162 target price to $224. The consensus target is $204.12. Wednesday’s close was at $167.03.
Coupang Inc. (NYSE: CPNG): Deutsche Bank downgraded the shares to Hold from Buy and has a $20 target price. The consensus target is $21.79. The stock closed 8% higher on Wednesday at $19.30 after earnings beat estimates.

Datadog Inc. (NASDAQ: DDOG): Stifel’s downgrade to Hold from Buy included a target price cut to $90 from $115. The consensus target is $106.32. Wednesday’s closing share price was $86.76.

Dish Network Corp. (NASDAQ: DISH): Barclays upgraded the stock to Equal Weight from Underweight. The analyst also raised the $5 target price to $10, though the consensus target is $15.98 for now. The stock closed on Wednesday at $8.27.

DraftKings Inc. (NASDAQ: DKNG): J.P. Morgan upgraded the shares to Neutral from Underweight and has a $26 target price. The consensus target is $35.29. The shares closed on Wednesday at $28.26, down almost 11% for the day due to the Disney/Penn Gaming deal.

Eli Lilly and Co. (NYSE: LLY): As Jefferies upgraded the stock to Buy from Hold, its $408 target price jumped to $615. The consensus target is $495.49. Wednesday’s close was at $526.23.

GlobalFoundries Inc. (NASDAQ: GFS): Morgan Stanley reiterated an Overweight rating but trimmed its $80 target price to $73. Deutsche Bank reiterated a Buy rating and lowered its target to $65 from $70. The consensus target is $72.13, and shares closed on Wednesday at $59.21.

International Flavors & Fragrances Inc. (NYSE: IFF): When Goldman Sachs downgraded the stock to Neutral from Buy, the $120 target price dropped to $78. The consensus target is $98.16 for now. Wednesday’s close was at $63.78. The company cut full-year sales guidance earlier this week.

LivePerson Inc. (NASDAQ: LPSN): Craig Hallum upgraded the stock to Buy from Hold. Its $7 target price is well above the $4.81 consensus target. The stock closed almost 20% higher on Wednesday at $4.75, after the upgrade and the company posted earnings and revenue that surpassed estimates.

Mirati Therapeutics Inc. (NASDAQ: MRTX): The B. Riley Securities upgrade was from Neutral to Buy with a $45 target price. The consensus target is $57.53 for now. Wednesday’s $37.00 close was up 33% for the day on positive clinical data, the CEO’s departure and the upgrade.

Novavax Inc. (NASDAQ: NVAX): The Neutral rating at B. Riley Securities is now at Buy, but the $15 target price is less than the $21.40 consensus target. Wednesday’s close was at $7.12.

Nvidia Corp. (NASDAQ: NVDA): Stifel reiterated its Hold rating. The analyst also boosted its $370 target price to $440, though the consensus target is $454.40. The stock closed almost 5% lower on Wednesday at $425.54.
PubMatic Inc. (NASDAQ: PUBM): Macquarie downgraded the shares to Neutral from Outperform and cut its $23 target price to $16. The consensus target is $20.11 for now. Wednesday’s $12.30 close was a 34% retreat on the day due to a second-quarter loss.

Qualcomm Inc. (NASDAQ: QCOM): Daiwa Securities downgraded the shares to Outperform from Buy and has a $125 price objective. The consensus target is $129.80. Wednesday’s close was at $116.57.

RBC Bearings Inc. (NYSE: RBC): Alembic Global Advisors upgraded the stock to Overweight from Neutral. Its $267 price target compares with a consensus target of $250.43 and Wednesday’s close at $226.14.

Rivian Automotive Inc. (NASDAQ: RIVN): Goldman Sachs reiterated a Neutral rating but lifted its $18 target price to $23. Baird maintained an Outperform rating and bumped its price target to $30 from $17. And Mizuho kept a Buy rating and its $30 price target rose to $32. The consensus target is $28.19, and shares closed at $22.35 on Wednesday.

SciPlay Corp. (NASDAQ: SCPL): Wedbush’s downgrade was from Outperform to Neutral with a $23 target price. The consensus target is $19.89. Wednesday’s $22.70 close up over 15% on the day despite earnings lagging estimates.

Splunk Inc. (NASDAQ: SPLK): CapitalOne started coverage with an Overweight rating and a $125 target price. The consensus target is $119.88. Wednesday’s closing share price was $99.27.

Squarespace Inc. (NYSE: SQSP): Goldman Sachs reiterated a Neutral rating but lifted the $30 target price to $34. The consensus target is $33.67. The stock ended Wednesday trading at $31.08.

United States Cellular Corp. (NYSE: USM): Wells Fargo’s upgrade from Underweight to Equal Weight included a target price hike to $38 from $16. The consensus target is $36.50 for now. Wednesday’s final trade was for $37.53 a share.

Vitesse Energy Inc. (NYSE: VTS): Northland Capital downgraded the shares to Market Perform from Outperform, yet it bumped its $23 target price up to $24. The consensus target is $23.67. The stock closed on Wednesday at $24.27.

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The AI rally has pushed the markets higher even as fundamentals continue to deteriorate, so it makes sense now for investors to take their winnings and move to dividend-paying safe-haven stocks.

Wednesday’s top analyst upgrades and downgrades included Amazon.com, Beyond Meat, Compass, DraftKings, Genius Sports, Home Depot, International Flavors & Fragrances, Lowe’s, Palantir Technologies, Telephone and Data Systems and Walmart.

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