The futures were trading mixed, after another rebound day across Wall Street that saw all the major indexes close modestly higher after some big afternoon selling. The initial tailwind for the morning rally was the consumer price index (CPI) report that came in slightly below estimates but still much higher than the Federal Reserve’s target. While traders and investors breathed a sigh of relief on the print, the reality is that oil prices did not move above the $80 level until almost August, and they are likely to stay there all month long. That could make the August CPI reading a ticking time bomb.

Treasury yields were higher after the somewhat surprising CPI print, and now Wall Street will wait until September for the August report, which becomes the next hurdle. Should the numbers come in higher next month, that would almost guarantee a 25-basis-point increase when the Fed meets on September 19 and 20. The 10-year note closed Thursday at 4.08%, while the two-year paper was last seen at 4.85%. The spread between the two still anticipates recession in the future.

Brent and West Texas Intermediate crude both took a breather from the recent rally in the energy complex, as both of the benchmarks finished the day lower. With demand issues still facing OPEC, which saw production fall 836,000 barrels per day in July, it is a solid bet that the Saudi 1 million per day production cut, which has already been extended through September, could remain in effect even longer. Brent closed at $86.40, while WTI finished the day at $82.89. Natural gas traded flat and closed at $2.78.

Gold closed lower on Thursday, after an initial rally following the higher than expected weekly jobless claims and the tamer report on inflation for July. The December contract closed at $1,945.10. Bitcoin closed on Thursday at $29,439.60 down 0.42%

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 Friday, August 11, 2023.

AppLovin Corp. (NASDAQ: APP): Goldman Sachs doubled its $25 target price on the Buy-rated stock to $50. The consensus target is $28.47 for now. The stock closed 26% higher on Thursday at $37.20 after the company crushed estimates and on potential for the company’s updated AI engine.

Crown Castle Inc. (NYSE: CCI): BofA Securities downgraded the shares to Neutral from Buy and has a $115 target price. The consensus target is up at $129.12. Thursday’s closing share price was $104.69.

Cryoport Inc. (NASDAQ: CYRX): Stephens cut its Overweight rating to Equal Weight with a $15 target price. The consensus target is $23.50, and Thursday’s close was at $13.41.
Eagle Pharmaceutical Inc. (NASDAQ: EGRX): Piper Sandler downgraded the shares to Underweight from Neutral. The analyst also cut the $26 target price to $17, the same as the consensus target. The stock closed on Thursday at $18.72.

Essex Property Trust Inc. (NYSE: ESS): Wells Fargo’s upgrade to Equal Weight from Underweight included a price target hike to $247 from $208. The consensus target is $242.50. The stock closed on Thursday at $242.80.

GoodRx Holdings Inc. (NASDAQ: GDRX): D.A. Davidson upgraded the shares to Buy from Hold and has a $9.50 target price, while the consensus is $9.51. The stock closed over 4% higher on Thursday at $8.25 after the upgrade.

Global Payments Inc. (NYSE: GPN): When Jefferies upgraded the stock to Buy from Hold, it also lifted its $125 price target to $145. The consensus target is $143.16. Thursday’s close was at $127.70.

Gulfport Energy Corp. (NYSE: GPOR): KeyBanc Capital Markets upgraded the stock to Overweight from Sector Weight. Its $145 target price is higher than the consensus target of $134.67 and Thursday’s $112.91 close.

Harmonic Inc. (NASDAQ: HLIT): Raymond James upgraded the stock to Strong Buy from Outperform, and it bumped the target price to $16 from $15. The consensus target is $18.17. The upgrade is likely why the shares closed almost 8% higher on Thursday at $10.85.

Kornit Digital Ltd. (NASDAQ: KRNT): Morgan Stanley’s update was from Equal Weight to Overweight with a $29 target price. The consensus target is $30.00. The share price on Thursday’s close was $23.09.

Kulicke & Soffa Industries Inc. (NASDAQ: KLIC): Craig Hallum downgraded the shares to Hold from Buy and has a $55 target price. That compares with the $57.25 consensus target and Thursday’s closing print of $52.96.

Mirati Therapeutics Inc. (NASDAQ: MRTX): Citigroup raised its Neutral rating to Buy but trimmed its $51 target price to $48. The consensus target is higher at $54.18, for now. Thursday’s $39.20 was up 6% on the day. Positive clinical data and the CEO’s departure were announced earlier this week.

Monster Beverage Corp. (NASDAQ: MNST): Roth MKM reiterated a Neutral rating but bumped its $55 target price to $57. The consensus target is $62.00. Thursday’s close was at $58.10.

Penn Entertainment Inc. (NASDAQ: PENN): Truist Financial downgraded the stock to Hold from Buy and trimmed its $33 target price to $30. The consensus target is $35.50. Thursday’s $25.13 close down almost 4% on the day.
Plug Power Inc. (NASDAQ: PLUG): When Roth MKM downgraded the stock to Neutral from Buy, its $13 target price dropped to $7.50. The consensus target is $18.82 for now. The stock closed Thursday at $9.05, down a whopping 16% on the day, after posting a second-quarter loss.

Roblox Corp. (NYSE: RBLX): The Underweight rating at Morgan Stanley is now at Equal Weight. The analyst lifted the $26 target price to $30, which is still well below the $41.87 consensus target. The last trade on Thursday was for $30.61 a share.

SBA Communications Corp. (NASDAQ: SBAC): BofA Securities downgraded the shares from Buy to Neutral with a $245 target price. The consensus target is higher at $292.06. The last trade on Thursday came in at $228.32.

Shift4 Payments Inc. (NYSE: FOUR): Buy its Bull of the Day stock on any dip, recommends Zacks. The shares last closed at $62.32, and the $83.56 consensus price target would be a 52-week high.

Southern Company (NYSE: SO): Morgan Stanley raised its Underweight rating to Equal Weight and its $60 target price to $69. The consensus target is $73.66. Thursday’s final trade was for $69.41 a share.

TaskUs Inc. (NASDAQ: TASK): As J.P. Morgan downgraded the shares to Neutral from Overweight, its $16 target price dropped to $12. The consensus target is $23.50. Thursday’s $10.20 close down almost 15% for the day on the downgrade, despite earnings and revenues that topped estimates.

Wynn Resorts Ltd. (NASDAQ: WYNN): Stifel raised its $137 target price on the Buy-rated shares to $150. The consensus is just $126.69, for now. The stock closed on Thursday at $104.22, up almost 3% for the day.

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Thursday’s top analyst upgrades and downgrades included Bumble, Coupang, Datadog, Dish Network, DraftKings, Eli Lilly, International Flavors & Fragrances, LivePerson, Novavax, Nvidia, Qualcomm and Rivian Automotive.

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