The futures were trading higher as we get set to close out August trading after a solid day across Wall Street Wednesday in which all the major indexes finished the day positive. The ADP employment report came in below expectations, and the second-quarter gross domestic product (GDP) was lowered to 2.1% from 2.4%, as inventory investment was revised down in a big way to show it declining at a $1.8 billion pace instead of increasing at the previously reported $9.3 billion rate. Inventories ended up being a small drag to GDP growth instead of adding 0.14% as was estimated last month.

Treasury yields were modestly lower after Tuesday’s huge rally in the government debt complex. The softer ADP report and the weaker GDP were cited by traders for the continued, albeit tepid, Wednesday buying. The PCE inflation reading was in line with estimates, and the ISM manufacturing data on Friday and the August nonfarm payrolls report both loom big for those trying to handicap the Federal Reserve’s next move.

Brent and West Texas Intermediate crude both closed higher on Wednesday after it was noted that more production than thought may have been shut in due to the hurricane in the Gulf of Mexico. Also, the U.S. Energy Information Administration confirmed a huge inventory draw of 10.6 million barrels for the week to August 25. That is versus a draw of 6.1 million barrels the prior week. Natural gas had a big day, up over 5% to close at $2.80.

Gold was higher on the weaker than expected economic data. The December contract closed the day at $1,971.40, up 0.5%. The potential for a big short squeeze in the bullion is keeping a solid bid under the precious metal after a very slow summer. Bitcoin, which exploded higher Tuesday on hopes for a Bitcoin ETF, gave back a big chunk Wednesday, closing the session at $27,278.30 down 1.58%.

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 31, 2023.

Ambarella Inc. (NASDAQ: AMBA): TD Cowen downgraded the shares to Market Perform from Outperform and cut its $90 target price to $65. The consensus target is $91.25 for now. Wednesday’s $60.34 closing share price was down over 18% on the day after the company’s third-quarter revenue forecast fell well short of expectations.

AZZ Inc. (NYSE: AZZ): B. Riley Securities started coverage with a Buy rating and a $64 price target. The consensus target is $60, and the stock closed on Wednesday at $49.35.
Best Buy Co. Inc. (NYSE: BBY): Wedbush maintained a Hold rating but raised its $77 price target to $82. The consensus target is $81.22. The stock closed at $75.93 on Wednesday.

Box Inc. (NYSE: BOX): Oppenheimer reiterated an Outperform rating with a $35 target price. The consensus target is $32.91. The stock closed 13% lower on Wednesday at $27.01 despite earnings that surpassed estimates.

Carnival Corp. & PLC (NYSE: CCL): Stifel raised its $20 target price on the Buy-rated shares to $22. The consensus target is $17.32. Wednesday’s final trade was reported at $15.87.

Caterpillar Inc. (NYSE: CAT): Citing its momentum and value, Zacks selected this stock as its Bull of the Day. The shares last closed at $282.33, which is up more than 34% in the past 90 days.

Centene Corp. (NYSE: CNC): When Morgan Stanley downgraded the shares to Equal Weight from Overweight, its $94 target price dropped to $73. The consensus target is $83.15. Wednesday’s close at $62.72.

ChargePoint Holdings Inc. (NYSE: CHPT): Goldman Sachs resumed coverage with a Neutral rating and a $10 target price. The consensus target is higher at $17.83. The stock closed on Wednesday at $7.32.

Cognex Inc. (NASDAQ: CGNX): Citigroup started coverage with a Neutral rating and a $52 target price. The consensus target is $52.85. The stock closed on Wednesday at $47.86.

Foot Locker Inc. (NYSE: FL): Its Bear of the Day faces near-term headwinds as consumers pull back on spending, says Zacks. Shares have traded as high as $47.22 in the past year but closed most recently at $18.55.

Gulfport Energy Corp. (NASDAQ: GPOR): Evercore ISI started coverage with an Outperform rating and a target price of $135. The consensus target is $142. The shares were last seen on Wednesday trading at $114.45.

Hercules Capital Inc. (NYSE: HTGC): Compass Point’s upgrade was from Neutral to Buy with a $17.50 target. The consensus target is $117.63. Wednesday’s close was at $16.54.

Hewlett Packard Enterprise Co. (NYSE HPE): Stifel maintained a Buy rating. Its $20 target price is higher than the consensus target of $17.70, and Wednesday’s $17.36 close, which was up over 3% on the day.

J.M. Smucker Co. (NYSE: SJM): Stifel reiterated a Hold rating and trimmed its $160 target price to $150. The consensus target is $149.45. The stock closed on Wednesday at $143.88.
Neurocrine Biosciences Inc. (NASDAQ: NBIX): Oppenheimer maintained an Outperform rating with a $154 target. The consensus target is just $126.09, and Wednesday’s closing print was $108.39.

Palo Alto Networks Inc. (NASDAQ: PANW): Westpark Capital initiated coverage with a Buy rating and a $340 target price. The consensus target is down at $271.90, and the stock closed at $237.90 on Wednesday.

PDD Holdings Inc. (NYSE: PDD): As Goldman Sachs upgraded the stock to Buy from Neutral, its target price rose to $129 from $99. The consensus target is  $111.63. The shares closed over 5% higher on Wednesday, at $98.14, after the upgrade.

Peloton Interactive Inc. (NASDAQ: PTON): Macquarie downgraded the stock to Neutral from Outperform and has a $7 target price. The consensus target is $8.82, and shares closed at $6.24 on Wednesday.

Realty Income Corp. (NYSE: O): J.P. Morgan reiterated a Neutral rating and trimmed its $71 target price to $69. The consensus target is $68.23. The shares ended Wednesday’s session at $56.56.

Rockwell Automation Inc. (NYSE: ROK): Barclays downgraded the shares to Underweight from Equal Weight and lowered its target price to $287 from $300. The consensus target is $317.89. The shares closed on Wednesday at $309.57.

Sunrun Inc. (NASDAQ: RUN): Though Citigroup upgraded the stock to Buy from Neutral, the analyst trimmed the $25 target price to $21. The consensus target is $33.61. Wednesday’s $15.43 close up 2% for the day on the upgrade.

Texas Instruments Inc. (NASDAQ: TXN): Bernstein cut its Market Perform rating to Underperform with a $145 target price. The consensus target is up at $183.94, and Wednesday’s close was at $169.23.

UDR Inc. (NYSE: UDR): Scotiabank upgraded the stock to Sector Outperform from Sector Perform. It also nudged its $44 target price to $45, still shy of the $45.76 consensus target. The shares closed on Wednesday at $40.26.

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Wednesday’s top analyst upgrades and downgrades included AT&T, Best Buy, Dollar General, Microsoft, Navitas Semiconductor, Oracle, Plug Power, Salesforce, Verizon Communications and Wendy’s.

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