The futures were lower after a brutal risk-off day across Wall Street that saw all the major indexes close lower. The Nasdaq took the biggest hit, closing down 1.06% at 13,872.47, while the S&P 500 finished the session down 0.70% at 4,465.48. Strategists pointed to inflation concerns with oil trading higher and the dollar’s ongoing strength, which can hurt international sales for top American companies. Some pointed to seasonality as an issue, as September is the worst month for stocks historically.
Treasury yields were mixed across the curve after a big day of selling on Tuesday. Yields from the six-month T-bill to the 10-year note all traded higher Wednesday. Once again, inflation worries, the strong ISM Services data and concerns over the ongoing “higher for longer” mantra from the Federal Reserve weighed on the government debt. Some also voiced concern over a huge wave of corporate debt coming to the market soon. The 10-year note closed at 4.30%, while the two-year paper finished the day at 5.03%.
Brent and West Texas Intermediate crude both jumped to 10-month highs as the strong rally that has been fueled in part by production cuts by OPEC, the Saudis and Russia continued to follow through Wednesday. Brent finished the day at $90.82, up 0.87%, while WTI closed up 1.20% at $87.73. There is a strong possibility that August inflation numbers get pushed higher than expectations on the higher energy pricing. Natural gas closed the day down 2.29% at $2.52.
Gold pricing slipped again Wednesday. The December contract finished the day down 0.54% at $1942.10. Once again, the main culprits behind the selling are the continuing strength of the U.S. dollar and the rise in interest rates. Bitcoin continued its ongoing troubles, closing down again on Wednesday by 0.40% to finish the session at $25,679.60.
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 analyst upgrades, downgrades and initiations seen on Thursday, September 7, 2023.
American Airlines Group Inc. (NASDAQ: AAL): Exane BNP Paribas upgraded the stock from Neutral to Outperform with a $20 target. The consensus target is $17.74, and the closing share price on Wednesday was $14.33.
Amgen Inc. (NASDAQ: AMGN): HSBC Securities started coverage with a Buy rating and a $320 target. The consensus target is $255.15. Wednesday’s close was at $249.01.
Block Inc. (NYSE: SQ): UBS cut its Buy rating to Neutral and its $102 target price to $65. The consensus target is $84.91. The stock closed on Wednesday at $57.63.
Celanese Corp. (NYSE: CE): KeyBanc Capital Markets boosted its Sector Weight rating to Overweight. Its target price of $149 compares with a $130.74 consensus target, and shares closed on Wednesday at $126.93.
Cheniere Energy Inc. (NYSE: LNG): CapitalOne started coverage with an Overweight rating and a $200 target price. The consensus target is $196.39. The stock closed on Wednesday at $161.77.
Chewy Inc. (NYSE: CHWY): Argus upgraded the stock to Buy from Hold and has a $30 target price. The consensus target is up at $36.67. The stock ended Wednesday’s session trading at $24.44.
CME Group Inc. (NASDAQ: CME): BofA Securities upgraded the stock to Neutral from Underweight, and the analyst lifted the $167 price target to $204. The consensus target is $214.79. The shares ended Wednesday’s session at $203.66.
Constellation Brands Inc. (NYSE: STZ): TD Cowen’s upgrade to Outperform from Market Perform included a target price hike to $300 from $240. That compares with a $284.85 consensus target and Wednesday’s closing print of $258.95.
First Solar Inc. (NASDAQ: FSLR): When Morgan Stanley upgraded the stock to Equal Weight from Underweight, it also raised its $180 target price to $206. The consensus target is $243.90. Wednesday’s close was at $182.09.
IQVIA Holdings Inc. (NYSE: IQV): HSBC Securities started coverage with a Buy rating and a $260 target price. The consensus target is $251.30. The stock closed on Wednesday at $218.81.
Lucid Group Inc. (NASDAQ: LCID): Baird started coverage with a Neutral rating and a $7 price target. The consensus is posted at $7.64, and shares closed at $6.14 on Wednesday.
MACOM Technology Solutions Holdings Inc. (NASDAQ: MTSI): Craig Hallum’s upgrade to Buy from Hold came with a target price hike to $110 from $85. The consensus target is $83.00, and the final trade on Wednesday was reported at $82.12.
Nvidia Corp. (NASDAQ: NVDA): Citing soaring sales estimates, Zacks named this stock its Bull of the Day. The shares closed most recently at $470.61, and the $619.69 consensus target would be an all-time high.
Olin Corp. (NYSE: OLN): Goldman Sachs downgraded the shares to Neutral from Buy. Its $67 target price dropped to $57, below the consensus target of $62.29. Wednesday’s closing share price was $49.99.
ResMed Inc. (NYSE: RMD): Needham upgraded the shares to Buy from Hold and has a $180 target price. The consensus target is higher at $238.25. Wednesday’s close at $153.32.
SemTech Corp. (NASDAQ: SMTC): Needham raised its Hold rating to Buy with a $35 target price. The consensus target is $39. The stock closed on Wednesday at $25.60.
Silk Road Medical Inc. (NASDAQ: SILK): Oppenheimer initiated coverage with an Outperform rating and a $30 target price. The consensus target is $34.13. The shares closed on Wednesday at $19.08.
Southwest Airlines Co. (NYSE LUV): Exane BNP Paribas downgraded the stock from Outperform to Neutral with a $34 target price. The consensus target is $36.44. Wednesday’s close was at $29.98.
Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM): How long will its Bear of the Day see slowing growth, wonders Zacks. The stock has traded as high as $110.69 a share in the past year but closed most recently at $92.26.
Thermo Fisher Scientific Inc. (NYSE: TMO): Citigroup resumed coverage with a Buy rating and a $625 target price. The consensus target is $625.64. The shares closed on Wednesday at $536.60.
Toast Inc. (NYSE: TOST): As UBS upgraded the stock to Buy from Neutral, its $25 target price increased to $30. The consensus target is $25.58, and the stock closed on Wednesday at $21.37.
Zoetis Inc. (NYSE: ZTS): HSBC Securities started coverage with a Buy rating. Its $230 target price is higher than the $220.08 consensus target and Wednesday’s close at $186.83.
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Wednesday’s top analyst upgrades and downgrades included American Express, Catalent, Centene, Lowe’s Companies, NetApp, Shoals Technologies, Valley National Bancorp and ZoomInfo Technologies.
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