Tuesday's Top Wall Street Analyst Upgrades and Downgrades: AstraZeneca, Bloom Energy, Cleveland-Cliffs, CrowdStrike, Dow, Nike, Urban Outfitters and More

Investing

Published: September 26, 2023 8:48 am

The futures were trading lower on Tuesday after a rollercoaster start to the final trading week for September and the third quarter. The major indexes all finished higher on the day. halting a four-day losing streak for the S&P 500 and the Nasdaq. Despite Monday’s gains, the same elements that hit stocks last week are still in play, such as higher interest rates, soaring energy prices, systematic selling from funds, continued dollar strength and, as we have mentioned, stocks are in the worst time of the year from a seasonality standpoint.

Treasury yields were mixed across the curve, as buyers had interest in the shorter maturities and yields soared as sellers arrived for the longer-dated debt. The 10-year note closed the day at a 4.54% yield, the highest since June of 2007, while the 30-year long bond was last seen at 4.67%, the highest since December of 2009. Hedge funds have been reported to still be shorting the long end of the curve.

Brent and West Texas Intermediate crude were flat to modestly higher on Monday after a strong surge higher last week. End of the quarter profit taking will likely be in play this week as futures traders have wracked up some big gains during the past three months. Brent closed the day down 0.08% at $93.34, while WTI was last seen at $89.90, down 0.14%. Natural gas closed lower at $2.63.

After a solid close to the week, gold traded lower on Monday. The December contract finished the day at $1,934.90, down 0.55%. Again, end of the quarter positioning plus the continued dollar strength and higher interest rates have weighed on the precious metal. Bitcoin closed up 0.39% on the day at $26,351.80.

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 Tuesday, September 26, 2023.

AngioDynamics Inc. (NASDAQ: ANGO): H.C. Wainwright initiated coverage with a Buy rating and a $19 target price. The consensus target is $16.50. The upgrade and positive commentary helped shares close almost 5% higher on Monday at $7.35.

AstraZeneca PLC (NASDAQ: AZN): Jefferies raised its Hold rating to Buy and its $66.50 target price to $80. The consensus target is $81.79. The stock was last seen on Monday trading at $68.81.

Ballard Power Systems Inc. (NASDAQ: BLDP): HSBC Securities initiated coverage with a Hold rating and a $4.50 target price. The consensus target is $6.23. The stock closed at $3.62 on Monday.

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BHP Group Ltd. (NYSE: BHP): When Bernstein downgraded the stock to Market Perform from Outperform, it also trimmed its target price to $58 from $60. The consensus target is $65.69, and Monday’s last trade was for $55.03 a share.

Bloom Energy Corp. (NYSE: BE): HSBC Securities started coverage with a Buy rating and a $22 target price. The consensus target is $25.90. The stock closed on Monday at $13.79.

Brookfield Infrastructure Partners L.P. (NYSE: BIP): Raymond James upgraded the stock to Strong Buy from Outperform. Its $45 target price is higher than the consensus target of$42.33 and Monday’s close at $31.42.

CarMax Inc. (NYSE: KMX): Wedbush raised its Neutral rating to Outperform, and the $85 target price increased to $90. The consensus target is $81.15. The stock closed on Monday at $77.67.

Choice Hotels Inc. (NYSE: CHH): Argus initiated coverage with a Buy rating and a $145 target pierce. The consensus target is $129. The stock closed on Monday at $121.35.

Cleveland-Cliffs Inc. (NYSE: CLF): Citigroup’s upgrade was from Neutral to Buy with a $22 target price. That compares with an $18.77 consensus target and Monday’s closing print of $14.87, which was almost 3% higher on the day, after the upgrade.
CrowdStrike Holdings Inc. (NASDAQ: CRWD): Goldman Sachs reiterated a Buy rating and raised its target price to $195 from $175. The consensus target is $194.73. Monday’s close was at $159.05.

Dow Inc. (NYSE: DOW): J.P. Morgan upgraded the stock to Overweight from Neutral, but its $55 target price is shy of the consensus target of $55.58. Monday’s closing share price was $50.97.

FMC Corp. (NYSE: FMC): Redburn Atlantic downgraded the stock to Neutral from Overweight and has a $71 target price. The consensus target is $111.31. The last trade on Monday was for $67.49 a share.

Golar LNG Ltd. (NASDAQ: GLNG): Citigroup resumed coverage with a Neutral rating, and the analyst set a $27 target price. The consensus target is $32.50, and the final trade on Monday was reported at $23.42.

Nike Inc. (NYSE: NKE): The Buy rating at Jefferies has dropped to Hold, and the firm slashed the target price from $140 to $100. The consensus target is $115.45. Monday’s close was at $90.59.

Pioneer Natural Resources Co. (NYSE: PXD): Its Bull of the Day stock has seen earnings estimates on the rise again, says Zacks. Shares of the oil and gas exploration and production company last closed at $225.54, and the consensus price target is $261.54.

Plains All-American Pipeline L.P. (NYSE: PAA): Barclays downgraded the shares from Equal Weight to Underweight with a $15 target price. The consensus target is $16.94. On Monday, shares closed at $15.59.

Quanterix Inc. (NASDAQ: QTRX): Canaccord Genuity upgraded the stock to Buy from Hold and lifted the target price to $32 from $25. The consensus target is $28.25. The stock closed 4% higher on Monday at $25.87 after the upgrade.

Sealed Air Corp. (NYSE: SEE): Citigroup upgraded the stock to Buy from Neutral, but its $41 target price is less than the consensus target of $45.55. The stock ended Monday trading at $32.87, almost a 4% gain for the day, after the upgrade.

Steel Dynamics Inc. (NASDAQ: STLD): Citigroup’s upgrade was from Neutral to Buy with a $130 target. That compares with the lower $108.13 consensus and Monday’s closing trade of $105.01, which was higher by almost 4% on the upgrade.

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Tech Target Inc. (NASDAQ: TTGT): UBS started coverage with a Neutral rating and a $31 target price. The consensus target is set at $33.75. The shares closed on Monday at $26.67.

Urban Outfitters Inc. (NASDAQ: URBN): As Jefferies downgraded it to Hold from Buy, the $40 target price dropped to $31. The consensus target is $38.82, while Monday’s close was at $31.39.

Warby Parker Inc. (NYSE: WRBY): UBS started coverage with a Neutral rating and has a $13 target. The consensus target is $16. The shares were last seen on Monday trading at $12.22.

With the possibility for more downside now very strong, investors looking for safety may want to consider seven stocks from the Berkshire Hathaway portfolio with among the largest dividends.

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Monday’s top analyst upgrades and downgrades included Aramark, Arm, Costco Wholesale, Deere, GoDaddy, Home Depot, Intercontinental Exchange, Payoneer Global, Walmart, Wayfair and Yum China.

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