The futures were lower Monday, following the fourth straight down week on Wall Street. Oil futures exploded this weekend, with Brent crude hitting nearly $140, while West Texas Intermediate hit $130 before pulling back. The reason for the massive spike in price is that the United States appears closer to a ban on the import of Russian oil and energy products. All the major indexes closed deeply in the red Friday, with the Nasdaq once again leading the downward spiral, ending trading Friday 1.66% lower.
Gasoline prices skyrocketed last week too, with some pump prices jumping 30 cents and more overnight, the biggest rise since Hurricane Katrina. You can bet they will be soaring higher again this week, as prices in California have already hit more than $7 a gallon in some places.
The flight-to-safety bid returned for the Treasury bond market, after Russia attacked and seized the Zaporizhzhya nuclear facility, which is the largest nuclear power station in Europe. The reactors are safe as the fire at the plant was reported to be in a training building and was quickly put out. That was enough though as yields plunged across the Treasury curve, with the benchmark 10-year note closing at the 1.72% level, down a big 12 basis points. Another safe haven, gold, closed at $1,973 an ounce, a 52-week high.
24/7 Wall St. reviews dozens of analyst research reports each day of the week 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 Monday, March 7, 2022.
Advantage Solutions Inc. (NASDAQ: ADV): Goldman Sachs downgraded the shares to Neutral from Buy and lowered the $12 target price to $7. The target is $11. The closing share price on Friday was $5.75, down close to 12% on the day. The company posted solid results, but a change at the C suite level and so-so guidance may be to blame.
Allscripts Healthcare Solutions Inc (NASDAQ: MDRX): Deutsche Bank upgraded the stock to Buy from Hold and raised the $20 price objective to $26. The consensus target is $23. The stock closed on Friday at $21.40.
Broadcom Inc. (NASDAQ: AVGO): Truist reiterated a Buy rating on the sizzling chip stock and lifted the target price to $686 from $659. UBS maintained a Buy rating and moved its $665 target to $690. JPMorgan kept an Overweight rating and lifted the target price to $715 from $700. The consensus target is $677.67. The stock closed 3% higher on Friday at $595.99 a share.
Burlington Stores Inc. (NYSE: BURL): Telsey Advisory reiterated an Outperform rating on the popular retailer but lowered the $300 price objective to $280. The consensus target is $284.32. The final trade on Friday hit the tape at $189.67, down close to 7% after the company missed fourth-quarter earnings expectations.
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