The futures traded lower on Wednesday, after a solid bounce-back risk-on rally Tuesday that came on the heels of a Monday sell-off that was ignited after some bearish and hawkish comments from Federal Reserve Chair Powell regarding the potential for bigger interest rate hikes in the federal funds rate.
Goldman Sachs weighed in late Monday with the idea that the next two rate hikes in May and June could both be 50 basis points instead of the expected 25 basis points. Crude oil prices dropped some after a big jump Monday, which likely contributed to the positive tone Tuesday.
All the major indexes and the transports closed higher, but the sellers returned to Treasury securities as the five-year and 10-year notes and the 30-year bond all closed with yields at 52-week highs. Gold, which has traded down almost 7% since early March, once again closed down for the day.
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 across Wall Street on Wednesday, March 23, 2022.
AES Corp. (NYSE: AES): Citigroup started coverage on the stock with a Buy rating and a $27 price objective. The consensus target is $28.67. The stock closed trading on Tuesday at $23.72.
American Express Co. (NYSE: AXP): Oppenheimer reiterated an Outperform rating and a $200 price target. The consensus target for the financial services heavyweight is $199.83. The shares closed on Tuesday at $200.
Aris Water Solutions Inc. (NYSE: ARIS): Stifel raised its $18 price target to $22 while keeping a Buy rating. The consensus target is $19.45, and the stock closed at $18.45 on Tuesday.
Baker Hughes Co. (NASDAQ: BKR): Goldman Sachs removed the stock from the Conviction List but maintained a Buy rating with a $41 price target. The consensus target is $34.45. The shares closed on Tuesday at $36.54.
Big Lots Inc. (NYSE: BIG): This discount store operator was selected as the Bear of the Day at Zacks, with the analyst pointing out that earnings are moving in the wrong direction for long-term investors. The stock has traded as high as $73.23 in the past year but closed most recently at $38.70, which is down about 14% year to date.
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