The futures traded higher on Tuesday, after a back-and-forth start to the trading week, though all the major indexes posted gains on Monday, including the beleaguered Russell 2000. A variety of items continue to keep investors nervous. Among them is the yield curve inversion in the Treasury market, with the five-year note yield higher than the 10-year security. A massive COVID-19 lockdown in China is again straining the supply chain. And the hawkish policy shift from the Federal Reserve has more Wall Street firms looking for 50-basis-point hikes in May and June, which continues to hammer the bond market. Plenty of issues are stirring the pot now.
Beleaguered motorists got a break Monday, as oil prices traded lower, basically due to the huge shutdown in China. Both Brent and West Texas Intermediate crudes closed down. Gold closed almost 1.5% lower, and Treasury yields were modestly lower as there was some buying across the curve.
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 Tuesday, March 29, 2022.
Adobe Systems Inc. (NASDAQ: ADBE): Goldman Sachs reiterated a Buy rating and has a $605 target price. The consensus target for the legacy tech giant is $568.12. The shares closed Monday at $450.01, which was up close to 5% for the day.
Advanced Micro Devices Inc. (NASDAQ: AMD): Goldman Sachs removed the chip leader from the Conviction List but kept a Buy rating and lowered the target price to $127 from $159. The consensus target is up at $151.54. The stock closed Monday at $120.24 a share.
Anthem Inc. (NYSE: ANTM): Jefferies reiterated a Buy rating with a $559 target price. The consensus target is $484.79. The shares ended trading on Monday at $484.79.
Bank of New York Mellon Corp. (NYSE: BK): Morgan Stanley raised the banking giant to Equal Weight from Underweight and lowered the target price to $58 from $65. The consensus target is $67.25. The stock was last seen on Monday at $52.51.
Carlyle Group Inc. (NASDAQ: CG): Goldman Sachs lowered the $66 price target to $56 and kept a Buy rating on the private equity giant. The consensus target is $66.21. The stock closed Monday at $46.54.
CF Industries Holdings Inc. (NYSE: CF): Scotiabank downgraded the stock to Sector Perform from Sector Outperform but boosted the price target to $118 from $81. The consensus target is $93.58. The final Monday trade was reported at $105.12, down just over 4% on the day.
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