The futures were modestly higher Monday, as we begin the first full trading week of the second quarter. The major indexes closed higher on Friday, after starting lower after the disastrous last day of March close, wherein traders experienced the fourth worst final hour on record to a quarter since at least the mid-1980s. Oil also plummeted, with West Texas Intermediate falling below $100 a barrel as more details of the huge draw from the Strategic Petroleum Reserve became public. Plus, a brief inversion on the two-year and 10-year Treasuries got the recession chatter fired up again.
Investors had been eagerly waiting for the start of the second quarter, after the first down quarter for stocks since 2020. April has been seasonally one of the strongest months and has closed positive nine straight years and 16 of the past 21 years. With another positive nonfarm payrolls report in the books from March, and first-quarter earnings right around the corner, there will be plenty for investors to be focused on this week.
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, April 4, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD): Zacks has named this tech giant its Bull of the Day stock despite the timidity of other analysts. Shares last closed at $108.19 and have a consensus price target of $150.91.
Ambarella Inc. (NASDAQ: AMBA): Stifel reiterated a Buy rating on the shares and has a $160 price objective. The consensus target is $174.06. Friday’s last trade was reported at $102.45.
Amylyx Pharmaceuticals Inc. (NASDAQ: AMLX): Goldman Sachs downgraded the stock to Neutral from Buy and has a $10 price objective. The consensus target is $25.33. The stock closed on Friday at $12.88.
Avantor Inc. (NYSE: AVTR): Citigroup downgraded the shares to Neutral from Buy and lowered the price objective to $38 from $48. The consensus target is $44.33. The stock closed Friday at $34.19.
BankUnited Inc. (NYSE: BKU): Goldman Sachs raised the $42.50 price target on the Sell-rated shares to $48. The consensus target is $48.08. The shares closed on Friday at $43.88.
Biogen Inc. (NASDAQ: BIIB): This biotech stock is the Bear of the Day at Zacks. The analyst points to its Alzheimer’s treatment as a slow starter and to falling earnings forecasts. Shares have traded as high as $468.55 in the past year but closed most recently at $210.65. That is down more than 12% year to date.
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