The futures were lower Tuesday, after a strong Nasdaq rally on Monday that was led by Twitter and other social media names after Elon Musk disclosed an almost 10% position in the company. Those positives aside, the same concerns continue to weigh on the market, with the ongoing fighting between Russia and Ukraine, massive COVID-19 lockdowns in Shanghai, the rising hawkish tone from the Federal Reserve, the inversion between the two-year and 10-year Treasuries and rising inflation.
Yields across the Treasury curve were higher, with the aforementioned two-year closing at a 2.42% yield, while the 10-year closed at a 2.41% yield. Though yield inversions typically signal a recession is on the way, most across Wall Street feel that it could be 2023 before it actually happens. Both oil and gold closed higher on Monday.
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, April 5, 2022.
Analog Devices Inc. (NASDAQ: ADI): Goldman Sachs lowered its $207 price target on the Buy-rated shares to $183. The consensus target is $204. Monday’s final trade was reported at $164.50 a share.
Baxter International (NYSE: BAX): Goldman Sachs lowered its Neutral rating to Sell and has a $77 target price. The consensus target is up at $96.76. The stock closed Monday at $75.47, down almost 4% for the day.
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 big sales do not always translate to big earnings. The stock has traded as high as $73.23 in the past year but closed most recently at $35.84, which is down more than 20% year to date.
BorgWarner Inc. (NYSE: BWA): Goldman Sachs sliced the $47 target price on the Neutral-rated shares to $42. The consensus target is $50.59. The closing share price on Monday was $38.79.
Caesars Entertainment Inc. (NASDAQ: CZR): Stifel raised the price target on the Buy-rated casino giant to $127 from $120, citing the recent pullback in the shares that is providing investors with a solid entry level. The consensus target is $117.64. Monday’s closing trade was reported at $80.69, up over 5% for the day.
CarMax Inc. (NYSE: KMX): Baird dropped its $170 price target to $140 while keeping an Outperform rating. The consensus target is $143.08. Monday’s close was at $101.37.
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