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.
Chevron Corp. (NYSE: CVX): Black gold is making a killing for investors, says Zacks, which named this oil giant as the Bull of the Day stock. Shares last closed at $164.37, and the lagging consensus price target was $164.59 on last look.
Conn’s Inc. (NASDAQ: CONN): Oppenheimer reiterated a Perform rating on the electronics and furnishings retailer. The consensus target of $23 is within the 52-week trading range of $14.63 to $31.48. The stock closed over 3% higher on Monday at $15.59.
Domino’s Pizza Inc. (NYSE: DPZ): Cowen downgraded shares of the popular pizza chain to Market Perform from Outperform and lowered the $480 price target to $390. The consensus target is $472.86. The stock ended trading on Monday at $403.79.
Envista Holdings Corp. (NASDAQ: NVST): Baird reiterated an Outperform rating with a $54 target price after a positive analyst day. Stifel maintained a Buy rating and has a $55 target. The consensus target is in line at $54.33, and the stock ended Monday’s session at $47.62.
Hertz Global Holdings Inc. (NASDAQ: HTZ): Oppenheimer maintained an Outperform rating on the rental car giant and has a $31 target price. The consensus target is $29.29. The stock was last seen on Monday at $23.38, after popping almost 11% on the day.
IGM Biosciences Inc. (NASDAQ: IGMS): Baird lowered its price target to $46 from $65 while maintaining an Outperform rating. The consensus target is $54.89. The shares closed on Monday at $22.92.
Kirby Corp. (NYSE: KEX): Stifel raised the $71 price target on the Buy-rated stock to $80. The lower $72.25 consensus target compares with Monday’s closing print of $69.68.
Leslie’s Inc. (NASDAQ: LESL): Goldman Sachs raised its Neutral rating on the pool supply giant to Buy with a $27 price target. The consensus target is $29.33. The shares closed Monday at $20.79, up over 3% on the day.
Li Auto Inc. (NASDAQ: LI) HSBC Securities started coverage with a Buy rating and a $35 target price. The consensus target is posted at $40.23. The shares closed Monday at $28.66, up over 5% for the day.
Modular Medical Inc. (NASDAQ: MODD): Oppenheimer started coverage with an Outperform rating and an $8 target price. The consensus target is also $8. Monday’s final trade came in at $4.51, up over 6% on the day.
nCino Inc. (NASDAQ: NCNO): Baird reiterated a Neutral rating and lowered the $60 target price to $55. The consensus target is $58.22. The stock closed on Monday at $46.82. Last week, the company posted very solid fourth-quarter results.
New Fortress Energy Inc. (NASDAQ: NFE): Stifel reiterated a Buy rating with an $85 target price. The consensus target is just $51.89. The shares were last seen on Monday at $48.29, which was up close to 8% for the day. The company announced it is building an offshore liquefied natural gas plant by next year.
Ollie’s Bargain Outlet Holdings Inc. (NASDAQ: OLLI): Wells Fargo’s upgrade to Overweight from Equal Weight included a price target hike to $65 from $45. The consensus target is $52.14. The stock closed on Monday at $49.56, up almost 16% after incredibly bullish analyst commentary.
Quest Diagnostics Inc. (NYSE: DGX): Citigroup cut its Buy rating to Neutral and slashed the $175 target price to $140. The consensus target is $153.14. The final trade for Monday came in at $134.54.
Sarepta Therapeutics Inc. (NASDAQ: SRPT): Cantor Fitzgerald resumed coverage with an Overweight rating and a $140 target price. The consensus target is $119.89. The last trade for Monday was filled at $85.62, which up close to 4% for the day.
Starbucks Corp. (NASDAQ: SBUX): Wedbush downgraded the ubiquitous coffee retailer to Neutral from Outperform and lowered the $105 target price to $91. The consensus target is $113.55. The final trade on Monday was reported at $88.09, down almost 4% on the day.
Tesla Inc. (NASDAQ: TSLA): Goldman Sachs maintained a Buy rating on the electric vehicle colossus after the company revealed that vehicle deliveries were up 68% year over year. The analyst has a $1,200 price target, well above the $952.24 consensus target. Monday’s closing print of $1145.45 was up close to 6% for the day.
Twitter Inc. (NYSE: TWTR): MKM Partners downgraded the shares from Buy to Neutral with a $49 target price. The consensus target is $44.05. The shares closed Monday at $49.97, up a stunning 27% on the news Elon Musk has acquired a big position in the company.
Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) The analysts at Oppenheimer maintained an Outperform rating on the shares while raising the target price to $350 target price. The $273.38 consensus is closer to Monday’s closed at $268.64.
History shows that placing bets on sector laggards has paid off handsomely for investors, according to a new research report. Eight diverse underperforming stocks also come with healthy and dependable dividends and are Buy rated.
Monday’s early top analyst upgrades and downgrades included Advanced Micro Devices, Avantor, Biogen, Centennial Resource Development, CommScope, Dollar General, Doximity, LuluLemon Athletica, Nio, PayPal, SunPower, Synchrony Financial, Walgreens Boots Alliance and Zscaler. Analyst calls seen later in the day were on Blend Labs, Crocs, Gold Fields, Hologic, Leslie’s, Ollie’s Bargain Outlet, Quest Diagnostics, Welltower and more.
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