Friday futures were fairly positive after major averages turned higher for the second time this week on Thursday. While it took nearly the entire trading session to finally turn positive, what pushed equities markets over the goal line was news that the Federal Reserve was growing much more hawkish on fighting inflation.
One of the biggest concerns of late has been the sheer speed of the yield increases, and that combined with the ongoing fighting in Ukraine and a rise in COVID-19 cases in China and the United Kingdom is contributing to more market headwinds.
On the other hand, one positive for investors is that oil was down big time, with Brent and West Texas Intermediate crude both closing under $100 in recent days. Gold has proven to be volatile recently as well, and when the market’s universal safety hedge and store of value is uncertain, that is a sure sign that investors are nervous.
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 Friday, April 8, 2022.
Alcoa Corp. (NYSE: AA): Credit Suisse downgraded the stock to Neutral from Outperform and raised the $68 price target to $82. The consensus target is $86.75. The last trade on Thursday was reported at $86.10 a share.
AppFolio Inc. (NASDAQ: APPF): KeyBanc Capital Markets upgraded the share to Overweight from Sector Weight and has a $143 price target. The consensus target is $117.67, and Thursday’s closing share price was $111.01.
ArcBest Corp. (NASDAQ: ARCB): BofA Securities downgraded it from Buy to Neutral with a $76 price target. The consensus target is $125.22. The final trade Thursday was reported at $70.88.
Canadian Pacific Railway Ltd. (NYSE: CP): The BofA Securities downgrade was from Buy to Neutral with an $81 price target. The consensus target is $83.13. Thursday’s close was at $76.32 a share.
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