The futures were up across the board Wednesday, after a massive risk-off rally on Tuesday that was mainly attributed to some positive earnings results despite very oversold market conditions. The rally also came despite Treasury yields rising across the curve, with the 30-year long bond printing a 3.01% yield before falling back to close at 2.99%. The St. Louis Federal Reserve president stunned some across Wall Street by calling for a 3.5% federal funds rate by the end of the year and hinting that a 75-basis-point hike was not out of the question, although he walked back that latter statement.
After posting striking gains on Monday, both Brent and West Texas Intermediate crude backed up, while natural gas also succumbed to profit-taking, trading down over 10%. While the rhetoric from Washington over lifting leasing restrictions is a positive for the industry, any new production from the change in policy could take months before hitting the market. Spot gold also was a loser Tuesday, closing down almost 2%.
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 Wednesday, April 20, 2022.
Airbnb Inc. (NASDAQ: ABNB): Citigroup upgraded the shares to Buy from Neutral but lowered its target price to $200 from $214. The consensus target is $197.85. The shares closed Tuesday at $170.12, which was up close to 3% for the day.
Amazon.com Inc. (NASDAQ: AMZN): Citigroup resumed coverage on the technology behemoth with a Buy rating, but the firm trimmed its target $4,115 price objective to $4,100. The consensus target is $4,069.61. The last trade on Tuesday was reported at $3,162.31.
AppLovin Corp. (NASDAQ: APP): Goldman Sachs started coverage with a Buy rating and a $68 target price. The consensus target is a whopping $94.69. The final trade on Tuesday came in at $49.59, up over 6% for the day.
Autodesk Inc. (NASDAQ: ADSK): Baird lowered the $290 price target to $256, but the stock remains Outperform rated. The consensus target is $287.09. Tuesday’s closing share price was $203.80.
Bank of America Corp. (NYSE: BAC): Goldman Sachs reiterated a Buy rating on the giant money center bank, which is on the firm’s prestigious Conviction List. The analyst did trim the $52 target price to $51. The consensus target is $50.04, and shares closed on Tuesday at $39.57.
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