The futures traded higher across the board once again on Thursday, after a valiant effort by the risk-on crowd Wednesday to fight back from the brutal selling earlier this week. The rally, like so many recently, petered out by the end of the session, with the Dow Jones industrials and the S&P 500 eking out small gains and the Nasdaq closing lower.
The market was so oversold that many strategists chalked up Wednesday’s gains to short covering and fast-money traders looking for a quick bounce. The technology shares initially got a big boost after Microsoft posted stellar results and offered very bullish June-quarter guidance. Most company buyback blackouts are expected to end on Friday, which many across Wall Street feel could help the beleaguered Nasdaq.
Sellers finally came back to the Treasury debt market, after some serious safe-haven buying earlier this week, as yields across the curve ended marginally higher. Both Brent and West Texas Intermediate crude prices were flat, while natural gas was up over 3% to close at $7.14, and gold closed the day down over 1% at $1,885.
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 Thursday, April 28, 2022.
Allstate Corp. (NYSE: ALL): Credit Suisse resumed coverage with an Outperform rating and a $188 target price. The consensus target is set at $145.31. The shares closed on Wednesday at $128.37.
Alphabet Inc. (NASDAQ: GOOG): Oppenheimer is staying with an Outperform rating on the technology colossus and has a $3,290 price objective, despite much weaker than expected first-quarter results. The consensus target is much higher at $3,366.67, at least for now. Wednesday’s close was at $2,300.41, which was down just shy of 4% for the day.
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