The futures traded lower after a wild and wooly Wednesday that started with inflation numbers that came in slightly higher than expected, with the current year-over-year number still at a 40-year high of 8.3%. Despite the increases, there is starting to be a sense across Wall Street that the tide is turning some, and that helped all the major indexes to rally initially, before all ultimately closing down big, and each ended at 52-week lows.
After initially selling off after the inflation numbers were posted, the yields across the Treasury curve ended lower, as worried investors clearly seem to be looking for safe havens. The benchmark 30-year long bond closed at a 3.04% yield, which was down nine basis points.
One big negative for investors was oil prices shooting higher again, a tough break for consumers with gasoline at all-time highs across the nation in front of the busy summer driving season. Both Brent and West Texas Intermediate crude closed big, with WTI up a stunning 6%, while Brent clocked in at 5% higher. Natural gas continued its relentless climb higher, adding almost 3.5%. Gold ended the day up almost 1%, while Bitcoin was hammered to the tune of a 5% loss.
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, May 12, 2022.
Alcon Inc. (NYSE: ALC): Stephens raised its Equal Weight rating to Overweight and lifted the $86 price target to $92. The consensus target is $85.43. The stock closed Wednesday at $69.83, which was up almost 7% on the day after the company posted solid earnings results.
Array Technologies Inc. (NASDAQ: ARRY): Oppenheimer kept a Perform rating on the battered solar equipment and parts stock but had no target price. The consensus target is $18.50, for the time being. The stock closed over 7% lower on Wednesday at $6.42.
Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR): Baird upgraded the shares to Outperform from Neutral but lowered the $71 price target to $60. The consensus target is higher at $85.00. The stock closed almost 16% lower on Wednesday at $28.95.
AZEK Co. Inc. (NYSE: AZEK): Baird kept an Outperform rating but trimmed the $32 target price to $30. The consensus target is $38.50. The shares closed almost 5% lower on Wednesday at $16.51.
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