The futures traded higher Tuesday, after a back-and-forth Monday that could not follow through on the massive rally that saw the first 90% upside volume day in nearly two years last Friday. The three major indexes closed mixed on Monday, with only the Dow Jones industrials clawing out a small gain, as a cloud of negative chatter was strewn across the financial and news airwaves this past weekend. Not the least of which was former Goldman Sachs CEO Lloyd Blankfein suggesting, and likely correctly, that there was a “very very high risk of recession.”
Buyers returned again to the Treasury market, with yields down across the curve, especially on the five-year and 10-year notes, which once again seemed to suggest that even in the face of known interest rate hikes that are coming, many investors are running to safe-haven securities.
One very worrisome trend for beleaguered U.S. consumers is the continued upward march of oil, as both Brent and West Texas Intermediate crude surged higher on Monday, with both surprisingly trading in price tandem and closing over the $114 per barrel mark. Natural gas also closed higher, while gold eked out a small gain. Bitcoin closed down 4% to start the week just above the $30,000 level.
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, May 17, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD): Piper Sandler upgraded the semiconductor giant to Overweight from Neutral and raised the $98 target price to $140. The consensus target is $136.80. The shares closed trading on Monday at $94.24. The stock was up almost 4% in premarket trading.
Anheuser-Busch InBev S.A./N.V. (NYSE: BUD): Earnings estimates for this stock keep dipping lower, points out Zacks, which named it as the Bear of the Day. Shares have traded as high as $79.67 in the past year but closed most recently at $56.67, which is down more than 6% year to date.
Atmos Energy Inc. (NYSE: ATO): Goldman Sachs downgraded the shares to Neutral from Buy but kept a $113 target price. The consensus target is $125.63. The last trade on Monday came in at $113.16.
Block Inc. (NYSE: SQ): Oppenheimer reiterated an Outperform rating with a $150 price target, despite the current crypto crash affecting the industry. The consensus target is $157.48. The stock closed over 5% on Monday at $79.70.
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