The futures traded higher as investors get ready to close out one of the worst weeks for the stock market since the dot-com crash in 2000-2001. The markets were crushed again on Thursday, after the Federal Reserve raised the federal funds rate by 75 basis points, the largest rate increase in 28 years. In addition, the Atlanta Fed’s GDPNow tracking number is down to flat from 0.9% just a few days ago. The reality for investors is that we are right on the edge of a recession, if not already in one, and the prospects going forward until this rate hiking cycle is complete are somewhat bleak.
All the major indexes, including the transports, hit 52-week lows Thursday, and the only buying across Wall Street was worried investors storming into the safe-haven Treasury market, as yields were down across the curve.
Another negative for investors Thursday was that both Brent and West Texas Intermediate crude were up slightly, after trading down big in the morning. Gold was up almost 1% on another safe-haven play, while Bitcoin was hammered once again, closing down almost 7%.
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, June 17, 2022.
Acadia Pharmaceuticals Inc. (NASDAQ: ACAD): Jefferies upgraded the stock from Neutral to Buy with a $25 price target. The consensus target is $29.24. The stock closed on Thursday at $19.51.
Accenture PLC (NYSE: ACN): BofA Securities lowered the price target to $374 from $443 while maintaining a Buy rating in front of the company’s earnings on June 23. The consensus target is near $382, and the last trade for Tuesday was posted at $275.17.
Amgen Inc. (NASDAQ: AMGN): Jefferies reiterated a Buy rating on the biotech giant and has a $295 target price. The consensus target is lower at $250.03. The shares closed trading on Thursday at $230.71.
AutoZone Inc. (NYSE: AZO): Morgan Stanley upgraded the stock to Overweight from Equal Weight and raised the $2,125 price target to $2,420. The consensus target is $2,171.18. The stock closed Thursday at $2,001.16.
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