Monday's Top Analyst Upgrades and Downgrades: American Airlines, BP, Costco, Occidental Petroleum, PayPal, Six Flags, Toast and More

The futures were trading lower on this Monday, as investors get ready for a full week of action after the holiday-shortened week. The major indexes closed mixed on Friday, as the surprisingly strong nonfarm payrolls numbers for June came in much higher than expected. The key data will be this week’s consumer price index report on Wednesday. While some in the financial media and across Wall Street are starting to pitch a “peak inflation” narrative, unless the CPI number is drastically lower than expected, investors and consumers can count on another 75-basis-point increase in the federal funds rate at the end of the month.

Sellers returned to the Treasury markets on Friday, with yields once again up big across the curve. The inversion between the two-year and 10-year notes started to come back into play on Friday, and bond market participants will continue to keep a close on the two securities as the inversion (where the two-year yield is higher than the 10-year) is considered a harbinger of a recession. They both closed at a 3.10% yield Friday, with the two-year fractionally higher.

Brent and West Texas Intermediate crude both closed higher on Friday, up over 2%, while natural gas ended 4% lower after a massive rally on Thursday. Gold closed modestly higher, and Bitcoin tacked on a 1% gain.

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 Monday, July 11, 2022.

Affirm Holdings Inc. (NASDAQ: AFRM): Goldman Sachs started coverage with a Neutral rating and a $22 target price. The consensus target is higher at $38.12. The stock closed on Friday at $23.34 per share.

American Airlines Group Inc. (NASDAQ: AAL): Argus downgraded the shares to Hold from Buy. The legacy carrier has traded in a 52-week range of $11.93 to $22.35 and has a consensus price target of $18.93. The stock closed on Friday at $13.97.

Boyd Gaming Corp. (NYSE: BYD): Loop Capital initiated coverage of the popular casino operator with a Buy rating and an $86 target price. The consensus target is $77.90. The stock closed almost 3% lower on Friday at $49.62. The shares were almost 2% higher in Monday’s premarket.

BP PLC (NYSE: BP): Zacks selected this supermajor as its Bull of the Day stock, citing oil and gas prices have companies in the energy sector gushing profits. The shares last closed at $27.84 and have a consensus price target of $37.92, which would be a 52-week high.

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