The futures were modestly higher on Thursday, after Wednesday’s big risk-on rally that saw all the major indexes close higher after two down days to start the week and kick off August trading. Friday’s nonfarm payroll reading for July will likely be a market mover, as Wall Street is looking for just 250,000 jobs to be added after the 372,000 print for June. The next big datapoint will be next week, when the consumer price index for July is released. Many are worried it could be in line with the scorching hot 9.1% June figure.
Treasury yields were basically flat across the curve, after a big move higher Tuesday, as several Federal Reserve governors tapped the brakes on more accommodative Fed policy toward interest rates and inflation. Wall Street is split between whether the rate increase in September will be 50 or 75 basis points.
Both Brent and West Texas Intermediate crude closed down almost 4% after the Energy Information Administration reported a large inventory build. Prices had jumped early in the day because OPEC agreed to boost production in September, but only by 100,000 barrels. That changes nothing in the big picture. Natural gas was up a strong 7% on the day, while gold and Bitcoin closed higher, with the cryptocurrency back over the $23,000 level, up just shy of 2% on the day.
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, August 4, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD): Goldman Sachs reiterated a Buy rating on the chip giant and raised its $99 target price to $112. The consensus target is higher at $128.11. The final trade on Wednesday was reported at $98.09.
Apollo Investment Corp. (NASDAQ: AINV): Wells Fargo upgraded the shares to Overweight from Equal Weight and has a $13.50 price target. The consensus target is $12.92. The stock closed over 5% higher on Wednesday at $12.97.
Baxter International Inc. (NYSE: BAX): Goldman Sachs dropped its $70 price objective to $60 and kept a Sell rating. The consensus target is $73.62. The stock closed on Wednesday at $58.18.
Caesars Entertainment Inc. (NASDAQ: CZR): Jefferies reiterated a Buy rating on the gaming and casino giant and has an $80 price target. The consensus target is $82.43. Wednesday’s close was at $49.26.
Camping World Holdings Inc. (NYSE: CWH): Because it just “crushed earnings,” Zacks has selected this specialty retail stock as its Bull of the Day. Shares closed over 12% higher on Wednesday at $29.84. The $33.13 consensus price target suggests they still have some room to run.
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