Thursday's Top Analyst Upgrades and Downgrades: Corning, Dell, First Solar, FuboTV, Seagate, 3M, Western Digital, Xerox and More

The futures were modestly higher on Thursday, after a big tech-led risk-off Wednesday. All the major indexes closed lower, with the tech-heavy Nasdaq down 1.30% and the small-cap Russell 2000 down a whopping 1.65%. Many across Wall Street continue to chalk the summer rally up to nothing more than a bear market rally. In addition, the release of the Federal Open Market Committee minutes Wednesday afternoon showed that a very hawkish stance remains in place and the hopes for any sort of Federal reserve pivot near term are fading.

The sellers were back in force, as yields across the Treasury curve were higher all around. The five-year and 10-year note handles were up nine and seven basis points, respectively. The two-year and 10-year note inversion held serve, with the former closing at 3.29% and the latter at 2.89%.

The energy complex traded positive Wednesday, with Brent and West Texas Intermediate crude closing up on the day. Natural gas, which has exploded higher recently, was flat on Wednesday but still closed well over the $9 level. Gold and Bitcoin were both down sharply.

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 18, 2022.

Array Technologies Inc. (NASDAQ: ARRY): Morgan Stanley downgraded the solar infrastructure stock to Underweight from Equal Weight and trimmed the $17 target price to $15. The consensus target is higher at $24.54. The last trade on Wednesday was reported at $21.50. Shares were down almost 6% in the premarket, likely due to the downgrade.

CBOE Global Markets Inc. (CBOE): Rosenblatt started coverage with a Buy rating and a $153 target price. The consensus target is $136.10. The shares ended trading on Wednesday over 3% higher at $123.56.

C.H. Robinson Worldwide Inc. (NASDAQ: CHRW): Vertical Research’s downgrade was from Hold to Sell with a $104 price target. The consensus target is $111.77, and the stock closed on Wednesday at $116.11.

Cognizant Technology Solutions Corp. (NASDAQ: CTSH): HSBC Securities downgraded the shares to Hold from Buy and cut the $90 target price to $79. The consensus target is $79.77. Wednesday’s close was at $68.90.

Corning Inc. (NYSE: GLW): Credit Suisse began covering the optical giant with a Neutral rating and a $36 target. The consensus target is $40.15. The shares closed almost 3% lower on Wednesday at $36.38.

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