The futures traded higher Tuesday, after investors returned from the long Labor Day weekend. With the unofficial end to summer in the books, and the August nonfarm payrolls essentially in line with estimates last Friday, all eyes will be on the upcoming consumer price index reading for August. All the major indexes closed lower last Friday in what was a huge reversal from big gains early to big losses into the close. It is important to remember that, over the past 25 years, the S&P 500 average monthly return for September is approximately −0.4%, the worst month of the year.
Treasury yields were down across the Treasury curve on Friday, as buyers took advantage of the big spike in yields last week. The two-year note traded to a 15-year high yield of 3.50%, before closing at 3.40%. The inversion with the 10-year note held serve, with the benchmark security closing at 3.19%.
Brent and West Texas Intermediate crude rallied back to end the week modestly higher, after being absolutely battered on Thursday. Natural gas closed down over 4%, after a massive recent run. Gold closed slightly higher, while Bitcoin finished down, closing again below the $20,000 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, September 6, 2022.
Afya Ltd. (NASDAQ: AFYA): Goldman Sachs raised its $12 target price on the shares to $13.50. The consensus target is higher at $17.20. Friday’s close was at $13.06 per share.
Broadcom Inc. (NASDAQ: AVGO): Baird reiterated an Outperform rating on the semiconductor heavyweight and has a $700 target price. The consensus target is $671.52. The last trade on Friday hit the tape at $500.22.
Ciena Corp. (NYSE: CIEN): J.P. Morgan downgraded the stock to Neutral from Overweight and cut the $62 price target to $45. The consensus target is $64.82. The stock closed on Friday at $44.22, which was down close to 3% on the day.
Clean Harbors Inc. (NYSE: CLH): Stifel raised its $127 target price on the Buy-rated shares to $145. The consensus target is $136.36., and the stock ended Friday trading at $116.78.
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