The futures traded higher on Tuesday after a massive risk-on move to start the fourth quarter. All the major indexes closed higher Monday, with the venerable Dow Jones industrials leading the way with a gain of more than 2%. Market pundits pointed to the very oversold conditions, as the market was battered to end September, and once again, some speculation that the Federal Reserve will pivot off of its rapid interest rate increase pattern. A deluge of economic data hits the tape this week, not the least of which will be Friday’s nonfarm payroll report. Wall Street is looking for 250,000 jobs to be added, and the unemployment rate is expected to stay at 3.7%.
Treasury yields across the curve plummeted again on Monday, as buyers were very active across all maturities. The flight to safety Treasury bid seems at odds with the massive risk-on move across the equity markets on Monday, but with many managers flush with cash and concerned about a variety of issues, the safety of the government debt may be their best option in front of what could be another 75-basis-point federal funds increase early in November.
Brent and West Texas Intermediate crude soared Monday, with the former closing 4.04% higher while the latter was up a stunning 4.62%. The jump was in response to the OPEC meeting this week wherein the members are focused on stabilizing prices and discussing a giant 1 million barrel (and perhaps even more) production cut. Natural gas was lower Monday, while both gold and Bitcoin surged higher with the equity markets.
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, October 4, 2022.
Alliant Energy Corp. (NASDAQ: LNT): Credit Suisse initiated coverage with a Neutral rating and a $58 target price. The consensus target is higher at $64.56. Monday’s final trade was reported at $54.33.
Ally Financial Inc. (NYSE: ALLY): Goldman Sachs lowered its $40 target price on the Buy-rated shares to $36. Wall Street has a $44.58 consensus target. The shares closed over 5% higher on Monday at $29.23, as the financials has a strong start to the quarter.
Autodesk Inc. (NASDAQ: ADSK): Oppenheimer reiterated an Outperform rating with a $255 target price. The consensus target is $252.22. The stock closed Monday at $192.46, up 3% on the day.
CarMax Inc. (NYSE: KMX): Stephens cut its Overweight rating to Equal Weight and slashed its $105 target price to $64. The consensus target is $87.25 for now. The shares were last seen Monday trading at $67.74.
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