The futures were trading lower Thursday morning, after the September consumer price index year-over-year numbers came in above Wall Street expectations at 8.2%. All the major indexes closed lower yet again on Wednesday, after the producer price index report came in basically in line with economists views. Two seemingly irrelevant European issues could be big and continue to lurk below the surface, with the United Kingdom’s fixed income quantitative easing move (Bank of England bought bonds), and credit default swaps on Credit Suisse continue to soar. Published reports suggest the bank could have some liquidity issues in 2023 after a string of corporate missteps and scandals.
Interest rates across the Treasury curve were lower on Wednesday, as the bond market eagerly awaited fresh CPI data. The benchmark 10-year note, which had started to slowly rise back toward the 4% level, caught buyers in the afternoon and closed at a 3.90% yield. The two-year note closed at a 4.28%, keeping the dreaded inversion in place, although the spread has narrowed some.
Brent and West Texas Intermediate crude both ended the day over 2% lower, with WTI back below the $90 level at $87.27. Some of the big gains generated by the OPEC production cut have been taken off the table this week. Natural gas closed the day lower as well, while gold and Bitcoin were both slightly higher.
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, October 13, 2022.
Align Technology Inc. (NASDAQ: ALGN): Stifel reiterated a Buy rating on the stock and lowered its $375 target price to $325. The consensus target is $320.70, and the final trade for Wednesday was at $208.05 a share.
American Tower Corp. (NYSE: AMT): Goldman Sachs lowered its price target on the Neutral-rated shares to $215 from $250. The consensus target is $289.93. The stock closed 3% lower on Wednesday at $183.79.
Arrow Electronics Inc. (NYSE: ARW): Citing declining estimates, Zacks named this Fortune 500 stock as its Bear of the Day. Shares have traded as high as $137.95 in the past year but closed most recently at $91.63. That is down almost 32% year to date.
AZZ Inc. (NYSE: AZZ): Sidoti upgraded the stock to Buy from Neutral and has a $49 target. The consensus is higher at $53. The stock closed on Wednesday at $33.31, which was up almost 10% on the day despite posting earnings that lagged expectations earlier this week.
Boston Scientific Inc. (NYSE: BSX): Jefferies initiated coverage with a Buy rating and a $50 target price. The consensus target is $48.53, and Wednesday’s closing share price was $39.60.
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