The futures traded higher Tuesday, after a massive equity rally started the week, with technology and the financials leading the way. All the major indexes finished Monday higher, with the Nasdaq closing the day up a sharp 3.56%. Some solid earnings to start a very busy week for third-quarter reports, combined with improving sentiment over the situation in the United Kingdom, helped to fuel the rally. While the positive start to the week is very encouraging, many still feel it was likely a short-covering bear market rally.
Treasury yields were mixed across the curve, as buyers swooped in to buy short maturities, while sellers pushed the benchmark 10-year bond yield back over 4%, closing at 4.02%, the highest since 2008. The inversion stayed well in place after buyers brought the two-year note yield down to 4.45%. Bond traders see the inversion as a recession warning.
Brent and West Texas Intermediate crude closed modestly lower on the day, while natural gas surrendered some of last week’s gains, closing down almost 8%. Top strategists predict strong earnings for the energy sector in the third quarter. Gold and Bitcoin joined in the move higher, with both ending the day higher. The cryptocurrency giant closed back in on 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, October 18, 2022.
Apple Inc. (NASDAQ: AAPL): Morgan Stanley reiterated an Overweight rating on the technology heavyweight while trimming its $180 target price to $177. The consensus target is $183.77. Apple shares closed almost 3% higher on Monday at $142.41.
Arvinas Inc. (NASDAQ: ARVN): Stifel reiterated a Buy rating with an $80 target price. The consensus target is up at $91.30. The shares ended Monday at $44.47, a 5% gain for the day.
Bloomin’ Brands Inc. (NASDAQ: BLMN): Jefferies maintained a Buy rating with a $35 target price. The consensus target is just $26.95. The stock closed over 3% higher on Monday at $20.77.
Boston Beer Co. (NYSE: SAM): Goldman Sachs reiterated a Sell rating and has a $245 target price. The consensus target is higher at $323.12. The stock closed on Monday at $354.78.
Chipotle Mexican Grill Inc. (NYSE: CMG): Oppenheimer reiterated an Outperform rating and has a $1,800 price target. The consensus target is $1796.67, and the final trade on Monday was served at $1541.98.
Church & Dwight Co. Inc. (NYSE: CHD): Morgan Stanley lifted its Underweight rating to Equal Weight with an $82 target price. The consensus target is $83.79. Monday’s close at $73.98 was a 2% gain for the day.
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