Tuesday's Top Analyst Upgrades and Downgrades: Boeing, BP, Costco, DoorDash, Meta Platforms, Okta, Shell, Splunk and More

The futures were trading higher on election day 2022, as Americans head to the polls for what may be one of the most defining midterm elections in the past 20 years. While many pollsters expect Republican victories in the House of Representatives, the Senate races in many states are way too close to call, but a shift in the balance of power seems certain.

The major indexes ended higher across the board Monday, with the venerable Dow Jones industrial average leading the surge, closing up 1.3%. In addition to the election results, stock and bond investors will be keeping a close eye on Thursday’s release of the consumer price index (CPI) report for October. Economists are predicting a still red-hot year-over-year total of 7.9%, which would be lower than September’s 8.2% reading. Core CPI, which does not contain the food and energy components, is expected to roll in at 6.5%. Any results that come in way above the estimates could force the Federal Reserve to move the terminal or final rate above the 5% level.

Sellers returned to the Treasury market on Monday, as yields were up across all maturities, with the five-year note up seven basis points to the 4.39% level. The inversion between the two-year and 10-year paper stayed in place, with the benchmark latter note closing at 4.21% and the former at 4.73%.

Both Brent and West Texas Intermediate crude tried to follow through on the strength from last week, but both ended the day modestly lower. Natural gas was the winner on Monday, ending the day 5% higher. Both gold and Bitcoin finished Monday lower.

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, November 8, 2022.

AvalonBay Communities Inc. (NYSE: AVB): Piper Sandler downgraded the stock to Underweight from Neutral and cut its $189 target price to $160. The consensus target is $219.27. The stock closed Monday at $162.02, which was down over 3% for the day.

Boeing Co. (NYSE: BA): Jefferies reiterated a Buy rating and has a $180 target price for this Franchise Picks list stock. That is less than the consensus target of around $189, but the stock closed on Monday at $164.91, up over 3% on the day.

Boston Beer Co. Inc. (NYSE: SAM): Morgan Stanley started coverage with an Underweight rating and a $300 target price. The consensus target is $333.50. The shares closed more than 2% lower on Monday at $367.00.

BP PLC (NYSE: BP): Wells Fargo raised its Underweight rating to Equal Weight and boosted its $31 target price to $36. The consensus target is $37.50. The closing trade on Monday was reported at $34.33.

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