The futures traded higher Thursday after a wretched risk-off day after the election that saw all the major indexes close down big. The Nasdaq led the massacre, closing 2.48% lower. The lack of a Republican red wave, the fact that once again the final results may not be known until December, the crypto debacle with Binance’s proposed takeover of FTX, which looks sketchy now, and some messy numbers from Disney all contributed to the big move lower. Toss in the still red-hot inflation numbers Thursday morning and the path of least resistance could be lower.
Treasury rates were mixed across the curve Wednesday, with the biggest selling coming on the long end as the yield on the benchmark 30-year bond closed at 4.32%, up six basis points. The two-year and 10-year inversion remains in place, with the short note closing at 4.59% and the other at 4.15%. The spread has widened over the past few weeks, and bond traders see it as a recession harbinger.
A large crude oil inventory build was blamed for Brent and West Texas Intermediate crude getting hammered Wednesday, as they ended the day down 3.15% and 3.78%, respectively. Gold ended the day lower, while the aforementioned cryptocurrency implosion knocked Bitcoin down another 15% to the lowest level in two years.
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, November 10, 2022.
Affirm Inc. (NASDAQ: AFRM): Deutsche Bank reiterated a Hold rating on the buy now, pay later company and lowered the price target to $14 from $22. The consensus target is $29.60. The stock was bushwhacked Wednesday, closing down almost 23% at $12.10, after reporting a first-quarter loss and offering a much lower full-year outlook.
Amdocs Ltd. (NASDAQ: DOX): Oppenheimer reiterated an Outperform rating and has an $84 target price. The stock has traded as high as $90.77 in the past year but closed Wednesday at $81.71.
Anika Therapeutics Inc. (NASDAQ: ANIK): Barrington Research upgraded the stock to Outperform from Market Perform and has a $31 target price. The consensus target is $36. The stock closed over 8% higher on Wednesday at $29.60 despite mixed quarterly results.
Coinbase Global Inc. (NASDAQ: COIN): The Daiwa Securities downgrade to Neutral from Buy included a target price cut to $52 from $82. That compares with the $85.76 consensus and Wednesday’s closing print of $45.98, which was down almost 10% as the cryptocurrency commotion continues.
Dominion Energy Inc. (NYSE: D): BofA Securities downgraded the utility to Neutral from Buy. It also lowered its $94 target price to $59, well below the $78.36 consensus target. The shares closed Wednesday at $60.42, down over 3% for the day, despite earnings that beat estimates last week.
Everest Re Group Ltd. (NYSE: RE): Morgan Stanley’s downgrade was from Overweight to Equal Weight with a $320 target price . No consensus target was not available. Wednesday’s close was at $320.04.
E.W. Scripps Co. (NYSE: SSP): Wells Fargo downgraded the stock to Equal Weight from Overweight and cut the target price to $11 from $20. The consensus target is $17.00. The last trade for Wednesday was posted at $10.39, down 10% on the day after the company missed earnings and revenue estimates.
First Bancshares Inc. (NASDAQ: FBMS): Janney’s upgrade to Buy from Neutral came with a $33.50 price target bumped up to $39. The consensus target is $37.15. Wednesday’s close was at $32.86.
Garmin Ltd. (NASDAQ: GRMN): Barclays initiated coverage with an Equal Weight rating and a $97 target price. Shares have traded as high as $147.04 in the past year, but Thursday’s close was at $85.58.
GoodRx Holdings Inc. (NASDAQ: GDRX): Goldman Sachs lowered its price target on the Neutral-rated shares to $8 from $10. The consensus target is $9.27. The stock closed on Wednesday at $4.06, down 22%, despite beating estimates, due to weak forward guidance.
GXO Logistics Inc. (NYSE: GXO): Oppenheimer maintained an Outperform rating with a $78 target price. The consensus target is $63.94. The stock ended Wednesday trading at $36.99.
ICON PLC (NASDAQ: ICLR): Though BofA Securities raised its Neutral rating to Buy, it also trimmed its $265 target price to $260. The consensus target is $254.60. The stock closed on Wednesday at $196.79.
IGM Biosciences Inc. (NASDAQ: IGMS): Jefferies resumed coverage with a Buy rating and lowered its $61 price target to $55. The consensus target is $39.64. The stock closed almost 7% lower on Wednesday at $16.05.
International Flavors Inc. (NYSE: IFF): J.P. Morgan’s downgrade was to Neutral from Overweight. The analyst also cut the $125 target price to $96, closer to the $91.58 consensus target. The last trade for Wednesday was reported at $91.58.
24/7 Wall St.Kite Realty Group Trust (NYSE: KRG): BofA Securities upgraded the stock to Buy from Neutral and nudged its $22 price target up to $25. The consensus target is $24.30. The stock closed at $20.54 on Wednesday.
Kroger Co. (NYSE: KR): Evercore ISI’s upgrade to Outperform from In Line included a target price boost to $56 from $49. The consensus target is $53.39. Wednesday’s $48.06 closed was up 2% for the day.
Logitech International S.A. (NASDAQ: LOGI): Barclays started coverage with an Overweight rating and a $65 target price. The consensus target is higher at $123.81. Wednesday’s final trade hit the tape at $53.82.
Lumentum Inc. (NASDAQ: LITE): Northland Capital downgraded the stock to Market Perform from Outperform. It also slashed its $120 target price to $55, while the consensus target is $95.86 for now. The shares ended Wednesday at $55.25, down over 6% on the day despite posting solid results earlier in the week.
Nasdaq Inc. (NASDAQ: NDAQ): Oppenheimer reiterated an Outperform rating and raised its $65 target price to $71. The consensus target is $65.44. Wednesday’s close was at $63.61.
Nexstar Media Group Inc. (NASDAQ: NXST): Wells Fargo downgraded the shares to Equal Weight from Overweight and lowered the $227 target price to $175. The consensus target is $230.22. The stock closed on Wednesday at $158.94, a retreat of 5% for the day, despite posting a solid earnings report.
PACCAR Inc. (NASDAQ: PCAR): Zacks has selected this truck maker as its Bull of the Day stock, citing resilient demand for its products and the stock as an excellent value play. Shares hit a 52-week high of $101.51 on Wednesday and are up about 17% in the past six months.
Plug Power Inc. (NASDAQ: PLUG): Oppenheimer stuck with an Outperform rating but cut its $63 price target in half to $31. The consensus target is $33.31 for now. The shares closed on Wednesday at $14.61.
PubMatic Inc. (NASDAQ: PUBM): Oppenheimer lowered its $28 target price to $23 but maintained an Outperform rating. The consensus target is $27.25 for now. Wednesday’s last trade at $13.86 was down over 14% for the day, after beating estimates but giving disappointing forward guidance.
Tyson Foods Inc. (NYSE: TSN): BofA Securities downgraded the stock to Underperform from Neutral and cut the $73 price target to $61. The consensus target is up at $86.99. The stock ended Wednesday’s session over 5% lower at $64.13, likely on the downgrade.
Unisys Corp. (NYSE: UIS): Canaccord Genuity downgraded the stock to Hold from Buy and hammered its $20 target price down to $5. The consensus target is $18.00 for now. Wednesday’s close at $4.39 was down over 5% on the day.
Walt Disney Co. (NYSE: DIS): Goldman Sachs reiterated a Buy rating on the entertainment giant while cutting its $137 target price to $118. The consensus target is near $122 for now. The stock closed Wednesday at $86.75, down 13% after results missed estimates due in part to massive streaming costs.
Five safe, dividend-paying stocks may be the place to be if we see a huge pullback into the end of the year. These Dividend Kings have raised their payouts to shareholders for at least 50 consecutive years, making them outstanding ideas for nervous investors now.
Wednesday’s top analyst upgrades and downgrades included Amgen, Archer Daniels Midland, Eli Lilly, Home Depot, Medtronic, Palantir Technologies, Snowflake, Take-Two Interactive Software, Viatris and Walgreens Boots Alliance.
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