The futures are trading higher on Tuesday after a slow start to the holiday-shortened trading week. All of the major indices closed lower Monday, and one of the main reasons for the selling across Wall Street was yet another Covid lockdown in China. Those worries resurfaced after most strategists felt that the situation in China from a lockdown perspective was loosening. Toss in the ongoing worries of a higher terminal rate and some negative earnings revisions, and the sellers had all the ammo they needed.
Treasury rates were flat across the yield curve after serious buying last week knocked the yield on the 10-year note and 30-year bond back to levels printed in early October. The one new concern is the widening of the inversion between the 90-day t-bill and the 10-year note which closed Monday at 3.83% versus the 4.41% 3-month paper. Bond traders see the inversion as a recession indicator.
Brent Crude and West Texas Intermediate both initially plunged Monday after OPEC, in a huge reversal, said they are considering increasing production. Less than 60 days ago, they were talking about a 2 million barrel-per-day cut. With a strong afternoon rally, both the major benchmarks closed flat. Natural gas was the big winner Monday, closing up over 6% as cold weather swept across the nation. Gold and Bitcoin both closed lower Monday.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with the goal of finding new 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 22, 2022.
Affiliated Managers Group, Inc. (NYSE: AMG) Goldman Sachs reinstates coverage on the stock with a Buy rating and a $182 target price. The consensus target across Wall Street is posted at $157.75. The shares were last seen Monday at $155.43.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) BofA Securities reinstated coverage with a Neutral rating and a $12 target price. The consensus is just lower at $11.17. The stock closed Monday at $11.91.
Bentley Systems Incorporated (NYSE: BSY) Oppenheimer reiterated an Outperform rating on the company with a $48 target price. The consensus is set just lower at $44.60. The shares were last seen Monday at $37.85.
Boyd Gaming Corporation (NYSE: BYD) Morgan Stanley initiated coverage with an Underweight rating and has a $54 target. The consensus target is set higher at $68.92. The stock closed Monday at $59.30.
Brightview Holdings, Inc. (NYSE: BV) Jefferies assumed coverage with a Hold rating and an $8 target. The consensus is higher at $13.50 for now. The stock closed Monday’s session at $7.19, down close to 4%.
Cheniere Energy, inc. (NYSEAMERICAN: LNG) Goldman Sachs maintained a Buy rating on the stock, which resides on the firm’s Conviction List of top stock picks and posted a $220 price target. The consensus is set at $208.15. The last trade on Monday was filled at $164.53.
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