The futures traded higher Thursday, after yet another slow trading day across Wall Street and as we limp toward the end of 2022. All the major indexes closed the day on the downside, as a surge in COVID-19 infections in China dampened some of the positive reopening news that emerged over the weekend and earlier this week. Typically, much of Wall Street will not be truly back in the saddle until next Tuesday, so research and economic commentary will be somewhat muted until the financial world returns for the new year.
Treasury yields were modestly higher during the Wednesday session. The 30-year benchmark bond is closing in on the 4% level for the first time in over a month. The 10-year note closed at 3.88%, while the two-year finished Wednesday at 4.36%. The inversion between the securities has narrowed as we finish 2022, but bond market traders still view the ongoing inversion as a recession indicator.
Both Brent and West Texas Intermediate crude closed lower, after racing higher last week and to start this week. Production issues due to the storm and reports that Russia did not consult with OPEC over the price cap retaliation were cited as reasons for the weakness. Natural gas followed crude oil, down almost 10% on the same storm-related production issues. Gold and Bitcoin also closed lower Wednesday.
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, December 29, 2022.
ADT Inc. (NYSE: ADT): Zacks selected this stock as its Bull of the Day. The analyst makes the case that sticky subscription revenue helps smooth the EPS curve. Shares last closed at $8.97, down from a 52-week high of $10.10 seen earlier this month.
Akili Inc. (NASDAQ: AKLI): Morgan Stanley started coverage with an Equal Weight rating and a $2 price target. The consensus target is higher at $4.50. Wednesday’s close was at $0.97 a share.
Aurora Cannabis Inc. (NASDAQ: ACB): Piper Sandler kept a Neutral rating but cut its $2 target price to $1. The consensus target is $3.08. The stock closed on Wednesday at $0.85.
Byline Bancorp Inc. (NYSE: BY): Raymond James maintained a Market Perform rating and has a $27 target price. The consensus target is $26.90. The stock closed on Wednesday at $22.59.
CarMax Inc. (NYSE: KMX): This auto retailer is the Zacks Bear of the Day stock. The analyst cites such headwinds as rising interest rates and a slowing economy. Shares have traded as high as $130.74 in the past year but closed most recently at $59.24.
Clipper Realty Inc. (NYSE: CLPR): Though JMP Securities lowered its $14 price target to $12, the firm maintained an Overweight rating. The consensus target is $13, and the stock closed on Wednesday at $6.17.
Cutera Inc. (NASDAQ: CUTR): Stephens reiterated an Overweight rating but lowered its $78 price objective to $68. The consensus target is up at 73.60, but shares were last seen trading at $42.45.
IDEAYA Biosciences Inc. (NASDAQ: IDYA): Capital One initiated coverage with an Overweight rating and a $29 target price. The consensus target is $24.63. Wednesday’s close at $17.47 was up almost 6% for the day.
Loop Industries Inc. (NASDAQ: LOOP): H.C. Wainwright cut its Buy rating to Neutral. The shares have traded between $2.05 and $13.05 over the past 52 weeks and have a $17.63 consensus target. The stock closed Wednesday at $2.51, which was down over 4% on the day.
Rayonier Inc. (NYSE: RYN): Raymond James reiterated a Market Perform rating with a $29 target price. The consensus target is $36.67. Wednesday’s close at $32.48 was down close to 4% on the day.
Shift4 Payments Inc. (NYSE: FOUR): Piper Sandler resumed coverage with an Overweight rating and a $69 target price. That compares with the $59.20 consensus target and Wednesday’s closing print of $53.45.
Skechers USA Inc. (NYSE: SKX): Piper Sandler initiated coverage with a Neutral rating and a $42 target price. The consensus target is $48.18. The last trade on Wednesday was for $41.62 a share.
STAAR Surgical Co. (NASDAQ: STAA): Though BTIG Research reiterated a Buy rating, it also lowered its $80 price target to $67. The consensus target is $82.33. The stock closed on Wednesday at $46.82.
SWK Holdings Inc. (NASDAQ: SWKH): Lake Street resumed coverage with a Buy rating and a $26 target price. The consensus target is $25.50. The shares ended Wednesday’s session trading at $17.81.
Tesla Inc. (NASDAQ: TSLA): Baird reiterated an Outperform rating but slashed its $316 target price to $252, closer to the consensus target of $250.54. Wednesday’s closing share price was $112.71.
Tilray Inc. (NASDAQ: TLRY): Piper Sandler reiterated a Neutral rating with a $3 target for the pot company. The consensus target is higher at $5.27. The stock closed at $2.58 on Wednesday.
Seven top energy stock picks with a focus on natural gas production and sales are perhaps off the radar for some investors but are offering outstanding growth potential and reasonable entry points as strong pricing is poised to return.
Wednesday’s top analyst upgrades and downgrades included Eldorado Gold, Generac, Lion Electric, MasTec, Quanta Services, Welltower and more.
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