The futures were edging higher as the first trading week of 2023 is off and running. Despite this being a truncated trading week, there has already been a lot of action that took place on Tuesday. The question on investors’ minds is whether markets can shake off 2022 and actually make positive headway in the new year.
All the major indexes closed lower to end 2022, with the Nasdaq once again leading the way. The tech-heavy index closed down a stunning 33% last year, while the S&P 500 barely dodged bear market status by closing down 19.44%. The Dow Jones industrials fared the best, down 8.82%. This past year was one of the worst on record for equities since the 2008 financial crisis.
Brent and West Texas Intermediate crude both closed solidly higher to end the year. Many across Wall Street feel that the energy sector, which was one of the few winners in 2022, may be poised for another banner year. Natural gas once again closed lower at $4.44, down almost 3%, ending a bad week despite the record winter storms that blew across the United States during the Christmas holiday weekend. Gold continued to close higher on the day, while Bitcoin is still trying to figure out a direction after a horrific year for the cryptocurrency.
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 Wednesday, January 4, 2023.
Amazon.com Inc. (NASDAQ: AMZN): The November retail sales report prompted analysts to cut estimates for retailers, points out Zacks, which named this stock as its Bear of the Day. Shares have traded as high as $170.83 in the past year but closed most recently at $85.82.
AMC Entertainment Holdings Inc. (NYSE: AMC): B. Riley Securities reiterated a Neutral rating and cut its $7.50 price target to $4.50. The consensus target is $2.99, and the final trade on Tuesday was for $3.93 a share.
Apollo Global Management Inc. (NYSE: APO): Keefe Bruyette downgraded the stock to Market Perform from Outperform and has a $77 price target. The consensus target is $71.50, and shares ended Tuesday trading at $62.81.
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Apple Inc. (NASDAQ: AAPL): Exane BNP Paribas downgraded the shares to Neutral from Outperform and has a $140 price target. The consensus target is $176.20. The stock closed on Tuesday at $125.07.
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