The futures were lower, after we started the first full trading week of 2023 off on the right foot with all the major indexes following through on the strength from Friday. By the close, though, only the Nasdaq finished higher after it and the other index leaders surrendered a sizable amount of the early gains. With the December consumer price index data due on Thursday, many across Wall Street are estimating a dip in the inflation benchmark down to 6.5% from 7.1%, which was the initial major tailwind for the market Monday.
Treasury yields were lower across the curve Monday, as Friday’s big rally in the government bond market spilled over to Monday. The yields on the 10-year note closed at 3.52%, down from 3.90% just 10 days ago. The two-year note closed at 4.21% on Monday, keeping the widening inversion in place. Bond traders see the inversion as presaging a recession.
Brent and West Texas Intermediate crude both finished the day higher, after last week’s dreadful oil trading to start off the year. Analysts pointed to the selling last week (the benchmarks were down 8%), plus China has reopened its borders after a three-year Covid closure, sparking some hopes for a demand recovery. Natural gas, which was hammered last week, was the big winner Monday, closing up almost 6%. Gold, which has been on a tear, closed higher, while Bitcoin finished the day up almost 1.5%.
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, January 10, 2023.
AutoZone Inc. (NYSE: AZO): Guggenheim upgraded the stock to Buy from Neutral and has a $2,735 target. The consensus target is $26.20.21, and shares closed on Monday at $2441.75.
BorgWarner Inc. (NYSE: BWA): As BofA Securities downgraded the shares to Neutral from Buy, it cut its $78 target price to $50. The consensus target is $48.01. The stock closed at $42.24 on Monday.
Campbell Soup Co. (NYSE: CPB): Zacks makes the case that its Bull of the Day stock keeps pushing new highs as investors seek good old-fashioned stability. Shares last closed at $55.95, which is 15% or so higher than six months ago.
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