The futures are lower to start a new trading month, the final month in the first quarter of 2023. All the major indexes reversed course Tuesday afternoon to close the day lower. With earnings reporting for the fourth quarter all but over, Wall Street will turn its attention to the February job numbers due on Friday. Once again, after a report for January that blew away estimates, economists and strategists will be laser-focused on the latest results.
Another print like January and the inflation hawks will swoop in again. This will reinforce the chatter that it is becoming possible the terminal federal funds rate could end up as high as 6% before the Federal Reserve is done raising rates, and those rates could stay higher for longer.
Treasury yields were flat to modestly higher across the curve on Tuesday. This after buyers had come in Monday to quell, at least temporarily, what had big rate repricing that had sent the 10-year note back close to the 4% level. It closed on Tuesday at 3.92%. With the two-year note closing at 4.80%, the inversion between the two securities stays in place.
Brent and West Texas Intermediate crude each had a strong day Tuesday, pushing up over 1.5%. Despite the solid gains, both benchmarks are looking at a fourth consecutive monthly loss. Top analysts feel that there are catalysts looming that can push oil higher as we approach spring and summer. Natural gas finished the day higher, closing up almost 2% at $2.78. Gold closed higher. while Bitcoin finished the day lower.
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, March 1, 2023.
Anywhere Real Estate Inc. (NYSE: HOUS): Keefe Bruyette downgraded the stock to Market Perform from Outperform and cut its $12 target price to $7. The consensus target is $8.50. Tuesday’s final trade was for $5.79 a share.
Broadcom Inc. (NASDAQ: AVGO): Exane BNP Paribas stated coverage with an Outperform rating and a $660 target price. The consensus target is $655.94, and Tuesday’s closing share price was $594.29.
CareDX Inc. (NASDAQ: CDNA): Goldman Sachs trimmed its $29 target price on the Buy-rated shares to $25. The consensus target is $26.17. The stock close over 14% higher on Tuesday at $16.82 after better-than-expected revenues.
Celsius Holdings Inc. (NASDAQ: CELH): Credit Suisse raised its Neutral rating to Outperform with a $120 price target. The consensus target is $122.50. The shares closed on Tuesday at $90.87.
Clean Energy Fuels Inc. (NASDAQ: CLNE): Piper Sandler started coverage with an Overweight rating, but its $8 target price is much less than the $12.59 consensus figure. Tuesday’s $5.60 close was down over 2% on the day.
Disc Medicine Inc. (NASDAQ: IRON): SVB Securities initiated coverage with an Outperform rating and a $36 price objective. The consensus target is $22.50. Tuesday’s close was at $25.00.
Dish Network Corp. (NASDAQ: DISH): The BofA Securities downgrade to Underperform from Buy included a target price cut to $10 from $30. The consensus target is $31.94 for now. The stock closed on Tuesday at $11.41, down over 6% on the day after announcing a data breach and the double downgrade.
FibroGen Inc. (NASDAQ: FGEN): BofA Securities raised its $27 target price on the Buy-rated shares to $30. The consensus target is $22.67. The stock closed on Tuesday at $22.20.
First Republic Bank (NYSE: FRC): Raymond James reiterated a Strong Buy rating, and its $150 target price compares with the $144.14 consensus target and the most recent close at $123.01.
Frontier Communications Parent Inc. (NASDAQ: FYBR): Raymond James reiterated its Strong Buy rating and has a $37 target price. The consensus target is $37.27. The final trade Tuesday was for $27.36 a share.
24/7 Wall St.Gaming and Leisure Properties Inc. (NASDAQ: GLPI): Raymond James reiterated an Outperform rating with a $55 target price. The consensus target is $56.21. The stock closed shy of both levels at $53.88 on Tuesday.
HomeTrust Bancshares Inc. (NASDAQ: HTBI): Piper Sandler upgraded the stock to Overweight from Equal Weight and raised its $27 target price to $32. The consensus target is $30.58. The stock was last seen on Tuesday trading at $29.27.
Krystal Biotech Inc. (NASDAQ: KRYS): Goldman Sachs not only raised its Neutral rating to Buy, but its price target jumped from $79 to $124. That compares with the $107.25 consensus and Tuesday’s closing print of $81.91, which was up almost 5% for the day on the upgrade.
MACOM Technology Solutions Holdings Inc. (NASDAQ: MTSI): Exane BNP Paribas initiated coverage with a Neutral rating and a $65 target price. The consensus target is $74.10. The shares closed on Tuesday at $68.54.
MaxLinear Inc. (NASDAQ: MXL): Exane BNP Paribas initiated coverage with an Underperform rating and a $30 target. The consensus target is up at $49.10. Tuesday’s close was at $34.21.
Occidental Petroleum Corp. (NYSE: OXY): Raymond James reiterated a Strong Buy rating on the energy heavyweight. Its $80 target price tops the $75.20 consensus target and Tuesday’s close at $58.56.
PROG Holdings Inc. (NYSE: PRG): Jefferies reiterated a Buy rating and has a $31 target price. The consensus target is $31.00. The last trade for Tuesday came in at $24.72.
Revolution Medicines Inc. (NASDAQ: RVMD): J.P. Morgan upgraded the stock to Overweight from Neutral. The analyst also lifted the $32 target price to $38, which is still less than the $39.67 consensus target. The shares closed almost 10% on Thursday at $26.76 after revenues topped estimates.
24/7 Wall St.TransDigm Group Inc. (NYSE: TDG): BofA Securities reiterated a Buy rating and boosted its $770 target price to $890. The consensus target is $789.88. The stock closed on Tuesday at $743.87.
Veeva Systems Inc. (NASDAQ: VEEV): Stifel reiterated a Buy rating with a $212 target price. The consensus target is $208.27. The stock closed at $165.66 on Tuesday.
Workday Inc. (NASDAQ: WDAY): Cowen reiterated an Outperform rating and raised its $225 target price to $230. Barclays reiterated an Overweight rating while trimming its target price to $216 from $220. Stifel maintained a Buy rating, and its $185 target price is now $210. The consensus target is $203.67. The shares closed on Tuesday at $185.47.
As top tech stocks continue to stumble, are new leaders in the sector offering some bigger and better growth potential? Five Goldman Sachs Conviction List picks could be poised to lead the way for the rest of the year.
Tuesday’s top analyst upgrades and downgrades included American Tower, Best Buy, Dominion Energy, Intuit, NetEase, Shell, Southwest Airlines, State Street and Union Pacific.
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