The futures were trading mixed, as we kicked off March trading with all the major indexes finishing the day down, with the exception of the Dow Jones industrials, which scratched out a tiny gain. While the market started higher early in the session after positive purchasing managers data out of China, stocks turned negative fast as once again interest rates continue to press higher. Rising interest rates were cited as a big headwind, as was the likelihood that earnings estimates will continue to deteriorate as the year moves along. In addition, geopolitical tensions around the world are ramping up as the Russia-Ukraine war spills into its second year.
The aforementioned Treasury yields climbed across all maturities Wednesday. The 10-year note pushed back to the 4% level for the first time since November of 2022. Higher rates are also pressuring home buyers again as applications for mortgages plunged last week and are down 44% year over year. The 30-year fixed-rate mortgage rose to 6.7% recently and, given the moves higher in benchmark rates this week, probably will move back close to 7%.
Brent and West Texas Intermediate crude closed modestly higher on Wednesday after a smaller than expected build in commercial crude inventories. Energy analysts also cited the positive Chinese purchasing managers index numbers as a plus for the sector. Natural gas finished the day up over 2% at $2.81. Gold ended the day higher, while Bitcoin jumped 1.5% on the day to close at $23,476.
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, March 2, 2023.
AbbVie Inc. (NYSE: ABBV): Guggenheim initiated coverage with a Buy rating and a $172 target price. The consensus target is lower at $163.50. The final trade for Wednesday was reported at $155.27.
American Lithium Corp. (NASDAQ: AMLI): B. Riley Securities initiated coverage with a Buy rating and a $5 target price. The stock closed on Wednesday at $2.86 a share.
AutoZone Inc. (NYSE: AZO): Goldman Sachs raised its $2,563 target price for the Buy-rated retailer to $2,899. That compares with a $2,678 consensus target and Wednesday’s closing share price of $2,456.57.
Boeing Co. (NYSE: BA): Jefferies reiterated a Buy rating with a $250 target price. The consensus target is $227.40. The shares closed on Wednesday at $204.55.
Century Aluminum Co. (NASDAQ: CENX): B. Riley Securities downgraded the stock to Neutral from Buy and has a $12 target. The consensus target is $11.50. The stock closed at $12.28 on Wednesday.
Chinook Therapeutics Inc. (NASDAQ: KDNY): Guggenheim began coverage with a Buy rating and a $43 target price. That compares with the $36.89 consensus and Wednesday’s closing print of $22.95, which was a one-day gain of 5% on the positive coverage.
Columbia Banking System Inc. (NASDAQ: COLB): Wells Fargo initiated coverage with an Overweight rating and a $37 target price. The consensus target is $34.67. The shares closed on Wednesday at $29.95.
Coupang Inc. (NYSE: CPNG): Deutsche Bank upgraded the shares to Buy from Hold and has a $20 target price. The consensus target is $23.52. The stock closed over 5% lower on Wednesday at $14.67 despite earnings beating estimates.
Empire State Realty Trust Inc. (NYSE: ESRT): BofA Securities upgraded the stock from Neutral to Buy with a $9.25 target price. The consensus target is $7.90. The stock closed on Wednesday at $7.44.
First Solar Inc. (NASDAQ: FSLR): Goldman Sachs raised its $231 target price on the Buy-rated shares to $260. The consensus target is just $176.62. Better than expected numbers and upbeat guidance pushed shares up almost 16% to $195.68 by Wednesday’s close.
Fortinet Inc. (NASDAQ: FTNT): Oppenheimer reiterated an Outperform rating with a $70 target price. The consensus target is $69.32, and the closing print on Wednesday was $58.44.
Goldman Sachs Group Inc. (NYSE: GS): Jefferies reiterated a Buy rating and has a $420 target price. The consensus target is $396.34. Wednesday’s close was at $346.23.
24/7 Wall St.Interface Inc. (NASDAQ: TILE): The Neutral rating at Longbow was lifted to Buy. The firm’s $18 target price is above the $15.50 consensus target. The stock closed over 5% higher on Wednesday at $9.31 due to solid quarterly results and the upgrade.
Johnson & Johnson (NYSE: JNJ): Guggenheim started coverage with a Neutral rating and a $161 target price. The consensus target is up at $183.63. The shares closed on Wednesday at $152.57.
Lantheus Holdings Inc. (NASDAQ: LNTH): Surprising quarterly results have analysts scrambling to raise estimates and targets, says Zacks, which named this health care stock its Bull of the Day. Shares closed on Wednesday at $73.08, and the consensus target was last seen at $106.71.
Marqeta Inc. (NASDAQ: MQ): As J.P. Morgan downgraded the shares to Neutral from Overweight, the analyst lowered the $9 target price to $6. The consensus target is $9. The stock closed on Wednesday at $4.50, which was down almost 23% on the day as the company’s first-quarter guidance fell short of expectations.
Monster Beverage Corp. (NASDAQ: MNST): CFRA’s downgrade to Hold from Buy included a price target trim to $100 from $110. The consensus target is $109.06. The stock closed on Wednesday at $99.19.
NuVasive Inc. (NASDAQ: NUVA): Citing soft results and a questionable merger, Zacks selected this medical devices maker as its Bear of the Day stock. Shares have traded as high as $60.47 in the past year but closed most recently at $42.67. That is down more than 8% in the past month.
Rivian Automotive Inc. (NASDAQ: RIVN): Needham resumed coverage with a Buy rating and a $26 target price. The consensus target is up at $37.05. The shares closed almost 19% lower on Wednesday at $15.76 after the company posted mixed quarterly results.
Sarepta Therapeutics Inc. (NASDAQ: SRPT): Morgan Stanley upgraded the stock to Overweight from Equal Weight. It also lifted its $141 target price to $187, well above the $153.37 consensus target. Wednesday’s close at $145.63 was up almost 20% on the day, as the FDA is seen as paving a path for the company’s gene therapy.
Spirit AeroSystems Holdings Inc. (NYSE: SPR): When Bernstein downgraded the shares to Market Perform from Outperform, it also cut its $46 target price to $38, below the $40.15 consensus target. The stock was last seen on Wednesday trading at $33.58, which was down close to 3% for the day.
TransUnion (NYSE: TRU): Exane BNP Paribas raised its Neutral rating to Outperform with an $80 target price. The consensus target is $79.91. Wednesday’s close was at $65.09.
Workday Inc. (NASDAQ: WDAY): Societe Generale’s downgrade was to Hold from Buy, and its $212 target price dropped to $205. The consensus target is $210.40. The stock ended Wednesday trading at $184.12.
XP Inc. (NASDAQ: XP): Goldman Sachs lowered its $30 target price to $20 but kept a Buy rating. The consensus target is $20.82. The stock closed on Wednesday at $11.94.
Five top Warren Buffett holdings make sense now for growth and income investors worried about the potential for a steep market decline. They all pay reliable dividends and will hold up far better in a market correction than most other stocks.
Wednesday’s top analyst upgrades and downgrades included Broadcom, Clean Energy Fuels, Dish Network, First Republic Bank, Gaming and Leisure Properties, Occidental Petroleum, Revolution Medicines, Veeva Systems and Workday.
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