Wednesday's Top Analyst Upgrades and Downgrades: Boeing, Coinbase, Costco, Merck, Regions Financial, Wayfair and More

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The futures were trading mixed, after a massive risk-off Tuesday that saw all the major indexes get crushed. Once again, Federal Reserve Chair Powell was the one who got the selling started when he noted in his prepared remarks that interest rates are likely to end up higher than expected. In addition, he noted the possibility for the pace of rate hikes to come faster if incoming data remains hot, so the expected 25-basis-point increases could be on a short leash.

With the nonfarm payrolls for February on the calendar for Friday and the consumer price index data due next week, Powell may be trying to tamp down unnecessary bullishness. From the looks of Tuesday’s results, he likely did.

Treasury yields rose on the short end of the curve, while longer maturities saw some buying on Tuesday. Of course, the bond market continues to keep a close eye on the inversion between the 10-year note, which closed at 3.98%, and the two-year paper, which closed at 5.00%, the highest since 2007. The inversion suggests a recession could be coming.

Brent and West Texas Intermediate crude both closed lower on Tuesday, each down over 3%. While no specific reasons were cited, everything from OPEC rumors to demand in China has kept the benchmarks range-bound over the past 90 days. Some feel the commodity could be poised for a breakout. Natural gas closed up 3%, after a dreadful Monday, at $2.66. Gold and Bitcoin both 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 8, 2023.

Artisan Partners Asset Management Inc. (NYSE: APAM): Goldman Sachs downgraded the stock to Sell from Neutral and lowered its $33 target price to $27. The consensus target is $32.92. The last trade on Tuesday was for $31.48 a share, which was down 4% for the day on the downgrade.

Bluebird Bio Inc. (NASDAQ: BLUE): Baird started coverage with an Outperform rating and a $10 target price. The consensus target is $7.33, and Tuesday’s close was at $5.03.

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