The futures were trading mixed, after a back-and-forth Thursday that saw all the major indexes rebound early and rally higher on a surprise jump in unemployment claims, only to sell off in a big way by the afternoon and all four closed lower by 1.5% or more. The February nonfarm payrolls came in above estimates of 215,000, but nowhere near the massive blow-out print last month. With this chunk of data out of the way, all eyes on Wall Street will be laser-focused next week on the February consumer price index report. If the data surges past the 6% year-over-year estimate, you can count on a massive amount of selling to hit the tape.
Treasury yields were lower on Thursday, especially on the short end of the curve. The two-year paper slipped back well below the 5% level at 4.90%, down a stunning 17 basis points, after closing above there for the first time since 2007. While the 10-year yield closed lower as well at 3.95%, after flirting with 4% earlier this week, that still keeps the inversion between the two securities at 102 basis points, the highest since 1981.
Brent and West Texas Intermediate crude both rallied higher on the day. Industry analysts noted that while January and February oil imports to China were weak this year, demand could be ready to change rapidly and soar higher as the year goes on and the Chinese economy sparks back to life after years of Covid lockdowns. Natural gas also closed Thursday higher at $2.62, up 3%. Gold and Bitcoin finished higher after a rough week of selling for both.
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 Friday, March 10, 2023.
ABM Industries Inc. (NYSE: ABM): Baird’s downgrade to Neutral from Outperform included a target price trim to $51 from $52. The consensus target is $58. The last trade on Thursday was for $46.75 a share.
Advanced Micro Devices Inc. (NASDAQ: AMD): Zacks pointed to a downbeat near-term outlook and falling earnings estimates as it selected this stock as its Bear of the Day. Shares have traded as high as $125.67 in the past year but closed most recently at $84.03.
Asana Inc. (NYSE: ASAN): As .A. Davidson upgraded the shares to Buy from Neutral, the analyst bumped the $18 target price up to $21. The consensus target is $19.38. The stock closed on Thursday at $21.37, up 20% on the day. The company posted a loss for the quarter that was narrower than expected.
BigCommerce Holdings Inc. (NASDAQ: BIGC): D.A. Davidson initiated coverage with a Neutral rating and an $11 target price. The consensus target is $12.23, and Thursday’s close was at $9.24.
Bio-Rad Laboratories Inc. (NYSE: BIO): Jefferies maintained a Buy rating with a $615 target price. The consensus target is $616.80. The shares closed on Thursday at $492.13.
CymaBay Therapeutics Inc. (NASDAQ: CBAY): BTIG Research started coverage with a Buy rating and a $15 target price. The consensus target is $12. The shares closed on Thursday at $9.02.
Etsy Inc. (NYSE: ETSY): Jefferies downgraded the stock to Underperform from Buy. It also chopped its $150 target price to $85, well below the $139.31 consensus target. The shares closed almost 5% lower on Thursday at $107.85 after the double downgrade.
Exact Sciences Corp. (NASDAQ: EXAS): Citigroup lifted its Neutral rating to Buy, and the $70 target price increased to $90. The consensus target is $73.65. The shares closed on Thursday at $66.18.
Fortune Brands Innovations Inc. (NYSE: FBIN): Credit Suisse downgraded the shares to Underperform from Neutral and has a $48 target price. The consensus target is $68.07. Thursday’s final trade was reported at $60.65.
Guardant Health Inc. (NASDAQ: GH): Citigroup’s downgrade from Buy to Neutral included a target price cut from $60 all the way to $33. The consensus target is $57.63. Thursday’s $27.67 close was down over 4% for the day on the downgrade.
Hilton Worldwide Holdings Inc. (NYSE: HLT): Barclays upgraded the stock to Overweight from Equal Weight. It also boosted its $151 target price to $168, while the consensus target is $148.18. The last trade on Thursday was reported at $145.38.
Hyatt Hotels Corp. (NYSE: H): Barclays downgraded the shares to Equal Weight from Overweight and trimmed its $130 target price to $125. The consensus target is $123.16. The stock ended Thursday trading at $114.63.
Life Time Group Holdings Inc. (NYSE: LTH): Oppenheimer reiterated an Outperform rating and has a $33 target price. The consensus target is just $19.70. The stock closed on Thursday at $17.45.
Meta Platforms Inc. (NASDAQ: META): Oppenheimer reiterated an Outperform rating on the Facebook and Instagram parent and raised its $220 target price to $235. The consensus target is $208.74. Thursday’s close was at $181.36.
MongoDB Inc. (NASDAQ: MDB): Goldman Sachs lowered its $325 price target to $280 but maintained a Buy rating. The consensus target is $258.66 for now. The shares closed on Thursday at $207.73, down almost 10% on the day despite a fourth-quarter earnings beat.
Salesforce Inc. (NYSE: CRM): Citing a focus on profitability above nearly everything else, Zacks selected this business software provider as its Bull of the Day stock. Shares last closed at $178.72, and the $218.89 consensus target signals more than 22% upside.
Sarepta Therapeutics Inc. (NASDAQ: SRPT): Oppenheimer reiterated an Outperform rating. The firm’s $180 target price compares with the $171.50 consensus target and Thursday’s close at $147.88 The FDA is seen as paving a path for the company’s gene therapy.
ServiceNow Inc. (NYSE: NOW) Oppenheimer reiterated an Outperform rating with a $500 target price. The consensus target is $519.57. The last trade on Thursday was reported at $433.01.
Sysco Corp. (NYSE: SYY): BofA Securities resumed coverage with a Buy rating and a $90 target price. The consensus target is $87.59. The stock closed on Thursday at $75.43.
Teladoc Health Inc. (NYSE: TDOC): Truist Financial reiterated a Hold rating with a $28 target price. The consensus target is $29.89. Thursday’s $24.30 close was down over 4%, along with the weak tape.
Ternium S.A. (NYSE: TX): Though Itau BBA downgraded the shares to Market Perform from Outperform, it also boosted its $40 target price to $49. The consensus target is $45.70. The stock closed on Thursday at $43.94.
24/7 Wall St.United Natural Foods Inc. (NYSE: UNFI): Goldman Sachs lowered its $43 price target on the Neutral-rated shares to $30. The consensus target is $43.82 for now. The stock closed on Thursday at $29.90, after being punished this week after the company slashed profit guidance.
VTEX (NYSE: VTEX): D.A. Davidson initiated coverage with a Buy rating and a $5 price target. The consensus target is $5.55. The stock closed on Thursday at $3.79.
Walker & Dunlop Inc. (NYSE: WD): Jefferies reiterated its Buy rating and has a $112 target price. The consensus target is lower at $106.25. The stock closed over 4% lower on Thursday at $82.83.
Seven top S&P 500 companies with healthy dividends have incredible cash flow, and their stocks are trading well below their 52-week highs and are well positioned for the balance of the first quarter and the rest of 2023.
Thursday’s top analyst upgrades and downgrades included AGNC Investment, Costco Wholesale, CrowdStrike, Dick’s Sporting Goods, Fifth Third Bancorp, General Electric, PayPal, Sabre, Six Flags Entertainment and Solid Power.
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