The futures traded up on Tuesday, after a bounce-back Monday that saw all the major indexes finish the day higher to start off the new trading week. The market got a huge boost over the weekend when UBS purchased (with the help of the Swiss National Bank) Credit Suisse for $3.2 billion. While it appears on some levels that a banking crisis has been averted, many feel that the flight from regional and smaller banks will tighten available credit and hammer small businesses, which will again fuel recession fears.
Treasury yields moved higher Monday, as sellers took advantage of some big gains after safe-haven buying had driven yields down to levels not seen in years. The plunge in the two-year yield last week was the biggest move lower since the market crash in 1987. The inversion between the two-year, which closed at 3.97, and the 10-year, which finished Monday at 3.48%, of 49 basis points is at the tightest level since last October.
Brent and West Texas Intermediate crude finished the day mixed, as the fears of a banking crisis continue to weigh on the sector, which is at the lowest level since 2021. In addition, Goldman Sachs backed away from its $100 oil price target for 2023. According to published reports, Standard Chartered blamed much of the recent downside in the sector to gamma hedging that has exacerbated the sell-off in oil futures. Natural gas closed the day 1% higher to $2.25.
Gold took a breather on Monday, closing flat after rallying almost 6% last week to close above the $2,000 level for the first time in almost a year. Bitcoin continued to soar, closing at $28,121, the highest level since June of last year.
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, March 21, 2023.
Conagra Brands Inc. (NYSE: CAG): Deutsche Bank upgraded the stock from Sell to Hold with a $30 target. The consensus target is $41.05. The stock closed on Monday at $36.15.
Dell Technologies Inc. (NYSE: DELL): Goldman Sachs initiated coverage with a Buy rating and a $43 target price. This compares with a $47.01 consensus target and Monday’s closing print of $38.55, which was up close to 4% for the day on the coverage.
Dow Inc. (NYSE: DOW): Deutsche Bank lifted its Hold rating to Buy with a $60 target price. Analysts have a consensus target of $58.33. Monday’s final trade was for $51.26 a share.
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