The futures were mixed Thursday, after a typical 2023 day on Wednesday in which all the major indexes initially shot higher on the inflation data before selling off in the afternoon and ending up in the red. The initial spark for the buyers was the consumer price index data, which came in below expectations for the month and the year-over-year prints. It is becoming apparent that the Federal Reserve’s dogged efforts to choke inflation are starting to work, as overall prices posted the slowest increase since May of 2021. While the core CPI was in line with expectations, some feel that the next Fed meeting in early May could bring the last rate increase in this tightening cycle.
Treasury yields were mixed across the curve as the bond market digested the CPI and other inflation data. The yield on the two-year note dropped to 3.97% as buyers stepped in, while the 10-year note handle closed just modestly lower at 3.42%. Once again, the inversion and the tumbling money supply are warning recession is on the way.
Brent and West Texas Intermediate crude had another solid day, as both closed higher, with WTI the big winner, up over 2% to close at $83.24. A small decline in inventories provided some of the tailwind, but analysts also see demand increasing and, matched with the recent OPEC production cuts, helping the bullish narrative. Natural gas closed down almost 5% to end at $2.08.
Gold closed modestly higher on Wednesday as prices remain near all-time highs. With continuing concerns over the banking system and massive ongoing central bank buying, some analysts feel the bullion could be headed to $2,500. Bitcoin was lower on the day, closing at $29,902, down over 1% after some big moves higher recently.
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, April 13, 2023.
Adtran Holdings Inc. (NASDAQ: ADTN): Northland Capital downgraded the stock to Market Perform from Outperform and has a $13 target. The consensus target is $25.67 for now. The shares closed on Wednesday at $10.83, which was down almost 6% for the day after the downgrade.
Alcoa Inc. (NYSE: AA): Goldman Sachs lowered its $65 target price on the Buy-rated aluminum giant to $56. The consensus target is $54.91. The shares closed on Wednesday at $40.07.
Archer Daniels Midland Co. (NYSE: ADM): Morgan Stanley resumed coverage with an Equal Weight rating and lowered their target price to $85 from $94. The consensus is set at $101.57. The stock closed Wednesday at $81.59.
Becton Dickinson and Co. (NYSE: BDX): The KeyBanc Capital Markets upgrade was from Sector Weight to Overweight with a $304 target price. The consensus target is just $275.92, and Wednesday’s close was at $254.51.
Bill Holdings Inc. (NYSE: BILL): Goldman Sachs lowered its $120 target price on the Buy-rated company to $104. The consensus target is $128.39. Wednesday’s last trade was for $75.18 a share.
Block Inc. (NYSE: SQ): Jefferies reiterated a Buy rating, and its target price is $80. The consensus target is $94.35. Wednesday’s close was at $63.36.
Celanese Corp. (NYSE: CE): Piper Sandler’s upgrade to Neutral from Underweight included a target price hike to $120 from $105. The consensus target is still higher at $129.17. The stock closed on Wednesday at $109.98.
Confluent Inc. (NASDAQ: CFLT): As Morgan Stanley upgraded the stock to Overweight from Equal Weight, it bumped its $29 target price to $30. The consensus target is $29.05. Wednesday’s $24.83 close was up over 6% for the day on the upgrade and positive analyst commentary.
DoubleVerify Holdings Inc. (NYSE: DV): Piper Sandler initiated coverage with an Overweight rating and a $35 target price. The consensus target is $34.75. Wednesday’s close was at $30.26.
Dow Inc. (NYSE: DOW): Piper Sandler upgraded the stock to Overweight from Neutral. It also lifted its $63 target price to $68, well above the $58.36 consensus figure. Shares ended Wednesday trading at $57.20.
Essex Property Trust Inc. (NYSE: ESS): Scotiabank’s upgrade was from Sector Perform to Sector Outperform with a $240 target price. The consensus target is $237.70. The stock closed on Wednesday at $214.83.
Evercore Inc. (NYSE: EVR): Morgan Stanley’s upgrade to Overweight from Equal Weight came with a target price increase to $131 from $102. The consensus target is $128.00. The shares closed on Tuesday at $119.12.
Foot Locker Inc. (NYSE: FL): An overhaul of its business will be a detriment to near-term profits, says Zacks about its Bear of the Day. Shares have traded as high as $47.22 in the past year but closed most recently at $40.23, after retreating more than 6% in the past month.
FS KKR Capital Corp. (NYSE: FSK): Oppenheimer started coverage with a Perform rating and a $21 target price. The consensus target is $21.13. The shares closed on Wednesday at $18.61.
Globant S.A. (NYSE: GLOB): Needham initiated coverage with a Buy rating, but its $205 target price is less than the $212.33 consensus target. Wednesday’s close was at $158.65.
Huntsman Corp. (NYSE: HUN): Mizuho started coverage with a Neutral rating and a $27 price target. The consensus target is $30.83. Wednesday’s close was at $26.76.
Las Vegas Sands Corp (NYSE: LVS): Roth MKM started coverage with a Buy rating and a $74 price target. The consensus target of $65.89 is also well above Wednesday’s $56.19 close.
Lockheed Martin Corp. (NYSE: LMT): Baird cut its Outperform rating to Neutral with a $513 target price. The consensus target is $493.05. The stock closed on Wednesday at $490.04.
LyondellBasell Industries N.V. (NYSE: LYB): Piper Sandler upgraded the chemical heavyweight to Overweight from Neutral. Its $118 price objective compares with a $99.15 consensus target and Wednesday’s close at $97.14.
Raytheon Technologies Corp. (NYSE: RTX): Wolfe Research boosted its Peer Perform rating on the defense leader to Outperform with a $117 target price. The consensus target is $109.14. The shares closed on Wednesday at $101.72.
Realty Income Inc. (NYSE: O): Scotiabank’s upgrade was from Sector Perform to Sector Outperform with a $69 target price. The consensus target is $70.50. The stock closed on Wednesday at $62.60.
Shift4 Payments Inc. (NYSE: FOUR): The $77 Goldman Sachs target price on the Buy-rated stock increased to $90. The consensus target is $77.00, and shares closed at $72.14 on Wednesday.
Shopify Inc. (NYSE: SHOP): JMP Securities upgraded the stock to Market Outperform from Market Perform. Its $65 target price is well above the $48.99 consensus target. Wednesday’s $46.17 close was up over 3% for the day on the upgrade.
Silk Road Medical Inc. (NASDAQ: SILK): Stifel reiterated a Buy rating with a $60 target price. The consensus target is $56.50. The shares closed on Wednesday at $39.20.
Take Two Interactive Inc. (NASDAQ: TTWO): Exane BNP Paribas cut its Outperform rating to Neutral with a $120 target price. The $130.31 consensus target is higher, and Wednesday’s closing share price was $120.72.
Wesco International (NYSE: WCC): This industrial supplier was selected as the Bull of the Day stock at Zacks, with the analyst pointing to an improving outlook and attractive entry points. The stock last closed at $136.94 a share, and the $201.67 consensus target would be an all-time high.
Wheaton Precious Metals Corp. (NYSE: WPM): Scotiabank resumed coverage with a Sector Outperform rating and a $60 price target. The consensus target is $53.40. The stock closed on Wednesday at $50.62.
For growth and income investors, adding top-quality dividend stocks based in Europe to domestic portfolios may be a solid way to go for the rest of the year. Five top European stocks are liquid and well known, and they trade on American exchanges.
Wednesday’s top analyst upgrades and downgrades included Antero Resources, Array Technologies, Bumble, Chewy, EQT, LendingClub, Match, MGIC Investment, Nasdaq, New York Community Bancorp, Palo Alto Networks, Radian, Range Resources, Spotify Technology and Welltower.
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