Tuesday's Top Analyst Upgrades and Downgrades: Apple, Conagra, CSX, Deere, DraftKings, Foot Locker, KeyCorp, Nike, Salesforce and More

The futures were lower on Tuesday, after the market started off the week going in multiple directions, with the Nasdaq pressing higher to close at 12,720 while the Dow Jones industrials sold off again, ending the day down at 33,268. The big winner was the Russell 200, which closed up 1.2% at 1,795.

The debt ceiling discussions remain on center stage, as President Biden flew back early from the G7 meeting in Japan to meet with the Speaker of the House. With the Treasury Secretary setting the June 1 “X-date” to lift the debt limit, there is now just over a week remaining before we run out of money. That, plus the likelihood of more Federal Reserve rate hikes, could put a damper on stocks.

Treasury yields were higher again across the board on Monday as the selling continued from last week. This comes after the dollar index posted another big gain last week. The 10-year note closed at 3.72%, while the short two-year paper finished the day at 4.32%. The inversion between the two is a sign of the potential for a recession.

Brent and West Texas Intermediate crude followed through on last week’s gains, as oil finished its best week in a month. Both of the benchmarks closed higher Monday, as analysts cited declining output from Iraq as a tailwind to open the week. Natural gas was the big loser in the energy complex on Monday, falling over 7% to finish Monday’s session at $2.40.

Gold closed flat on the day as the onslaught of selling seems to have abated. Analysts have questioned the current bullish stock stance, as central governments and institutions continue to load up on the bullion. Bitcoin finished the day modestly higher after a dreadful downdraft last week, closing at $26,898.

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, May 23, 2023.

AnaptysBio Inc. (NASDAQ: ANAB): J.P. Morgan downgraded the stock to Underweight from Neutral and trimmed its $31 price target to $30. The consensus target is $30.40. The shares were last seen Monday at $19.98, which was up over 4% on the day despite the downgrade.

Apple Inc. (NASDAQ: AAPL): Loop Capital downgrade was to Hold from Buy. Its $180 target price is higher than the $178.88 consensus target. The stock closed on Monday at $174.20.

Azul S.A. (NYSE: AZUL): As BofA Securities upgraded the stock to Neutral from Underperform, it raised its $6.90 target price to $11, in line with the consensus target of $11.04. The stock closed almost 11% higher on Monday at $9.30 due to the upgrade and positive analyst comments.

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