The futures are positive after a strong risk-on Wednesday that saw all of the major indices close higher. The tailwind for stocks was provided by the June consumer-price-index numbers that saw inflation dropping to 3% and the core inflation number to 4.8%, both results below Wall Street expectations. While this calms things for now, it’s still a pretty good bet that the Federal Reserve will lift rates again by 25-basis-points at their meeting at the end of the month. The big question for investors now is, do they raise again in September, or will this move conclude this long rate hike increase?
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Treasury yields plunged across every maturity on the curve following the release of the June inflation data. The benchmark 10-year note closed down 12-basis-points to yield 3.86%, after being above 4% early this week, while the shorter 2-year paper yield dropped a stunning 15 basis points to close at 4.75%, after being above 5% on Monday. While the closely watched inversion has tightened this week from what was a 40-year high, a recession appears to be still on the table for later this year or early 2024.
Brent Crude and West Texas Intermediate continued to rally as both of the oil benchmarks closed the day higher. While an inventory build slowed some of the upside early on Wednesday, the reality is that traders who have been shorting futures may be caught in a trap and need to start covering. Natural gas closed lower, finishing the day at $2.65.
Gold has a big day closing up 1.35% at $1963.10, a three-week high, after the tame inflation report. That, combined with a weaker dollar, drove the bullion. Bitcoin was lower by almost 1% to finish Wednesday at $30,334.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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, July 13, 2023.
Amazon.com, Inc. (NASDAQ: AMZN) Telsey Advisory Group reiterated an Outperform rating on the tech giant with a Buy rating and raised their target price to $145 from $125, which compares with the lower consensus across Wall Street of $140.47, and Wednesday’s last print of $130.80.
CACI International Inc. (NASDAQ: CACI) Jefferies upgraded the stock to Buy from Hold and the target price objective is set at $405. The Wall Street consensus is set at $346.90. The final trade on Wednesday was filled at $346.69.
Cinemark Holdings, Inc. (NYSE: CNK) B. Riley Securities upgraded the stock to Buy from Neutral and trimmed their target price to $20 from $23. The consensus for the movie chain giant is set at $18.32. The shares closed Wednesday at $16.16 up almost 3% on the upgrade.
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DraftKings, Inc. (NASDAQ: DKNG) BofA Securities raised the stock to Buy from Neutral and lifted their target price to $35 from $25.The consensus target is posted lower at $28.74. The last trade Wednesday was reported at $30.49 up over 5% on the price increase and solid commentary.
General Motors Corporation (NYSE: GM) Citigroup reiterated a Buy on the legacy automaker and bumped their target price to $89 from $85. The consensus is posted much lower at $48.14. The final trade Wednesday was filled at $40.41.
Holley Inc. (NYSE: HLLY) JPMorgan upgraded the stock to Overweight from Neutral and has a $7 target. The consensus is posted at $4.31. The stock closed Wednesday at $5.33 up over 20% on the upgrade.
Integra Lifesciences Holdings Corporation. (NASDAQ: IART) Jefferies upgraded the stock to Buy from Hold and cut the target price objective to $53 from $58. The consensus is set at $48.44 for now. The final trade on Wednesday was filled at $42.91 up close to 4% on the upgrade.
Jefferies Financial Group, Inc. (NYSE: JEF) Morgan Stanley lifted the stock to Equal Weight from Underweight and raised the target price on the company to $36 from $27. The consensus target is set lower at $33.50. The shares closed Wednesday at $35.25, a 5% gain on the day.
Lazard Ltd. (NYSE: LAZ) Morgan Stanley Upgraded the stock to Overweight from Equal Weight and raised the target price on the company to $43 from $36. The consensus target is set higher at $48.44. The stock ended Wednesday at $34.12 up over 4%.
LivePerson, Inc. (NASDAQ: LPSN) Loop Capital upgraded the stock to Hold from Sell while raising the target price to $6 from $3. The consensus target is posted at $4.72. The stock closed Wednesday up almost 20% at $5.07 on the upgrade and key changes at the company.
Marathon Oil Corporation (NYSE: MRO) Goldman Sachs upgraded the stock to Neutral from Sell with a $25 target price. The consensus is set at $32.27. The shares closed Wednesday at $24.79.
Meta Platforms, Inc. (NASDAQ: META) Deutsche Bank reiterated their Buy rating and raised their target price on the Facebook and Instagram parent to $350 from $290. The consensus target is posted at $289/86. The last trade Wednesday was filled at $309.34.
24/7 Wall St.Morgan Stanley (NYSE: MS) Odeon upgraded the investment giant to Buy from Hold with a $94 target price. The consensus is posted at $94.70. The shares closed Wednesday at $85.77.
Netflix, Inc. (NASDAQ: NFLX) UBS maintained a Buy rating on the stock and raised their target price in a big way to $525 from $390. The consensus is $403.09. The shares closed at $444.05 on Wednesday.
Sealed Air Corporation (NYSE: SEE) Baird upgraded the stock to Outperform from Neutral from Outperform with a $49 target price. The consensus across Wall Street is posted at $52.36. The stock ended trading Wednesday at $43.65.
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Silk Road Medical, Inc. (NASDAQ: SILK) BofA Securities downgraded the shares to Underperform from Buy and slashed the target price to $28 from $51. The consensus is posted at $46 for now. The shares closed Wednesday down almost 29% at $23.32 after it was reported that a prospective change by the Centers for Medicare & Medicaid Services could hurt the company’s revenue growth.
Sun Communities, Inc. (NYSE: SUI) Wolfe Research upgraded the stock to Outperform from Peer Perform and has a $155 price target. The consensus target is $155.92. The final trade for Wednesday was reported at $135.68, up over 2%.
SunPower Corporation (NASDAQ: SPWR) Raymond James upgraded the stock to Strong Buy from Outperform with a $21 target price objective. The consensus is set at $14.88. The last trade on Wednesday was recorded at $10.30 up over 8% after the positive comments and analyst upgrade.
Tesla Inc. (NASDAQ: TSLA) Citigroup reiterated a Neutral rating on the electric vehicle giant while raising their target price to $278 from $215. The consensus is posted at $212.10. The last trade on Wednesday was reported at $271.99.
The TJX Companies, Inc. (NYSE: TJX) Loop Capital upgraded the stock to Buy from Hold and lifted the target price on the popular discount retailer to $95 from $75. The consensus target is $89.20. The final trade Wednesday was filled at $85.25.
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