The futures are trading mixed as we end one of the best weeks for the stock market in some time. The major indices all closed higher once again on Thursday as the tailwind for stocks has been very solid inflation data from the consumer and the producer side (the PPI fell to the slowest in three years), all of which came in below Wall Street expectations. All eyes now turn to second-quarter earnings, kicking off today with reports coming in from the big money center banks. The deluge of reports will start on Monday as the top S&P 500 companies start reporting in earnest.
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Yields were down again across most of the Treasury curve as investors continued to snap up the safe-haven government debt in a buying spree that started in a big way once the inflation numbers hit the tape Thursday. The 2-year paper closed at 4.63% after trading over 5% on Monday, while the benchmark 10-year note closed at 3.76% after trading over 4% to start the week.
Brent Crude and West Texas Intermediate finished the day solidly higher as it was reported that Russian oil exports dropped to their lowest level since 2021. One crazy fly in the ointment for the black gold Thursday was the International Energy Agency cut their global oil demand forecast for the first time this year, while OPEC raised their 2023 crude oil demand estimates. Natural gas also finished the day down 3% at $2.55.
Gold was modestly higher on Thursday after a strong rally this week. Analysts cited the drop in weekly jobless claims along with the hope that the next Federal Reserve rate increase could likely be the last. The bullion finished the day at $1964.70. Bitcoin closed up a huge 3% at $31,469 as a favorable Judge’s ruling lifted all of the cryptocurrencies.
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 Friday, July 14, 2023.
Activision Blizzard, Inc. (NASDAQ: ATVI) Truist Financial downgraded the stock to Hold from Buy while raising the target price on the company to $95 from $84. That compares to a lower Wall Street consensus target of $92.17 and Thursday’s close at $89.97.
APA Corporation (NYSE: APA) The Benchmark Company started coverage on the shares with a Buy rating and a $46 target price objective. The consensus target is set at $46.35. The stock closed Thursday at $38.53.
Carvana Co. (NYSE: CVNA) JPMorgan downgraded the stock to Underweight from Neutral with a $10 target. The consensus is posted at $15.47. The shares closed Thursday at $38.02 down over 2%.
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Coinbase Global, Inc. (NASDAQ: COIN) Barclays downgraded the shares to Underweight from Equal Weight while lifting their target price to $70 from $61. The consensus was not available. The stock closed Thursday at $104.43.up a stunning 21% after a judge’s ruling looks like a big boost for the industry.
Crown Castle Inc. (NYSE: CCI). BMO Capital Markets started coverage with an Underperform rating and the price target on the wireless tower leader is set at $113. The consensus target is set much higher at $147.53. The stock was last seen on Thursday at $115.90.
Diamondback Energy, Inc. (NASDAQ: FANG) The Benchmark Company started coverage on the shares with a Buy rating and a $154 target price objective. The consensus target is set at $167.96 The stock closed Thursday at $139.67.
Domino’s Pizza, Inc. (NYSE: DPZ) Northcoast upgraded the shares to Buy from Neutral on the popular pizza chain with a $435 target price. That is versus the much lower consensus target of $351.21 and Thursday’s closing print which was delivered at $390.44.
Fastenal Company (NASDAQ: FAST) Stephens downgraded the company to Equal Weight from Overweight and has the target price set at $60. The consensus target is lower at $55.81, and the last trade Thursday was reported at $56.74.
The Goldman Sachs Group, Inc. (NYSE: GS) Odeon upgraded the stock to Buy from Hold and has a $355.75 target price for the white glove investment bank. The consensus target is $377.90. The final trade Thursday came in at $328.89.
Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) H.C. Wainwright upgraded the company to Buy from Sell and raised their target price objective to $19 from $8. The consensus is much lower at $14.33. The stock was last seen Friday at $11.43, up close to 3%.
Lazard Ltd. (NYSE: LAZ) Keefe Bruyette upgraded the stock to Market Perform from Underperform and raised the target price on the company to $36 from $31. The consensus target is set higher at $38.29. The stock ended Thursday at $34.68.
Meta Platforms, Inc. (NASDAQ: META) TD Cowen upgraded the stock to Outperform from Market Perform and rocked the price target higher to $345 from $220. The consensus target is posted at $292.82. The last trade Thursday was filled at $313.34.
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Netflix, Inc. (NASDAQ: NFLX) JPMorgan reiterated an Overweight rating on the stock while lifting the price target up to $495 from $470. The consensus target is posted at $406.94. The stock closed Thursday at $450.38.
SBA Communication Company (NASDAQ: SBAC) BMO Capital Markets started coverage with a Market Perform rating the price target on the wireless tower giant is set at $260. The consensus target is set much higher at $306.60. The stock was last seen on Thursday at $243.90.
The Scotts Miracle-Gro Company (NYSE: SMG) Stifel downgraded the shares to Hold from Buy and trimmed the target price to $72 from $78. The consensus target for the company is $78. The last trade on Thursday was filled at $70.31 down over 2% on the upgrade.
Shopify, Inc. (NYSE: SHOP) ROTH/MKM reiterated a Buy rating on the shares while raising the target price to $73 from $68. The consensus target is set at $61.91. The last trade Thursday was filled at $70.89.
Snowflake Inc. (NASDAQ: SNOW) Scotiabank upgraded the stock to Sector Outperform from Sector Perform and has set a $213 target price objective. That is versus a much lower consensus of $196.47 and a Thursday closing price of $181.46.
SoFi Technologies, Inc. (NASDAQ: SOFI) Morgan Stanley downgraded the stock to Underweight from Equal Weight and bumped the target price down to $7 from $6.50. The consensus target for the company is $8.08 for now. The stock closed Thursday at $9.14.
Spotify Technology S.A. (NYSE: SPOT) Morgan Stanley reiterated an Overweight rating on the stock and raised the target price to $185 from $170. The consensus is posted at $160.48. The last trade Thursday hit the tape at $171.28.
Thermo Fisher Scientific, Inc. (NYSE: TMO) Credit Suisse upgraded the stock to Outperform from Neutral with a $620 target price objective. The consensus is posted at $624.05. The final trade Thursday hit the tape at $525.18.
Uber Technologies, Inc. (NASDAQ: UBER) BofA Securities reiterated a Buy rating on the stock and raised their target price on the ride-sharing giant target $51 from $44. The consensus is set at $50.90. The last trade for Thursday was posted at $45.24, up close to 3%.
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