Wednesday's Top Wall Street Analyst Upgrades and Downgrades: Dick's Sporting Goods, Home Depot, Nvidia, Palo Alto Networks, TJX, Uber, Workday and More

Investing

Published: August 16, 2023 8:35 am

Last Updated: August 16, 2023 8:38 am

The futures were flat after a risk-off Tuesday that saw all the major indexes finish the day much lower after weak economic data out of China got the sellers’ juices flowing again. China and a host of additional issues, not the least of which will be this Friday’s options expirations, are concerns for investors. With the Nasdaq still up over 31% and the S&P 500 clocking in up over 16% for the year to date, it is no surprise that investors will be looking to take profits. And with August and September always among the worst months for stocks, the next six weeks could prove to be dicey.

Treasury yields were another item that had investors across Wall Street concerned Tuesday, as yields again were higher. The 10-year note closed the day at 4.22%, the highest level since October of last year, and the two-year short paper at 4.96%. The inversion between the two still indicates to bond traders that recession is on the way, though now likely to be a 2024 event.

Brent and West Texas Intermediate crude were both dragged down by the weaker Chinese economic data, each closing the day lower. Brent finished the day at $85.03, while WTI was last seen at $80.99. Natural gas also closed down almost 5% at $2.66.

Gold once again closed lower, with analysts citing the continued spike in interest rates and the ongoing strength of the U.S. dollar as helping to push the bullion lower. The December contract closed down 0.10% at $1,933.20. Bitcoin finished trading Tuesday at $29,196.90, lower by 0.71%, as the cryptocurrency continues its summer downtrend.

24/7 Wall St. reviews dozens of analyst research reports each weekday 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 Wall Street analyst upgrades, downgrades and initiations seen on Wednesday, August 16, 2023.

Avid Technology Inc. (NASDAQ: AVID): Truist Financial downgraded the stock to Hold from Buy and slashed its $45 target price to $27. The consensus target is $28.86. Tuesday’s closing share price was $26.57.

CureVac N.V. (NASDAQ: CVAC): Jefferies reiterated a Buy rating with a $21 target price. The consensus target is just $15.86, Tuesday’s close was at $9.25.

Deckers Outdoor Corp. (NYSE: DECK): TD Cowen raised its $564 target price to $618 while keeping an Outperform rating. The consensus target is $613. Shares closed on Tuesday at $554.73.