The futures traded lower, after a strong risk-on day to start the final trading week in August. All the major indexes finished the day higher, following through on last Friday’s strength. Despite the gains, the Nasdaq will have its worst August since 2015.
With a big tranche of economic data due this week, including the PCE inflation reading on Thursday and the ISM manufacturing data on Friday, investors will be watching closely to see if the strength in the economy has been maintained. The August nonfarm payroll report, also on Friday, is expected to come in at 170,000, which would put the three-month average at the lowest level since the beginning of 2021.
Treasury yields were mixed across the curve on Monday. Buyers gravitated toward the longer end, with buying on the three-year note to the 30-year-long bond, while sellers took some profit on the shorter maturities. The 10-year note closed on Monday at 4.21%, while the two-year paper was last seen at 5.05%. The inversion has widened some as we head toward September, and in the past it has indicated a recession is on the way.
Brent and West Texas Intermediate crude closed mixed on Monday, after Friday’s solid gains. Brent closed flat at $84.7, while WTI finished Monday’s session at $80.12. Natural gas was a winner on Monday, closing 1.22% higher at $2.57. Supply risks were the driving factor for Monday’s gains.
Gold was slightly higher on Monday, as traders and analysts stand by for the onslaught of economic data this week. The December contract finished the day modestly higher at $1,947.60. Bitcoin closed down once again on Monday at $25,986.30, as the cryptocurrency giant entered into its longest bear market, trading down a stunning 50% from all-time highs posted in November of 2021.
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 Tuesday, August 29, 2023.
Academy Sports and Outdoors Inc. (NASDAQ: ASO): Gordon Haskett downgraded the stock to Hold from Accumulate and trimmed its target price to $52. The consensus target is up at $68.13. The stock closed on Monday at $49.35.
Atmos Energy Corp. (NYSE: ATO): Wells Fargo cut its Overweight rating to Equal Weight and its $132 target price to $128. The consensus target is $129.20. The shares closed on Monday at $116.82.
Boston Scientific Corp. (NYSE: BSX): Stifel reiterated a Buy rating with a $58 target price. The consensus target is $60.31, and Monday’s $53.80 close was up almost 6% on the day. Reports indicated the company is likely to win FDA approval for a new method of treating abnormal heartbeats.
Church & Dwight Co. Inc. (NYSE: CHD): Truist Financial upgraded the shares to Buy from Hold. The firm also lifted its $95 target price to $105, above the $99.61 consensus target. The stock closed on Monday at $94.43.
Ciena Corp. (NYSE: CIEN): Needham reiterated a Buy rating but lowered its target price to $50. The consensus target is $56.06, and Monday’s close was at $42.05.
Civitas Resources Inc. (NYSE: CIVI): Jefferies maintained its Buy rating, and its $100 target price is well above the consensus target of $87.86. Monday’s final trade was for $80.27 a share.
CrowdStrike Holdings Inc. (NASDAQ: CRWD): When Morgan Stanley lowered its Overweight rating to Equal Weight, its target price dropped to $167 from $178. The consensus target is $180.93. Monday’s closing share price was $144.03.
Denbury Inc. (NYSE: DEN): Jefferies downgraded the shares from Buy to Hold with a $91 target price. The consensus target is $96.78, and Monday’s close was at $90.28.
Emerson Electric Co. (NYSE: EMR): The Hold rating at Argus has been changed to Buy. The firm’s $110 target price compares with a consensus target of $107.38 and Monday’s close at $98.12.
Energizer Holdings Inc. (NYSE: ENR): Truist Financial cut its Buy rating to Hold and reduced its $40 target price to $35. The $37.50 consensus target also compares to Monday’s closing print of $34.30.
Essex Property Trust Inc. (NYSE: ESS): Though Truist Financial downgraded the stock to Hold from Buy, the analyst raised the $255 price target to $266. The consensus target is $249.11, and the stock closed on Monday at $238.07.
IDEX Corp. (NYSE: IEX): Oppenheimer reiterated an Outperform rating with a $245 target price. The consensus target is $233.41. The final trade on Monday was for $227.01 a share.
Kimco Realty Corp. (NYSE: KIM): Compass Point upgraded the stock to Buy from Neutral and has a $22 price target. The consensus target is $22.72. The stock closed at $18.78 on Monday.
L3 Harris Technologies Inc. (NYSE: LHX): As Bernstein downgraded the shares to Market Perform from Outperform, its target price decreased to $210 from $239. The consensus target is $234.76, and the stock closed on Monday at $178.15.
Nerdy Inc. (NYSE: NRDY): Raymond James resumed coverage with an Outperform rating and a $5.50 target. The consensus target is $6.07. Monday’s close was at $4.71.
Nike Inc. (NYSE: NKE): Stifel reiterated a Buy rating but trimmed its target price to $135 from $143. The consensus target is $126.54, Monday’s closing share price was $99.62.
NovoCure Ltd. (NASDAQ: NVCR): H.C. Wainwright downgraded the shares to Neutral from Buy, and it slashed its $85 target price to $25. The consensus target is $80.29 for now. Monday’s $18.60 close was down almost 38% for the day. Reports indicated that the company’s Phase 3 treatment for ovarian cancer failed to meet the primary endpoint.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN): Oppenheimer reiterated an Outperform rating with a $1,050 target price. The consensus target is just $898.86. The final trade on Monday was posted at $830.89.
Tetra Tech Inc. (NASDAQ: TTEK): RBC Capital Markets initiated coverage with an Outperform rating. Its $181 target price is less than the consensus target of $193. The ended closed Monday’s session trading at $157.98.
Zimmer Biomet Holdings Inc. (NYSE: ZBH): BTIG Research upgraded the stock from Neutral to Buy with a $139 price target. The consensus target is $150.82. The stock closed at $117.51 on Monday.
For a variety of reasons, five top S&P 500 stocks have struggled this year despite offering big and dependable dividends and solid total return potential. That makes them very timely picks for investors who are more conservative to own for the rest of this year and into 2024.
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Monday’s top analyst upgrades and downgrades included Abercrombie & Fitch, Affirm, APA, Chewy, Ciena, Digital Realty Trust, Dollar Tree, Fidelity National Information Services, GE Healthcare Technologies, Netflix, Nordstrom, Palo Alto Networks, Western Alliance Bancorp and Workday.
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