The futures traded lower after we started the holiday-shortened trading week with all the major indexes closing lower on the day. Softer economic data out of China and a growing sense that stocks are very overbought after finishing August strong were among the reasons the risk-off crowd held serve. After a very busy round of economic data last week, things will quiet down some, with all eyes now focused on next week when the consumer price index (CPI) reading for August will drop. Many feel it could come in above estimates, as energy prices have stayed strong since the rally that started in June.
The sellers returned to the Treasury complex on Tuesday, as yields were higher across the board. Nervousness over the impending CPI reading, the potential for a strike against the big three automakers, and Friday’s higher than expected jobs data and increase in the unemployment rate to 3.8% all factored into the selling. The 10-year note closed at 4.27%, while the two-year paper finished at 4.96%. The ongoing inversion still signals recession is possible.
Brent and West Texas Intermediate crude both soared higher Tuesday after the Saudis extended the million-barrel-per-day production cut through the end of this year. After big inventory draws the past couple of weeks, and the extension of production cuts, short-sellers may have been caught trying to take advantage of price spikes and got burned. Brent closed up 1.03% at $90.03, while WTI finished trading on Tuesday at $86.71, up 1.36%. Natural gas closed lower at $2.59, down almost 7% for the day.
Gold finished the day lower on dollar strength and some profit-taking, as the bullion saw a nice bounce off of the mid-August lows. The precious metal also traded higher last week following the tepid nonfarm payroll report for August. The December contract closed the session at $1,951.80, down 0.78%. Bitcoin continued its decline, closing lower by 0.53% to finish at $25,680.30.
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 analyst upgrades, downgrades and initiations seen on Wednesday, September 6, 2023.
American Express Co. (NYSE: AXP): RBC Capital Markets upgraded the stock to Outperform from Sector Perform and bumped its $197 target price to $200. The consensus target is $181.31, and Tuesday’s last trade came in at $160.00.
Automatic Data Inc. (NASDAQ: ADP): RBC Capital Markets started coverage with a Sector Perform rating and a $267 target price. The consensus target is $259.41. Tuesday’s closing share price was $252.85.
Belden Inc. (NYSE: BDC): Goldman Sachs raised its Neutral rating to Buy and its $93 target price to $117. The consensus target is $109.20, and Tuesday’s close was at $94.86.
Braze Inc. (NASDAQ: BRZE): Citigroup initiated coverage with a Buy rating and a $60 price target. The consensus target is $45.60, and Tuesday’s close was at $48.05.
Catalent Inc. (NYSE: CTLT): Argus upgraded the shares from Hold to Buy with a $62 price objective. The consensus target is $53.60. The stock closed on Tuesday at $50.07.
Centene Corp. (NYSE: CNC): Though BofA Securities upgraded it to Neutral from Underperform, the analyst also cut the $79 target price to $72. The consensus target is $82.06. Tuesday’s close was at $61.88.
Domino’s Pizza Inc. (NYSE: DPZ): TD Cowen lifted its Market Perform rating to Outperform and its $420 target price to $450. This compares with a $414.39 target price and Tuesday’s closing price of $389.89 a share.
Equity Residential (NYSE: EQR): As Wells Fargo upgraded the stock to Overweight from Equal Weight, its target price rose to $69 from $62. The consensus target is $72.50. The stock closed on Tuesday at $63.80.
HubSpot Inc. (NYSE: HUBS): Citigroup initiated coverage with a Buy rating. Its $695 target price is well above the consensus target of $575.89 and Tuesday’s close at $550.45.
Lowe’s Companies Inc. (NYSE: LOW): Bernstein’s upgrade to Outperform from Market Perform included a target price hike to $282 from $252. The consensus target is $245.69, and the final trade on Tuesday was for $230.43 a share.
Lululemon Athletica Inc. (NASDAQ: LULU): When Bernstein upgraded the shares to Market Perform from Underperform, its target price increased to $366 from $328. The consensus target is up at $429.10, and shares closed at $401.81 on Tuesday.
NetApp Inc. (NASDAQ: NTAP): Susquehanna upgraded the stock to Positive from Neutral and raised its $62 target price to $100. The consensus target is $77.60. The stock was last seen on Tuesday trading at $79.49.
O-I Glass Inc. (NYSE: OI): Zacks makes the case that its Bull of the Day stock is shaping up to be a sound investment. Shares last closed at $19.47, and the $26.50 consensus target would be a 52-week high.
Olin Corp. (NYSE: OLN): KeyBanc Capital Markets upgraded the shares to Overweight from Sector Weight. Its $67 target price is well above the consensus target of $62.46, as well as Tuesday’s closing price of $51.11.
Oracle Corp. (NYSE: ORCL): Barclays upgraded the shares to Overweight from Equal Weight and lifted its $126 target price to $150. The consensus target is $125.63. Tuesday’s $123.98 close up almost 3% for the day.
Paychex Inc. (NASDAQ: PAYX): RBC Capital Markets started coverage with a Sector Perform rating and a $130 target price. The consensus target is $120.53. The shares closed on Tuesday at $121.37.
Regency Centers Corp. (NASDAQ: REG): The Market Perform rating at Raymond James is now at Outperform and accompanied by a $69 target price. The consensus target is $69.71. Tuesday’s closing share price was $62.48.
Shoals Technologies Inc. (NASDAQ: SHLS): Cantor Fitzgerald’s upgrade was to Overweight from Neutral, and it bumped its $27 target price to $28. The consensus target is $31.60 for now. The stock closed on Tuesday at $20.37.
Stryker Corp. (NYSE: SYK): BofA Securities upgraded the shares to Buy from Neutral and lifted its $310 target price to $315. The consensus target is $320.32. The final trade on Tuesday came in at $286.29.
Vail Resorts Inc. (NYSE: MTN): Stifel upgraded the stock to Buy from Hold and has a $268 target price. The consensus target is $258.75. The stock closed on Tuesday at $235.93.
24/7 Wall St.Valley National Bancorp (NYSE: VLY): Hovde upgraded the stock to Outperform from Market Perform. Its $11.50 target price compares with a consensus target of $11. The stock closed on Tuesday at $9.29.
Woodward Inc. (NASDAQ: WWD): As TD Cowen upgraded the stock to Outperform from Market Perform, its target price increased to $160 from $130. The $126.13 consensus target is less than Tuesday’s closing share price of $130.16.
ZoomInfo Technologies Inc. (NASDAQ: ZI): Citigroup initiated coverage with a Neutral rating and a $19 target price. The consensus target is higher at $28.27. The stock closed over 2% lower on Tuesday at $18.11.
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Tuesday’s top analyst upgrades and downgrades included Aramark, Broadcom, Chewy, Confluent, Dell Technologies, Dollar General, Lululemon Athletica, Paramount Global, Uber Technologies and Vale.
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