The futures traded higher Thursday, after a promising start to Wednesday, credited in some part to comments from the Atlanta Fed President that there could be a pause in the interest rate hikes in September, turned into selling across the board by the close. All the major indexes, including the transports and utilities, closed lower. Some solid earnings from Salesforce got the party rolling but the enthusiasm quickly waned, as it appears that big rally from last week is pulling the risk-off crowd back to the table.
Yields were higher across the Treasury curve, as the Federal Reserve began its balance sheet runoff. Maturing bonds will not be replaced during this program, while the quantitative easing program of buying treasury and mortgage-backed debt ended back in March.
Brent and West Texas Intermediate crude were mixed on Wednesday, and both are closing in on $120 a barrel. Natural gas closed modestly higher, while gold closed flat and Bitcoin was down close to 6% on the day, back below the $30,000 level.
24/7 Wall St. reviews dozens of analyst research reports each day of the week 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 Thursday, June 2, 2022.
Analog Devices Inc. (NASDAQ: ADI): Zacks has named this stock as its Bull of the Day. The analyst cites strong earnings and upbeat guidance in the face of ongoing supply chain bottlenecks and a slowing economy. Shares last closed at $164.77, and the consensus price target of $202.04 would be an all-time high.
Aptiv PLC (NYSE: APTV): Goldman Sachs lowered its $150 price target on the Buy-rated company to $135. The consensus target is $145.83. The stock closed on Wednesday at $107.52.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN): Baird maintained an Outperform rating and a $112 target price. The consensus target is $116.72. The final trade Wednesday came in at $74.37.
CF Industries Holdings Inc. (NYSE: CF): Barclays initiated coverage with an Equal Weight rating and a $103 target price. The consensus target is $112.88. The stock closed over 3% lower on Wednesday at $95.51.
Finvolutions Group (NYSE: FINV): Citigroup upgraded the shares to Buy from Neutral and raised the $3.27 price target to $5.33. The consensus target is $6.21. The stock closed over 7% higher on Wednesday at $4.52.
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