The futures were trading higher in another rally attempt after a grim start to the trading week across Wall Street. All three major indexes once again closed lower, with the venerable Dow Jones industrials leading the way, down over 1%. The song remains the same: worries over higher interest rates and some concerns that some kind of currency implosion may be the black swan event that triggers the big meltdown for stocks. Atlanta Fed President Bostic’s comments that a soft landing for the economy will not be easy and likely will include job losses also fanned the flames and encouraged the risk-off crowd.
Yields across the Treasury curve surged higher again on Monday, with double-digit increases for the five-year and 10-year notes, and even with the move higher, the dreaded two-year and 10-year inversion actually widened some on Monday. The former closed at 4.31%, while the latter closed at 3.88%. Again, bond market traders view this inversion as a recession indicator.
One good bit of news for beleaguered consumers is that, despite gasoline prices rising last week for the first time in 14 weeks, both Brent and West Texas Intermediate crude closed lower on Monday. That gain could be short-lived, as Hurricane Ian is moving into the gulf and the platforms out there may be shut down and evacuated, depending on the storm’s direction. Natural gas closed higher, as did Bitcoin, on Monday, while gold closed lower.
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 Tuesday, September 27, 2022.
ADTRAN Holdings Inc. (NASDAQ: ADTN): Loop Capital upgraded the stock to Buy from Hold and lifted its $21 target price to $26. The consensus target is $28.50. Monday’s close at $19.00 was up close to 5% on the day, likely on the upgrade.
Amresco Inc. (NYSE: AMRC): BofA Securities raised its Neutral to Buy and trimmed its $74 target price to $73. The consensus target is $71.54. The stock closed almost 5% higher on Monday at $68.22.
Arvinas Inc. (NASDAQ: ARVN): Jefferies maintained a Hold rating with a $42 target. The consensus is up at $91.30. The shares closed on Monday up close to 4% to $43.66.
Bristol-Myers Squibb Co. (NYSE: BMY): Goldman Sachs maintained a Buy rating after meeting with top management. Its $85 target price compares with the $81.44 consensus target and Monday’s close at $70.15.
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