The futures traded higher after a very mixed day across Wall Street that saw only the Nasdaq finish the session up after some solid big-tech earnings results. While some other top companies, like Chipotle Mexican Grill, posted huge results that shattered Wall Street estimates, the concern about the banking disaster and the potential for more contagion is not over. Plus, the unsettled debt limit debate is being cited as a big overhang for the stock market.
Treasury yields were higher across the curve as the overall positive earnings results brought some sellers into the market after yields plunged on Tuesday. The short two-year paper closed below the 4% level again Wednesday at 3.94%, while the benchmark 10-year note finished the day at 3.43%. While the inversion spread has tightened, it still suggests a recession is coming our way.
Brent and West Texas Intermediate crude closed lower again despite the U.S. Energy Information Administration announcing a massive crude oil draw of 5.1 million barrels for the period ending April 21. Natural gas closed down over 8% at $2.12.
Gold finished the day slightly lower, while Bitcoin had a wild roller-coaster Wednesday, up over 5% at one point before closing down over 2% at $27,717. Bitcoin is still 60% below the all-time high of $68,789.63. The current circulating supply is 19,356,850 BTC.
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, April 27, 2023.
Albertsons Companies Inc. (NYSE: ACI): Though Tigress Financial upgraded the stock to Buy from Neutral, it trimmed its $32 target price objective to $27. The consensus target is $25.52. The closing share price on Wednesday was $20.92.
Alphabet Inc. (NASDAQ: GOOGL): Truist Financial reiterated a Buy and bumped its $120 target price to $122. Wedbush reiterated an Outperform rating and raised its target to $325 from $315. Roth MKM maintained a Buy rating, and its $126 target price increased to $134. The consensus target is $124.50. Despite posting solid results, the stock closed Wednesday down modestly at $103.71.
24/7 Wall St.Apple Inc. (NASDAQ: AAPL): Deutsche Bank reiterated a Buy rating, but its $165 target price is now $170. The consensus target is $170.79. Wednesday’s close was at $163.76.
Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR): SMBC Nikko initiated coverage with an Outperform rating with an $80 target price. The posted consensus target is $58.29. Wednesday’s $35.52 close was up almost 6% on the day after positive clinical results.
Chipotle Mexican Grill Inc. (NYSE: CMG): Truist Financial reiterated a Buy rating and lifted its $1,960 target price to $2,270. Stifel also maintained a Buy rating, and it raised its target price to $2,100 from $2,000. The $2,050 price target at UBS rose to $2,250, and the firm kept its Buy rating. The consensus target is $1881.93 for now. The stock closed on Wednesday at $2,011.50, which was up 13% after it posted strong results.
Coinbase Global Inc. (NASDAQ: COIN): H.C. Wainwright initiated coverage with a Buy rating and a $75 target price, a few bucks higher than the consensus target. The stock closed almost 3% lower on Wednesday at $53.89.
Danaher Corp. (NYSE: DHR): BofA Securities cut its Buy rating to Neutral and the $310 target price dropped to $250. The consensus target is $293.85, and shares closed on Wednesday at $232.46.
Enphase Energy Inc. (NASDAQ: ENPH): BofA Securities downgraded the stock to Underperform from Neutral and slashed its $227 target price to $169. The consensus target of $287.94 for now. The stock closed on Wednesday at $163.83, down 26% on the day in the wake of lousy results and prospects for weak second-quarter revenue.
HomeStreet Inc. (NASDAQ: HMST): When Wedbush downgraded the stock to Neutral from Outperform, the analyst hacked the $21 price target to $12. The consensus target is $20.25 for now. Wednesday’s close at $10.96 was down almost 3% for the day on the downgrade.
GE HealthCare Technologies Inc. (NASDAQ: GEHC): UBS started coverage with a Neutral rating and an $86 price objective. The consensus target is $92.33. The shares closed on Wednesday at $80.12.
General Electric Co. (NYSE: GE): Citigroup reiterated a Buy rating and bumped its $109 target price to $114. Barclays maintained an Overweight rating, and its $110 target rose to $115. The consensus target is $103.34. The shares closed on Wednesday at $96.21.
International Money Express Inc. (NASDAQ: IMXI): Needham initiated coverage with a Buy rating and a $35 target price. The consensus target is $29.25. The stock closed on Wednesday at $25.16.
McDonald’s Corp. (NYSE: MCD): Truist Securities reiterated a Buy rating and raised its $318 target price to $327. UBS also reiterated a Buy rating, and its target price hike was to $330 from $305. Barclays maintained an Overweight rating and boosted its $310 price target to $330. The consensus target is $308.55. The stock closed on Wednesday at $289.76 after the company posted solid numbers.
Microsoft Corp. (NASDAQ: MSFT): Stifel reiterated a Buy rating and raised its price target to $320 from $310. Goldman Sachs maintained a Buy rating, and its $325 target price increased to $335. Jefferies also reiterated a Buy rating, and its target price moved up to $350 from $325. The consensus target is $310.54 for now. The shares closed over 7% higher on Wednesday at $295.37 following an outstanding quarterly report.
PulteGroup Inc. (NYSE: PHM): Goldman Sachs raised its $57 target price on the Neutral-rated stock to $65. The consensus target for the homebuilder is $72.33. The stock closed on Wednesday at $64.63.
Sarepta Therapeutics Inc. (NASDAQ: SRPT): SMBC Nikko initiated coverage with an Outperform rating. Its $185 target price is well above the $168.47 consensus target. The last trade on Wednesday came in at $122.28.
Scotts Miracle-Gro Co. (NYSE: SMG): When Barclays downgraded the shares to Equal Weight from Overweight, the $105 target price fell to $70. The consensus target is $85.29. Wednesday’s $64.44 close was down 6% for the day after the downgrade.
Stoke Therapeutics Inc. (NASDAQ: STOK): Canaccord Genuity resumed coverage with a Buy rating and a $24 target price. The consensus target is $25.13. The shares closed on Wednesday at $8.97. That was up almost 11% for the day following positive clinical testing news.
Tesla Inc. (NASDAQ: TSLA): The Jefferies downgrade to Hold from Buy included a target price cut to $185 from $230. The consensus target is $182.90. The stock closed over 4% lower on Wednesday at $153.75.
TransUnion (NYSE: TRU): Needham upgraded the stock from Hold to Buy with an $84 target price. The consensus target is $79.19. Wednesday’s close was at $64.00.
Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE): Cantor Fitzgerald initiated coverage with an Overweight rating and a $114 target price. The consensus target is $91.44. The stock closed on Wednesday at $42.33.
Now may be the time to take profits and move to eight top safe-haven stocks that pay big, dependable dividends and should continue to fare well.
Wednesday’s top analyst upgrades and downgrades included Aflac, Capri, Coterra Energy, First Republic Bank, PDD, Range Resources, Stanley Black & Decker, Starwood Property Trust, VFC, Viking Therapeutics and ZTO Express.
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The post Thursday’s Top Analyst Upgrades and Downgrades: Albertsons, Alphabet, Apple, Coinbase, General Electric, McDonald’s, Microsoft, Tesla and More appeared first on 24/7 Wall St..