The futures traded higher Tuesday, with a new month upon us. The Federal Reserve is expected to stay with its hawkish policy stance by raising rates another 75 basis points Wednesday, and investors could be in for more of the same volatility, with big up and down days. All the major indexes closed lower on Monday (the Dow Jones industrials however finished with its best monthly gain since January of 1976) as geopolitical issues marked much of the commentary, with Russia withdrawing from a grain deal and also stepping up the bombing on Ukraine as the war enters its 10th month.
Yields were higher across the Treasury curve, with benchmark 10-year note closing well over the pivotal 4% level at 4.08%. The inversion with the two-year paper stayed in place, closing up seven basis points to 4.49%. The bond market views the wide inversion as a tell-tale sign of impending recession.
Brent and West Texas Intermediate crude both closed the day lower, despite OPEC boosting global oil demand forecasts. Natural gas made a parabolic move higher, closing up almost 12% at $6.36. Gold and Bitcoin closed the day lower, but the cryptocurrency leader stayed above the pivotal $20,000 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 Tuesday, November 1, 2022.
ADT Inc. (NYSE: ADT): Morgan Stanley resumed coverage with an Equal Weight rating and an $8 target price. The consensus target for the home security giant is $10.25. The stock closed on Monday at $8.46.
Boeing Co. (NYSE: BA): Jefferies reiterated a Buy rating on the shares, which reside on the firm’s Franchise Picks list of top ideas. The $180 target price is less than the consensus target of about $188. The stock closed Monday at $142.51.
Cedar Fair L.P. (NYSE: FUN): Credit Suisse downgraded the theme park giant to Neutral from Outperform and slashed its $74 target price to $42. The consensus target is $58.38. The last trade on Monday came in at $41.20.
Ceridian HCM Holdings Inc. (NYSE: CDAY): Barclays upgraded the stock to Equal Weight from Underweight and raised its $54 target price to $64. The stock has traded as high as $130.37 in the past year but closed on Monday at $66.19.
Cullen/Frost Bankers Inc. (NYSE: CFR): Evercore ISI boosted its Underperform rating to Inline, and its price target rose from $140 to $160. The consensus target is $156.38. Monday’s close was at $155.05.
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