The futures traded lower on Thursday, after a slow Wednesday that saw the major indexes close lower, with the tech-heavy Nasdaq the big loser on the day, down 1.54%. The selling was triggered after Target came in with some very soft results and warned of a weak holiday season, despite overall retail sales coming in above estimates for October and some solid results from retail leaders earlier this week. CNBC reporter Bob Pisani noted Wednesday that the recent bear market rally was largely short-covering and has moved valuations to very rich levels.
Once again Treasury yields were lower across the curve, with the benchmark 30-year bond yield dropping 12 basis points to close at 3.86%. Despite the lower rates, the Dallas Federal Reserve said housing prices could drop a stunning 20%, as mortgage rates have more than doubled over the past year. That noted, mortgage rates have dipped back below 7% this week.
Brent and West Texas Intermediate crude both closed the day lower. Analysts cited the reopening of the Druzhba pipeline from Russia to Eastern Europe after being halted for repairs after damage from a Russian rocket for the move lower. Natural gas closed 3% higher at $6.21, with some very cold temperatures across much of the United States this week. Gold and Bitcoin both ended the day 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 Thursday, November 17, 2022.
Altair Engineering Inc. (NASDAQ: ALTR): Needham initiated coverage with a Buy rating and a $60 target price. The consensus target is $56.43. Wednesday’s close was at $49.13.
Autodesk Inc. (NASDAQ: ADSK): Stifel reiterated a Buy rating with a $270 target price. The consensus target is $252. Wednesday’s close at $221.14 was down close to 5% on the day.
Chart Industries Inc. (NYSE: GTLS): Jefferies maintained a Buy rating with a $205 target price. The consensus target is $224.65. The stock closed on Wednesday at $125.65.
Consolidated Water Co. Ltd. (NASDAQ: CWCO): Janney’s upgrade was from Neutral to Buy with a $20 target price. The consensus target is $19.50. The stock closed over 16% higher on Wednesday after revenues beat estimates.
Emerson Electric Co. (NYSE: EMR): Oppenheimer raised its $105 price target to $115 while keeping an Outperform rating. The stock has traded as high as $100.00 and closed on Wednesday at $95.19.
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