The futures dipped lower early on Thursday. The summer doldrums are in full swing, with markets seemingly in a holding pattern in this slow part of the year. It appears many investors and brokers are adhering to the market adage of “sell in May and go away.” However, there is still some ongoing action in play in the markets.
Many expect the Federal Reserve to hold steady on rates next week, or at the most to raise by 25 basis points, but with inflation remaining stubbornly high it is still uncertain what is to come.
Brent and West Texas Intermediate crude gained slightly, as the latter pushed higher by just less than 1% putting it just barely above $73 a barrel. Separately, gold edged higher but is still holding just below the $2,000 level at $1,961. Some feel that gold can take a run at new all-time highs, should there be any disruptions in the equity markets, as many bears are calling for. Bitcoin traded lower again in Thursday’s premarket, down just over 1.5% at $26,393.
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 8, 2023.
Airbnb Inc. (NASDAQ: ABNB): Wells Fargo initiated coverage with an Underweight rating and a $99 price target. The consensus target is $130.06. The stock closed on Wednesday at $116.55.
Amazon.com Inc. (NASDAQ: AMZN): Wells Fargo started coverage with an Overweight rating and a $159 price target. That is well above the $134.65 consensus target and Wednesday’s closing print of $121.23.
American Electric Power Co. Inc. (NASDAQ: AEP): Goldman Sachs started coverage with a Buy rating and a $98 price target. The consensus target is $100.81. The stock closed up just over 1% on Wednesday at $84.58.
Carrier Global Corp. (NYSE: CARR): Morgan Stanley downgraded it to Equal Weight from Overweight and cut the price target to $47 from $49. The consensus target is $48.37. Wednesday’s final trade was for $45.60 a share.
DoorDash Inc. (NYSE: DASH): Wells Fargo started coverage with an Equal Weight rating and a $70 price target. The price target is below the $77.94 consensus target. Wednesday’s closing share price was $70.15.
Duke Energy Corp. (NYSE: DUK): Goldman Sachs initiated coverage with a Neutral rating and a $99 price target. The consensus price target is $109.08. The shares closed on Wednesday at $91.57.
Fisker Inc. (NYSE: FSR): Wolfe Research’s downgrade was from Peer Perform to Underperform with a $6 price target. The consensus target is $10.00. The shares closed on Wednesday at $6.18.
Las Vegas Sands Corp. (NYSE: LVS): Jefferies cut its Buy rating to Hold and cut its price target to $65 from $69. The consensus target is $70.64. Wednesday’s close was at $58.49.
Lyft Inc. (NASDAQ: LYFT): Wells Fargo started coverage with an Equal Weight rating and a $9 price target. The consensus target is $12.80. Wednesday’s close was at $10.30.
Macy’s Inc. (NYSE: M): Zacks named this stock as its Bear of the Day. The analyst suggests that investors should look to take their lumps in this struggling retail name. Its shares have traded as high as $25.12 in the past year but closed most recently at $16.21.
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