The futures traded lower to start the new trading week, after a rollercoaster ride last week that saw the midterm elections (which are still not totally counted) and the consumer price index (CPI) data that came in below expectations and sparked the biggest one-day rally since March of 2020. All the major indexes ended higher Friday, with the Nasdaq leading the way once again by closing up 1.9%.
While the CPI print was encouraging, the reality is 7.7% year-over-year inflation is still huge, and the Federal Reserve likely will raise the benchmark funds rate in December by another 50 basis points. With the Veterans Day holiday on Friday the bond market was closed, after a massive Thursday rally pounded rates lower. In fact, rates dropped so much on Thursday that the 30-year fixed mortgage rate dropped back below 7%. The bond market will keep a very close eye on the two-year and 10-year note inversion this week.
Brent and West Texas Intermediate crude marched higher again on Friday, up 2.25% and 2.88% respectively. Analysts cited the potential for China to lift COVID-19 restrictions yet again as the tailwind for the black gold. Natural gas was the big loser in the energy complex, closing down almost 6% on Friday. Gold traded higher, while Bitcoin closed down almost 4% on the heels of the FTX dumpster fire.
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 Monday, November 14, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD): Stifel reiterated a Buy rating and has a $91 target price. The consensus target is $91.77, and Friday’s closing print of $72.37 was up almost 6% on the day.
Ally Financial Inc. (NYSE: ALLY): Pointing out that auto loan loss provisions are on the rise, Zacks named this as its Bear of the Day stock. Shares have traded as high as $53.83 in the past year but closed most recently at $29.50. That is down more than 17% in the past 90 days, while the S&P 500 has retreated less than 8%.
AppLovin Corp. (NASDAQ: APP): BofA Securities downgraded the stock from Buy to Neutral with a $17 target price. The consensus target is $33.59. Friday’s final trade was reported at $16.94.
Coherent Corp. (NASDAQ: COHR): Though BofA Securities upgraded it to Buy from Neutral, the firm also cut the $63 price target to $45. The consensus target is $62.13. The stock closed on Friday at $38.74, which was up almost 11% after posting revenues in line with Wall Street expectations.
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