The futures were lower as we get set to start the new trading week. The major indexes ended mixed on Friday after the nonfarm payrolls for November once again surprised to the upside. All eyes on Wall Street are now laser-focused on the final Federal Reserve meeting of 2022, which will take place on December 13 and 14, with a rate decision coming at 2 p.m. Eastern Time on December 14.
It is widely expected that, for the first time since back in the spring, the rate hike will be lowered to 50 basis points, which once again could spark a huge bear market rally like we saw last Wednesday.
After plunging last week in a massive safe-haven buying spree, rates across the Treasury curve were lower again on Friday. The biggest buying Friday was the benchmark 30-year bond, which closed at a 3.56% yield. The inversion between the two-year and 10-year note stayed in place, with the former closing at 4.33% and the 10-year at 3.57%. The inversion is a harbinger of recession.
Brent and West Texas Intermediate closed lower Friday after a solid week for both. Natural gas ended lower, down over 7% despite power prices shooting higher in Europe as wind speeds have stalled and cold weather sets in. Gold closed lower after a strong week that saw the precious metal trade back over the $1,800 level. Bitcoin reversed in the afternoon Friday to close slightly higher.
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, December 5, 2022.
Ambarella Inc. (NASDAQ: AMBA): Cowen reiterated an Outperform rating while trimming its $100 price target to $90. The consensus target is $101.10. The stock closed Friday at $76.38, which was up over 3% on the day.
AvalonBay Communities Inc. (NYSE: AVB): Morgan Stanley downgraded the REIT giant to Equal Weight from Overweight and slashed the $225 target price to $187. The consensus target is $200.36. The stock closed on Friday at $172.57.
Big Lots Inc. (NYSE: BIG): Goldman Sachs lowered its $20 price target on the Sellated shares to $16. The consensus target is $16.25. The stock closed on Friday at $18.19.
Broadcom Inc. (NASDAQ: AVGO): Oppenheimer reiterated an Outperform rating with a $720 target price. The consensus target is lower at $644.80. Friday’s close was at $540.80.
Cboe Global Markets Inc. (CBOE): Zacks has selected this stock as its Bull of the Day. The analyst suggests a VIX above 20 during the bear market keeps options hedging and market data in high demand. Shares last closed at $128.33, and the $142.15 consensus price target would be a 52-week high.
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