The futures were mixed Thursday, after a typical 2023 day on Wednesday in which all the major indexes initially shot higher on the inflation data before selling off in the afternoon and ending up in the red. The initial spark for the buyers was the consumer price index data, which came in below expectations for the month and the year-over-year prints. It is becoming apparent that the Federal Reserve’s dogged efforts to choke inflation are starting to work, as overall prices posted the slowest increase since May of 2021. While the core CPI was in line with expectations, some feel that the next Fed meeting in early May could bring the last rate increase in this tightening cycle.
Treasury yields were mixed across the curve as the bond market digested the CPI and other inflation data. The yield on the two-year note dropped to 3.97% as buyers stepped in, while the 10-year note handle closed just modestly lower at 3.42%. Once again, the inversion and the tumbling money supply are warning recession is on the way.
Brent and West Texas Intermediate crude had another solid day, as both closed higher, with WTI the big winner, up over 2% to close at $83.24. A small decline in inventories provided some of the tailwind, but analysts also see demand increasing and, matched with the recent OPEC production cuts, helping the bullish narrative. Natural gas closed down almost 5% to end at $2.08.
Gold closed modestly higher on Wednesday as prices remain near all-time highs. With continuing concerns over the banking system and massive ongoing central bank buying, some analysts feel the bullion could be headed to $2,500. Bitcoin was lower on the day, closing at $29,902, down over 1% after some big moves higher recently.
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, April 13, 2023.
Adtran Holdings Inc. (NASDAQ: ADTN): Northland Capital downgraded the stock to Market Perform from Outperform and has a $13 target. The consensus target is $25.67 for now. The shares closed on Wednesday at $10.83, which was down almost 6% for the day after the downgrade.
Alcoa Inc. (NYSE: AA): Goldman Sachs lowered its $65 target price on the Buy-rated aluminum giant to $56. The consensus target is $54.91. The shares closed on Wednesday at $40.07.
Archer Daniels Midland Co. (NYSE: ADM): Morgan Stanley resumed coverage with an Equal Weight rating and lowered their target price to $85 from $94. The consensus is set at $101.57. The stock closed Wednesday at $81.59.
Becton Dickinson and Co. (NYSE: BDX): The KeyBanc Capital Markets upgrade was from Sector Weight to Overweight with a $304 target price. The consensus target is just $275.92, and Wednesday’s close was at $254.51.
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