The futures traded higher after a very mixed day across Wall Street that saw only the Nasdaq finish the session up after some solid big-tech earnings results. While some other top companies, like Chipotle Mexican Grill, posted huge results that shattered Wall Street estimates, the concern about the banking disaster and the potential for more contagion is not over. Plus, the unsettled debt limit debate is being cited as a big overhang for the stock market.
Treasury yields were higher across the curve as the overall positive earnings results brought some sellers into the market after yields plunged on Tuesday. The short two-year paper closed below the 4% level again Wednesday at 3.94%, while the benchmark 10-year note finished the day at 3.43%. While the inversion spread has tightened, it still suggests a recession is coming our way.
Brent and West Texas Intermediate crude closed lower again despite the U.S. Energy Information Administration announcing a massive crude oil draw of 5.1 million barrels for the period ending April 21. Natural gas closed down over 8% at $2.12.
Gold finished the day slightly lower, while Bitcoin had a wild roller-coaster Wednesday, up over 5% at one point before closing down over 2% at $27,717. Bitcoin is still 60% below the all-time high of $68,789.63. The current circulating supply is 19,356,850 BTC.
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 27, 2023.
Albertsons Companies Inc. (NYSE: ACI): Though Tigress Financial upgraded the stock to Buy from Neutral, it trimmed its $32 target price objective to $27. The consensus target is $25.52. The closing share price on Wednesday was $20.92.
Alphabet Inc. (NASDAQ: GOOGL): Truist Financial reiterated a Buy and bumped its $120 target price to $122. Wedbush reiterated an Outperform rating and raised its target to $325 from $315. Roth MKM maintained a Buy rating, and its $126 target price increased to $134. The consensus target is $124.50. Despite posting solid results, the stock closed Wednesday down modestly at $103.71.
Apple Inc. (NASDAQ: AAPL): Deutsche Bank reiterated a Buy rating, but its $165 target price is now $170. The consensus target is $170.79. Wednesday’s close was at $163.76.
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