The futures were trading lower on Tuesday after a rollercoaster start to the final trading week for September and the third quarter. The major indexes all finished higher on the day. halting a four-day losing streak for the S&P 500 and the Nasdaq. Despite Monday’s gains, the same elements that hit stocks last week are still in play, such as higher interest rates, soaring energy prices, systematic selling from funds, continued dollar strength and, as we have mentioned, stocks are in the worst time of the year from a seasonality standpoint.
Treasury yields were mixed across the curve, as buyers had interest in the shorter maturities and yields soared as sellers arrived for the longer-dated debt. The 10-year note closed the day at a 4.54% yield, the highest since June of 2007, while the 30-year long bond was last seen at 4.67%, the highest since December of 2009. Hedge funds have been reported to still be shorting the long end of the curve.
Brent and West Texas Intermediate crude were flat to modestly higher on Monday after a strong surge higher last week. End of the quarter profit taking will likely be in play this week as futures traders have wracked up some big gains during the past three months. Brent closed the day down 0.08% at $93.34, while WTI was last seen at $89.90, down 0.14%. Natural gas closed lower at $2.63.
After a solid close to the week, gold traded lower on Monday. The December contract finished the day at $1,934.90, down 0.55%. Again, end of the quarter positioning plus the continued dollar strength and higher interest rates have weighed on the precious metal. Bitcoin closed up 0.39% on the day at $26,351.80.
24/7 Wall St. reviews dozens of analyst research reports each weekday 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 Tuesday, September 26, 2023.
AngioDynamics Inc. (NASDAQ: ANGO): H.C. Wainwright initiated coverage with a Buy rating and a $19 target price. The consensus target is $16.50. The upgrade and positive commentary helped shares close almost 5% higher on Monday at $7.35.
AstraZeneca PLC (NASDAQ: AZN): Jefferies raised its Hold rating to Buy and its $66.50 target price to $80. The consensus target is $81.79. The stock was last seen on Monday trading at $68.81.
Ballard Power Systems Inc. (NASDAQ: BLDP): HSBC Securities initiated coverage with a Hold rating and a $4.50 target price. The consensus target is $6.23. The stock closed at $3.62 on Monday.
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BHP Group Ltd. (NYSE: BHP): When Bernstein downgraded the stock to Market Perform from Outperform, it also trimmed its target price to $58 from $60. The consensus target is $65.69, and Monday’s last trade was for $55.03 a share.
Bloom Energy Corp. (NYSE: BE): HSBC Securities started coverage with a Buy rating and a $22 target price. The consensus target is $25.90. The stock closed on Monday at $13.79.
Brookfield Infrastructure Partners L.P. (NYSE: BIP): Raymond James upgraded the stock to Strong Buy from Outperform. Its $45 target price is higher than the consensus target of$42.33 and Monday’s close at $31.42.
CarMax Inc. (NYSE: KMX): Wedbush raised its Neutral rating to Outperform, and the $85 target price increased to $90. The consensus target is $81.15. The stock closed on Monday at $77.67.
Choice Hotels Inc. (NYSE: CHH): Argus initiated coverage with a Buy rating and a $145 target pierce. The consensus target is $129. The stock closed on Monday at $121.35.
Cleveland-Cliffs Inc. (NYSE: CLF): Citigroup’s upgrade was from Neutral to Buy with a $22 target price. That compares with an $18.77 consensus target and Monday’s closing print of $14.87, which was almost 3% higher on the day, after the upgrade.
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