The futures are trading higher Wednesday after Tuesday’s initial risk-on rally (that was on track to end five consecutive across-the-board losing days) was all but over by midday. The major indexes closed the day mixed, with the Nasdaq and the Russell 2000 posting modest gains. Strategists initially pointed to the very oversold conditions and cited the October seasonality as a positive as we move into the fourth quarter. However, continued concerns over the spiraling inflation, the prospects for end-of-the-month selling and the blackout window for corporate stock repurchases all weighed on equities.
Interest rates were higher across the Treasury curve on Tuesday, with the five-year, 10-year and 30-year securities all hitting 52-week high yields, and the 10-year note closing in on the 4% level for the first time in almost 14 years. The inversion for the two-year and 10-year notes remained in place, with the former closing at 4.30% (which was a 15-year high) and the latter at 3.96%. Bond traders see the inversion as a recession indicator.
Both Brent and West Texas Intermediate crude closed almost 3% higher, after a brutal sell-off Friday and Monday that saw the two oil benchmarks down a stunning 8%. The lower prices, combined with the potential for serious issues in the Gulf of Mexico as Hurricane Ian is expected to make landfall in Florida as a category 4 storm, contributed to the move higher. Natural gas closed lower, back under the $7 level, while gold closed higher and Bitcoin ended the session lower.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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 Wednesday, September 28, 2022.
AGCO Corp. (NYSE: AGCO): Stifel lowered its $170 price target on the Buy-rated shares to $150. The consensus target is $135.07. The closing share price on Tuesday was $94.40.
Altice USA Inc. (NYSE: ATUS): Goldman Sachs lowered its target on the Buy-rated shares to $10 from $13. The consensus target is higher for now at $15. The stock closed down over 3% on Tuesday at $6.31.
Boeing Co. (NYSE: BA): Jefferies reiterated a Buy rating on the stock, which resides on the firm’s Franchise List of top picks. Its $225 price target is above the consensus target, which is near $212. The stock closed on Tuesday at $127.51.
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