The futures were lower Wednesday, after the risk-off crowd returned to the markets, hammering all the major indexes Tuesday, with the Nasdaq down 2.26%. The song remains the same across Wall Street, with the Ukraine-Russia conflict leading the way, and there is chatter that new sanctions against Russia are forthcoming after allegations of war crimes.
The big story Tuesday was the continued climb in Treasury yields. The five-year and 10-year notes closed at 52-week high yields, with both soaring 14 basis points higher. Financial pundits cited Federal Reserve Governor Brainard’s concern and comments over inflation and her discussion of the Fed’s balance sheet reduction. The recently much-discussed harbinger of inflation, the two- and 10-year inversion, was not present in Tuesday’s trading. Brent and West Texas Intermediate crudes closed down 2%, and gold closed modestly lower on the day.
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 Wednesday, April 6, 2022.
Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY): Oppenheimer reiterated an Outperform rating on the shares and has a $205 target price. The consensus target is $203.50. The shares closed trading on Tuesday at $159.51.
Block Inc. (NYSE: SQ): Stephens started coverage with an Overweight rating and a $170 target price. The consensus target is higher at $182.88. The stock closed Tuesday at $135.92, which was down almost 7% on the day.
Boeing Co. (NYSE: BA): Baird reiterated an Outperform rating with a $306 price target after the analyst noted that orders surged at the end of March. Jefferies reiterated a Buy rating with a lower $270 target price. Shares of the aerospace and defense giant have traded as high as $258.40 in the past 52 weeks. The final trade for Tuesday hit the tape at $182.65, down almost 5% for the day.
Brighthouse Financial Inc. (NASDAQ: BHF): Goldman Sachs raised its $55 price objective on the Neutral-rated shares to $63. The consensus target is $59.60. The stock closed on Tuesday at $51.81.
Cemex SAB de C.V. (NYSE: CX): Goldman Sachs slashed the $9.20 target price on the Neutral-rated Mexican cement and building materials giant to $6. The consensus target is $10.64. The stock closed Tuesday at $5.07, down almost 4%, but shares rebounded after the close by almost 4%.
Ciena Corp. (NASDAQ: CIEN): UBS started coverage with a Neutral rating and a $66 price target. The consensus target is much higher at $80.75. The stock closed over 3% lower on Tuesday to $59.85.
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