The futures are lower to start a new trading month, the final month in the first quarter of 2023. All the major indexes reversed course Tuesday afternoon to close the day lower. With earnings reporting for the fourth quarter all but over, Wall Street will turn its attention to the February job numbers due on Friday. Once again, after a report for January that blew away estimates, economists and strategists will be laser-focused on the latest results.
Another print like January and the inflation hawks will swoop in again. This will reinforce the chatter that it is becoming possible the terminal federal funds rate could end up as high as 6% before the Federal Reserve is done raising rates, and those rates could stay higher for longer.
Treasury yields were flat to modestly higher across the curve on Tuesday. This after buyers had come in Monday to quell, at least temporarily, what had big rate repricing that had sent the 10-year note back close to the 4% level. It closed on Tuesday at 3.92%. With the two-year note closing at 4.80%, the inversion between the two securities stays in place.
Brent and West Texas Intermediate crude each had a strong day Tuesday, pushing up over 1.5%. Despite the solid gains, both benchmarks are looking at a fourth consecutive monthly loss. Top analysts feel that there are catalysts looming that can push oil higher as we approach spring and summer. Natural gas finished the day higher, closing up almost 2% at $2.78. Gold closed higher. while Bitcoin finished the day lower.
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, March 1, 2023.
Anywhere Real Estate Inc. (NYSE: HOUS): Keefe Bruyette downgraded the stock to Market Perform from Outperform and cut its $12 target price to $7. The consensus target is $8.50. Tuesday’s final trade was for $5.79 a share.
Broadcom Inc. (NASDAQ: AVGO): Exane BNP Paribas stated coverage with an Outperform rating and a $660 target price. The consensus target is $655.94, and Tuesday’s closing share price was $594.29.
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CareDX Inc. (NASDAQ: CDNA): Goldman Sachs trimmed its $29 target price on the Buy-rated shares to $25. The consensus target is $26.17. The stock close over 14% higher on Tuesday at $16.82 after better-than-expected revenues.
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