The futures traded higher on Thursday, after another back-and-forth day on Wall Street in which all the major indexes eventually closed higher, except the Russell 2000. The song remains the same, as recession concerns continue to dominate the dialogue across Wall Street. Inflation worries may get another boost next week when the June consumer price index report is released.
The Federal Reserve will meet again this month, and unless the inflation numbers are drastically lower, investors likely will see another 75-basis-point increase in the federal funds rate. The big data point they will review this week will be Friday’s nonfarm payroll report for June, for which the consensus forecast is that the economy added 270,000 jobs last month.
The sellers also returned to the Treasury market. Yields were up across the curve, with the five-year and 10-year notes, and the 30-year bond yield, all about 10 basis points higher. The good news once again was both Brent and West Texas Intermediate crude traded lower, falling below the $100 level for the first time since May. Gold and Bitcoin both closed 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 Thursday, July 7, 2022.
Abbott Laboratories (NYSE: ABT): Wolfe Research started coverage with an Underperform rating and a $95 target price. The consensus target is higher at $138.24. The stock closed on Wednesday at $108.69.
Azul S.A. (NYSE: AZUL): Barclays downgraded the South American airline to Underweight from Equal Weight and cut the $17 target price to $7. The consensus target is $19.09 for now. Shares were last seen Wednesday at $6.38, which was down almost 7% for the day.
Boeing Co. (NYSE: BA): Baird reiterated an Outperform rating on the defense and aerospace giant and has a $245 price objective, after deliveries for the second quarter came in above expectations. The consensus target is near $212, and the stock closed on Wednesday at $136.31.
Boston Scientific Corp. (NYSE: BSX): Wolfe Research initiated coverage with an Outperform rating and a $43 target price. The consensus target is $49.28. Wednesday’s close was at $37.66.
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Callon Petroleum Co. (NYSE: CPE): RBC Capital Markets raised its Sector Perform rating to Outperform with a $75 target price. The consensus target is $82.13. The stock closed on Wednesday at $36.46.
Corning Inc. (NYSE: GLW): Though Goldman Sachs reiterated a Buy rating on the fiber optical leader, it also lowered its $51 target price to $43. The consensus target is $43.18. The last trade on Wednesday was recorded at $31.91.
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