Thursday’s Top Analyst Upgrades and Downgrades: Coterra Energy, Eli Lilly, First Horizon, Palo Alto Networks, Southwestern Energy, Toast and More

The futures were trading mixed, with the Nasdaq futures up huge after massive numbers from Nvidia, after a dreadful Wednesday that saw all the major indexes close in the red. Once again, the leading cause for the selling was the ongoing debt ceiling issue, which is quickly running out of time for a solution. The Republicans continue to stand their ground on budget cuts and spending, and some noted there remains a “significant gap” in negotiations with the president and his team. Strategists also cited the slower reopening in China as a headwind for the markets Wednesday.

Treasury yields were modestly higher on Wednesday as bond traders continue to eye the debt ceiling talks closely. Yields on the one-month T-bill have skyrocketed over the potential for a debt-ceiling-triggered default. The one-month bill closed at a stunning 5.83%, which compares with the two-year yield of 4.328% and the benchmark 10-year note at 3.75%.

Brent and West Texas Intermediate crude both surged higher Wednesday, closing up 1.47% and 1.29% respectively, after the U.S. Energy Information Administration reported a massive draw in crude oil of 6.7 million barrels. With the unofficial start to the summer driving season starting this Memorial Day weekend, demand could increase in a big way. Natural gas also finished higher, up 3.6%, at $2.41.

Gold finished lower on the day at $1961.90, despite the debt ceiling turmoil, as the sellers returned to take profits on the bullion. Bitcoin was the big loser on the day, as the cryptocurrency giant was pounded lower to the tune of 2.93% to close at $26,413. Just over a month ago, it traded over the $30,000 level.

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, May 25, 2023.

Allison Transmission Holdings Inc. (NYSE: ALSN): Citing strategic buyouts and new product launches, Zacks selected this stock as its Bull of the Day. Shares last closed at $47.57, which is up more than 14% year to date.

Antero Resources Corp. (NYSE: AR): Goldman Sachs lowered its $34 price target on the Buy-rated shares to $29. The consensus target is $31.08. The stock closed at $23.34 on Wednesday.

Autodesk Inc. (NASDAQ: ADSK) BMO Capital Markets initiated coverage with a Neutral rating and a $224 price target. The consensus target is higher at $231.83. Wednesday’s last trade was at $196.75 a share.

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AutoZone Inc. (NYSE: AZO): Jefferies reiterated a Buy rating with a $2,850 target price. The consensus is $2,772.10, and shares closed on Wednesday at $2,423.62 apiece.

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