Tuesday’s Top Analyst Upgrades and Downgrades: Bill, Carnival, Oracle, Palantir, Petrobras, Valvoline, Walmart and More

The futures were trading mixed after a huge Monday that saw all the major indexes finish the day higher, with the Nasdaq’s 1.5% gain leading the way. With the consumer price index (CPI) results coming in pretty much as expected, many feel that Federal Reserve Chair Powell will still announce a skip in raising rates tomorrow, but not a pause. While overall market breadth has improved as stocks have surged higher, many feel that this current run is close to over, and the back half of the year may be another story for investors after a very solid first half.

Treasury yields were mixed to slightly higher across the board, as bond traders also were tracking the CPI results and with the potential for more increases after a June pause. Many will be closely scrutinizing Powell’s remarks when he addresses the media on Wednesday. The 10-year note finished the day yielding 3.77%, while the two-year paper closed at 4.58% the highest since early March. The inversion in yields for the two securities signals recession is in our future.

Brent and West Texas Intermediate crude were the big losers to start the week. The former finished the day down 3.9% and WTI a stunning 4.3%. The oil benchmarks closed down 2% last week to finish lower for the sixth time in the past eight weeks. Goldman Sachs lowered its year-end 2023 target price to $86, and that was cited as a big reason for the selling Monday, along with concerns for the potential for continued interest rate hikes. Natural gas finished the day slightly higher at $2.27.

Gold finished the day lower as well, closing down 0.30% at $1971. Top analysts cited the Treasury’s huge need to sell bonds to replenish its coffers as a negative for the markets as it could cause a massive liquidity drain, which some feel ultimately could be quite positive for the bullion. Bitcoin finished the day modestly lower, down 0.15%, at $25,896.

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 Tuesday, June 13, 2023.

Abercrombie & Fitch Co. (NYSE: ANF): Argus upgraded the stock to Buy from Hold and has a $41 target price. The consensus target of $30.60 is below Monday’s $34.39 closing share price.

Ameren Corp. (NYSE: AEE): KeyBanc Capital Markets raised its Sector Weight rating to Overweight with a $90 target price. The consensus target is $93.80. Monday’s close was at $83.53.

Ares Management Corp. (NASDAQ: ARES): Wells Fargo downgraded the shares to Equal Weight from Overweight, and it trimmed its $99 target price to $93. The consensus target is $99.18, and shares closed on Monday at $92.92.

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