The futures were mixed Tuesday, as investors prepare for a huge week of data and an inevitable lifting of the federal funds rate by 50 basis points. The major indexes closed mixed Monday, after last week’s tsunami of selling, and many think that the ISM manufacturing number will be closely watched this week after new orders dropped in March. The biggest data highlight will be the April nonfarm payrolls report on Friday. Wall Street strategists are predicting a 390,000 increase.
The biggest story on Monday was interest rates shooting higher again, with big selling across the treasury curve with the 30-year bond closing at a 3.06% yield and the 10-year note right behind closing at 3.00%. Both are 52-week highs, and the biggest yields both have traded at since early 2019. Brent and West Texas Intermediate crude closed flat, while natural gas once again pushed higher, closing up almost 3% at $7.21. Gold finished the day down close to 2%.
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, May 3, 2022.
Amgen Inc. (NASDAQ: AMGN): Oppenheimer kept an Outperform rating on the biotech giant and has a $285 price target, as the company continues to battle the IRS over tax issues. The consensus target is $248.99. The last trade on Monday was reported at $230.92.
Array Technologies Inc. (NASDAQ: ARRY): Truist Financial resumed coverage with a Hold rating and a $14 target price. The consensus price objective is $18.60. The shares were last seen Monday at $7.21, which was up over 10% for the day.
Biomarin Pharmaceutical Inc. (NASDAQ: BMRN): Stifel maintained a Buy rating with a $96 target price. The consensus target is $116.39. The shares were last seen on Monday at $83.31.
Bloomin’ Brands Inc. (NASDAQ: BLMN): Jefferies reiterated a Buy rating on the shares, which are on the firm’s Franchise List of top stock picks. Its $36 price objective is well above the $29.75 consensus target. Monday’s closing print of $23.08 was up almost 5% on the day.
Boeing Co. (NYSE: BA): Jefferies maintained a Buy rating and has a $225 target price on the aerospace and defense giant after solid first-quarter earnings. The stock hit a 52-week low of $143.38 on Monday but closed at $148.61.
Carvana Co. (NYSE: CVNA): Stifel reiterated a Buy rating but lowered its $140 target price to $115. This online auto retailer also is the Bear of the Day at Zacks, which cited widening losses. The consensus target is $168.10. Monday’s close at $60.47 was up over 4% on the day.
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