The futures were absolutely crushed on Friday, with each of the major indexes showing a loss of more than 1% before the market opened. Many would attribute this move to the Federal Reserve’s most recent decision to raise interest rates by another 75 basis points. Markets are on track to close yet another week lower, as a recession looms overhead.
At the same time, the 10-year U.S. Treasury note pushed above 3.7, marking its highest level since 2010. Adding to this, the U.S. dollar index reached another two-decade high of just over 112.
All this contributes to the current path for interest rates, and what analysts are saying is that these are about to get a lot higher. Goldman Sachs, Wells Fargo and others are predicting rate hikes of 100 basis points or more for the rest of the year as inflation is not slowing fast enough. It remains to be seen how this will be carried out by Fed Chair Jerome Powell and company.
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 Friday, September 23, 2022.
Adobe Inc. (NASDAQ: ADBE): MoffettNathanson started coverage with a Hold rating and a $354 price target. The consensus target is $389.97. The shares closed on Thursday at $287.06.
Alcoa Corp. (NYSE: AA): Wolfe Research downgraded the stock to Peer Perform from Outperform. The consensus target is higher at $58.38. The stock closed over 4% lower on Thursday at $37.52.
Ally Financial Inc. (NYSE: ALLY): Wells Fargo’s downgrade was from Overweight to Equal Weight with a $32 price target. The consensus target is $45.37. The stock closed down nearly 3% at $30.68 on Thursday.
AppLovin Corp. (NASDAQ: APP): Morgan Stanley resumed coverage with an Overweight rating and a $35 price target. The consensus target is $52.13. The stock closed trading Thursday at $19.90, a 6% drop for the day.
BlackLine Inc. (NASDAQ: BL): Credit Suisse initiated coverage with a Neutral rating and a $75 price target. The consensus target is up at $82.70. The stock closed on Thursday at $60.44, down almost 4% on the day.
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