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Futures traded higher on Wednesday after the stock market was finally able to sustain a rally on Tuesday. The S&P 500 bounced off the 3,800 support level, and all major indices closed positive despite the end of the day’s highs.
In a surprise move, the Bank of Japan adjusted its public debt ceiling to 10 years. While not technically a rate hike, it signals that after years of ultra-loose monetary policy and low rates, Japan’s central bank may be considering a policy review. That said, it remains to be seen exactly how the bank will proceed in 2023.
The stock market managed to recover despite another rise in interest rates on the Treasury curve. The 10-year and 30-year rates rose again by more than 10 basis points. Despite the rise of the 10-year, the reversal with the two-year note remained firmly in place. The 10-year closed at 3.68% and the two-year at 4.26%. Bond traders see the reversal as the harbinger of a potential recession.
Brent crude and West Texas Intermediate both ended slightly higher on the day, and again the biggest casualty in the energy sector was natural gas, which closed more than 7% on the day at $5.41. Gold and Bitcoin both had strong sessions, with the cryptocurrency up nearly 3% as it closes at $17,000.
Rue du mur 24/7 reviews dozens of analyst research reports every weekday in an effort to find new insights for investors and traders. Some of these daily analyst calls are covering stocks to buy. Other calls cover stocks to sell or avoid. Remember that no analyst call should ever be used as a basis for buying or selling a stock. Consensus analyst target data comes from Refinitiv.
These are the major analyst upgrades, downgrades and insiders seen on Wednesday, December 21, 2022.
Allegiant Travel Co. (NASDAQ: ALGT): Deutsche Bank downgraded the shares to Hold from Buy and lowered its target price from $106 to $75. The consensus target is $102.50 and Tuesday’s final trade was recorded at $65.07.
Apple Inc. (NASDAQ: AAPL): JP Morgan reiterates an overweight rating but cut its target price to $190 from $200. The consensus target is $176.45. The stock closed Tuesday at $132.30.
Therapeutic Beam Inc. (NASDAQ: RADIUS): BMO Capital Markets upgraded shares from Market Perform to Outperform and raised its price target from $61 to $66. The consensus target is $80.08. Tuesday’s close at $41.59 was up nearly 4% for the day on the upgrade.
Boston Scientific Corp. (New York Stock Exchange: BSX): Truist Securities raised its $50 price target on the buy-rated stock to $54. The consensus target is $49.32. The stock was last seen Tuesday at $45.84.
Capri Holdings Ltd. (NYSE: CPRI): Raymond James launched a hedge with an outperform rating and a target price of $65. The consensus target is $63.55. The stock closed Tuesday at $55.42.
Caterpillar inc. (NYSE: CAT): Jefferies reiterates a buy rating on the stock, which is one of the company’s best ideas for 2023. The target price of $260 compares to the consensus target of $226.71 and the Tuesday’s close at $235.14.
Ciena Corp. (NASDAQ: CIEN): JP Morgan upgraded the stock from neutral to overweight and has a target price of $60. The consensus target is $62.29. The stock closed Tuesday at $49.27.
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