The futures traded higher Monday, as we start the new week after a shortened holiday week to start June. Last week was once again the song that remains the same scenario: huge up and down days, culminating with a big risk-off Friday when all the major indexes closed lower. This despite the government reporting that the economy added 390,000 jobs, versus the consensus estimate of 325,000.
While it appears like economic strength on the surface, the reality is that during the COVID-19 pandemic, the country lost a stunning 22 million jobs, and all we are basically doing is filling in the huge hole that was dug those two years. As we do wage inflation is adding to the overall inflation picture, which as consumers know well is punctuated at the gasoline pump and grocery store, where prices are surging.
Treasury yields were somewhat higher across the curve, but again the canary in the coal mine from an inflation standpoint is crude oil, as both Brent and West Texas Intermediate closed higher Friday, near the $120 a barrel mark. Natural gas also was up modestly. Given the massive run in oil, beleaguered consumers looking toward summer vacations can count on record-high gasoline prices across the nation. Both gold and Bitcoin closed lower Friday.
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 Monday, June 6, 2022.
American Tower Corp. (NYSE: AMT): BofA Securities resumed coverage on the stock with a Buy rating and a $315 target price. The consensus target is lower at $285.56. The last trade on Friday was reported at $266.73.
Bristol-Myers Squibb Co. (NYSE: BMY): Raymond James downgraded the pharmaceutical giant to Market Perform from Outperform. The stock has traded in a 52-week range of $53.22 to $75.30 and has an $80.23 consensus target. The last trade on Friday was reported at $75.17.
Cheniere Energy Inc. (NYSE: LNG): Zacks selected this as its Bull of the Day stock, pointing out that this company is raking in the profits as natural gas prices surge. Shares last closed at $141.96, and the consensus price target of $160.65 would be a 52-week high.
Chewy Inc. (NYSE: CHWY): Goldman Sachs lowered its price target on the Neutral-rated stock to $38 from $59. The consensus target is $48.54. Friday’s close was at $28.80.
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