Friday\u2019s Top Analyst Upgrades and Downgrades: Activision Blizzard, Carvana, Coinbase Global, Domino’s Pizza, Goldman Sachs, Meta Platforms, Netflix, Snowflake, Spotify, Uber and More

The futures are trading mixed as we end one of the best weeks for the stock market in some time. The major indices all closed higher once again on Thursday as the tailwind for stocks has been very solid inflation data from the consumer and the producer side (the PPI fell to the slowest in three years), all of which came in below Wall Street expectations. All eyes now turn to second-quarter earnings, kicking off today with reports coming in from the big money center banks. The deluge of reports will start on Monday as the top S&P 500 companies start reporting in earnest.

Yields were down again across most of the Treasury curve as investors continued to snap up the safe-haven government debt in a buying spree that started in a big way once the inflation numbers hit the tape Thursday. The 2-year paper closed at 4.63% after trading over 5% on Monday, while the benchmark 10-year note closed at 3.76% after trading over 4% to start the week.

Brent Crude and West Texas Intermediate finished the day solidly higher as it was reported that Russian oil exports dropped to their lowest level since 2021. One crazy fly in the ointment for the black gold Thursday was the International Energy Agency cut their global oil demand forecast for the first time this year, while OPEC raised their 2023 crude oil demand estimates. Natural gas also finished the day down 3% at $2.55.

Gold was modestly higher on Thursday after a strong rally this week. Analysts cited the drop in weekly jobless claims along with the hope that the next Federal Reserve rate increase could likely be the last. The bullion finished the day at $1964.70. Bitcoin closed up a huge 3% at $31,469 as a favorable Judge’s ruling lifted all of the cryptocurrencies.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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, July 14, 2023.

Activision Blizzard, Inc. (NASDAQ: ATVI) Truist Financial downgraded the stock to Hold from Buy while raising the target price on the company to $95 from $84. That compares to a lower Wall Street consensus target of $92.17 and Thursday’s close at $89.97.

APA Corporation (NYSE: APA) The Benchmark Company started coverage on the shares with a Buy rating and a $46 target price objective. The consensus target is set at $46.35. The stock closed Thursday at $38.53.

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Source: Read Full Article