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Stock Market Update

April 11, 2024

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UPGRADES

Berenberg analyst Andres Castanos Mollor upgrades Albemarle (NYSE:ALB) from Hold to Buy and raises the price target from $130 to $160.

B of A Securities analyst Lorraine Hutchinson upgrades Nike (NYSE:NKE) from Neutral to Buy and raises the price target from $110 to $113.

Keefe, Bruyette & Woods analyst Aidan Hall upgrades T. Rowe Price Gr (NASDAQ:TROW) from Underperform to Market Perform and raises the price target from $106 to $120.

Evercore ISI Group analyst Liisa Bayko upgrades Vertex Pharmaceuticals (NASDAQ:VRTX) from In-Line to Outperform and announces $438 price target.

JP Morgan analyst Kenneth Worthington upgrades StepStone Group (NASDAQ:STEP) from Neutral to Overweight and raises the price target from $40 to $49.

DOWNGRADES

Raymond James analyst Steve Hansen downgrades Toromont Industries (OTC:TMTNF) from Outperform to Market Perform and announces $135 price target.

Exane BNP Paribas analyst Tom Poutrieux downgrades Fidelity National Info (NYSE:FIS) from Outperform to Neutral and announces $72 price target.

Wells Fargo analyst Elyse Greenspan downgrades Marsh & McLennan (NYSE:MMC) from Overweight to Equal-Weight and announces $212 price target.

Wedbush analyst Jay McCanless downgrades Arbor Realty Trust (NYSE:ABR) from Outperform to Neutral and lowers the price target from $17 to $13.

Barclays analyst Saket Kalia downgrades Gen Digital (NASDAQ:GEN) from Overweight to Equal-Weight and lowers the price target from $28 to $25.

NEWS

Tech stocks led Thursday's market rebound, with the Nasdaq Composite logging its sixth record close of 2024.

Slightly lower-than-expected wholesale-price growth offered some relief to markets on edge about inflation. The latest producer-price inflation reading, out early Thursday, came in a little below economist expectations.

The European Central Bank held its key interest rates unchanged Thursday, as expected.

April 10, 2024

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UPGRADES

Keybanc analyst Scott Schoenhaus upgrades Certara (NASDAQ:CERT) from Sector Weight to Overweight and announces $23 price target.

Keybanc analyst Scott Schoenhaus upgrades GoodRx Holdings (NASDAQ:GDRX) from Sector Weight to Overweight and announces $9 price target.

Piper Sandler analyst Alexander Goldfarb upgrades UDR (NYSE:UDR) from Underweight to Neutral and raises the price target from $34 to $40.

Bernstein analyst Jean Ann Salisbury upgrades EQT (NYSE:EQT) from Underperform to Market Perform and raises the price target from $27 to $34.

Argus Research analyst Christine Dooley upgrades Cava Group (NYSE:CAVA) from Hold to Buy and announces $70 price target.

DOWNGRADES

Keybanc analyst Scott Schoenhaus downgrades Health Catalyst (NASDAQ:HCAT) from Overweight to Sector Weight.

BMO Capital analyst Katja Jancic downgrades Arch Resources (NYSE:ARCH) from Outperform to Market Perform and lowers the price target from $180 to $165.

B of A Securities analyst Ronald Epstein downgrades Hexcel (NYSE:HXL) from Neutral to Underperform and lowers the price target from $75 to $65.

Argus Research analyst John Staszak downgrades Yum Brands (NYSE:YUM) from Buy to Hold.

Truist Securities analyst Joseph Civello downgrades Deckers Outdoor (NYSE:DECK) from Buy to Hold and lowers the price target from $983 to $864.

NEWS

The S&P 500 jumped and the Nasdaq Composite closed at a record Thursday as tech shares climbed higher, rebounding from an earlier pullback over concerns of persistent inflation.

The S&P 500 gained 0.74% to close at 5,199.06. The Nasdaq Composite added 1.68% to end the day at 16,442.20, a record level. The Dow Jones Industrial Average underperformed and slipped 2.43 points, or 0.01%, at 38,459.08.

Technology stocks lifted the S&P 500 and Nasdaq Composite into positive territory midday Thursday as investors bought into the dip from earlier in the week.

April 9, 2024

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UPGRADES

BMO Capital analyst John McNulty upgrades Chemours (NYSE:CC) from Market Perform to Outperform and raises the price target from $19 to $34.

RBC Capital analyst Jon Arfstrom upgrades First Horizon (NYSE:FHN) from Sector Perform to Outperform and raises the price target from $16 to $18.

Goldman Sachs analyst Bonnie Herzog upgrades Molson Coors Beverage (NYSE:TAP) from Neutral to Buy and raises the price target from $66 to $75.

Keefe, Bruyette & Woods analyst George Bose upgrades PennyMac Financial Servs (NYSE:PFSI) from Market Perform to Outperform and raises the price target from $100 to $105.

JP Morgan analyst Matthew Boss upgrades American Eagle Outfitters (NYSE:AEO) from Neutral to Overweight and announces $31 price target.

DOWNGRADES

Wolfe Research analyst Andrew Rosivach downgrades Jones Lang LaSalle (NYSE:JLL) from Outperform to Peer Perform.

Goldman Sachs analyst Mark Delaney downgrades Sensata Technologies (NYSE:ST) from Buy to Neutral and lowers the price target from $44 to $36.

Wolfe Research analyst Timna Tanners downgrades Cleveland-Cliffs (NYSE:CLF) from Peer Perform to Underperform.

B of A Securities analyst Caio Ribeiro downgrades Vale (NYSE:VALE) from Buy to Neutral and lowers the price target from $20 to $13.

Roth MKM analyst Jeff Martin downgrades Perion Network (NASDAQ:PERI) from Buy to Neutral and lowers the price target from $35 to $13.

NEWS

Google is trying to make cloud computing more affordable with a custom-built Arm-based server chip. At its Cloud Next conference in Las Vegas on Tuesday, the company said the new processor will become available later in 2024.

With the new Arm-based chip, Google is playing catch-up with rivals such as Amazon and Microsoft, which have been employing a similar strategy for years. The tech giants compete fiercely in the growing market for cloud infrastructure, where organizations rent out resources in faraway data centers and pay based on usage.

Google parent Alphabet still derives three-quarters of revenue from advertising, but cloud is growing faster and now represents almost 11% of company revenue. The segment, which contains corporate productivity applications, is also profitable. Google held 7.5% of the cloud infrastructure market in 2022, while Amazon and Microsoft together controlled around 62%, according to Gartner estimates.

April 8, 2024

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UPGRADES

Goldman Sachs analyst Kate McShane upgrades BJ's Wholesale Club (NYSE:BJ) from Neutral to Buy and raises the price target from $81 to $87.

B of A Securities analyst Ebrahim Poonawala upgrades Huntington Bancshares (NASDAQ:HBAN) from Neutral to Buy and raises the price target from $14 to $16.

Truist Securities analyst Michael Roxland upgrades Sealed Air (NYSE:SEE) from Hold to Buy and raises the price target from $39 to $44.

Cantor Fitzgerald analyst C J Muse upgrades Applied Mat (NASDAQ:AMAT) from Neutral to Overweight and raises the price target from $220 to $260.

JP Morgan analyst Pablo Singzon upgrades BRP Group (NASDAQ:BRP) from Neutral to Overweight and raises the price target from $27 to $33.

DOWNGRADES

NEWS

Baird analyst Timothy Wojs downgrades Douglas Dynamics (NYSE:PLOW) from Outperform to Neutral and lowers the price target from $36 to $25.

Exane BNP Paribas analyst Andrew Gwynn downgrades Kroger (NYSE:KR) from Neutral to Underperform and announces $48 price target.

Leerink Partners analyst Mike Kratky downgrades Shockwave Medical (NASDAQ:SWAV) from Outperform to Market Perform and lowers the price target from $361 to $335.

JP Morgan analyst Mark Strouse downgrades Enlight Renewable Energy (NASDAQ:ENLT) from Overweight to Neutral and lowers the price target from $19 to $16.

Vertical Research analyst Kevin McCarthy downgrades Westlake (NYSE:WLK) from Buy to Hold and announces $154 price target.

A new week brought a new question for investors: Will March inflation data boost or break the newly rekindled stock rally?

Monday's action didn't offer many clues about investors' outlook. Stocks finished little changed, though Treasury yields rose to 2024 highs. Read the day's full markets roundup here.

Friday's jobs report lifted indexes after wage-growth data suggested that inflationary forces are contained. On Wednesday the consumer-price index is due, another key reading.

Traders hope that report will offer more clarity around when the Federal Reserve may begin cutting rates—and how frequently cuts will come after that. Some investors are even contemplating the possibility of no rate cuts this year.

April 5, 2024

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UPGRADES

Piper Sandler analyst Brian Mullan upgrades Krispy Kreme (NASDAQ:DNUT) from Neutral to Overweight and raises the price target from $14 to $20.

Seaport Global analyst David Joyce upgrades Fox (NASDAQ:FOXA) from Neutral to Buy and announces $37 price target.

Stifel analyst Daniel Arias upgrades Agilent Technologies (NYSE:A) from Hold to Buy and raises the price target from $145 to $163.

B of A Securities analyst Jeffrey Spector upgrades Tanger (NYSE:SKT) from Underperform to Neutral and raises the price target from $24 to $31.

Rosenblatt analyst Blair Abernethy upgrades Snowflake (NYSE:SNOW) from Neutral to Buy and announces $185 price target.

DOWNGRADES

B of A Securities analyst Jeffrey Spector downgrades Kimco Realty (NYSE:KIM) from Buy to Neutral and lowers the price target from $24 to $20.

Keybanc analyst Tim Rezvan downgrades Gulfport Energy (NYSE:GPOR) from Overweight to Sector Weight.

Piper Sandler analyst Joseph Catanzaro downgrades Achilles Therapeutics (NASDAQ:ACHL) from Overweight to Neutral and lowers the price target from $8 to $2.

Needham analyst Mike Matson downgrades Shockwave Medical (NASDAQ:SWAV) from Buy to Hold.

JP Morgan analyst David Karnovsky downgrades Endeavor Gr Hldgs (NYSE:EDR) from Overweight to Neutral and lowers the price target from $30 to $27.

NEWS

Stocks rose Friday after the latest numbers showed that the U.S. added 303,000 jobs in March, well above what economists expected.

The gains capped a topsy-turvy week, with investors on edge about rising commodity prices and the path of rate cuts. The jobs report assured some investors that inflation is cooling—wage growth was contained—and the domestic economy is strong.

The yield on the 10-year Treasury note climbed, while traders pared bets on rate cuts this year. A Fed official said it was "much too soon" to talk about lower rates.

April 4, 2024

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UPGRADES

Wolfe Research analyst Bill Carcache upgrades Capital One Finl (NYSE:COF) from Peer Perform to Outperform and announces $189 price target.

Wolfe Research analyst Bill Carcache upgrades Synchrony Finl (NYSE:SYF) from Underperform to Outperform and raises the price target from $36 to $50.

Goldman Sachs analyst Lizzie Dove upgrades Avis Budget Gr (NASDAQ:CAR) from Sell to Neutral and raises the price target from $118 to $130.

Wolfe Research analyst Eric Katz upgrades Paramount Global (NASDAQ:PARA) from Underperform to Peer Perform.

Morgan Stanley analyst Elizabeth Porter upgrades Zeta Global Holdings (NYSE:ZETA) from Equal-Weight to Overweight and raises the price target from $12 to $17.

DOWNGRADES

Morgan Stanley analyst James Faucette downgrades Block (NYSE:SQ) from Equal-Weight to Underweight and lowers the price target from $62 to $60.

Goldman Sachs analyst Lizzie Dove downgrades Hertz Global Holdings (NASDAQ:HTZ) from Neutral to Sell and lowers the price target from $8 to $7.

Raymond James analyst Andrew Marok downgrades Bumble (NASDAQ:BMBL) from Outperform to Market Perform.

Keefe, Bruyette & Woods analyst Bose George downgrades Radian Group (NYSE:RDN) from Outperform to Market Perform and lowers the price target from $36 to $35.

Barclays analyst Henning Cosman downgrades Ferrari (NYSE:RACE) from Overweight to Equal-Weight.

NEWS

Samsung Electronics on Friday said it expects to post a 931% increase in first quarter operating profit, as chip prices rebound.

Operating profit in the January-March quarter likely rose to 6.6 trillion Korean won ($4.89 billion), up 931% from a year ago, according to a preliminary statement. Profit in the first quarter of 2023 was 0.64 trillion won.

The profit guidance for the first quarter of 2024 exceeds LSEG’s estimate of 5.24 trillion won.

“We forecast Samsung Electronics will post solid earnings for 1Q24 driven by memory price hikes and robust S24 sales, beating market estimates,” said SK Kim, executive director and analyst at Daiwa Securities in a March 27 report.

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