Tuesday’s Top Wall Street Analyst Upgrades and Downgrades: ConocoPhillips, FedEx, Nvidia, PayPal, Rivian, Toast and More

The futures traded lower on Tuesday, after a decidedly mixed start to the final quarter of 2024 in the wake of a last-minute budget deal averted a government shutdown over the weekend. The Dow Jones industrials closed lower on Monday, and the S&P 500 eked out a small gain, while the tech-heavy Nasdaq closed higher after some bullish commentary on the Magnificent 7 from Goldman Sachs. The biggest equity loser on the day was the small-cap Russell 2000, which was hammered, closing down 1.6% at 1,756.82. One big concern mentioned over the course of trading Monday was tightening financial conditions starting to affect the economy.

Treasury yields soared once again, with some maturities trading up by double digits. The 10-year yield closed the session at 4.69%, after jumping 50 basis points higher in September. The two-year paper closed the day at 5.11%. The inversion between the two still suggests that a recession could be on the way in 2024.

After jumping almost 10% in September, both Brent and West Texas Intermediate crude closed lower on Monday. Analysts noted that OPEC’s production actually grew for the second straight month in September, despite the cuts from Saudi Arabia. Increases from Nigeria and Iran were cited for the increase. Brent closed Monday down 1.8% at $90.56, while WTI was last seen at $88.79, down 2.0%. Natural gas was also lower, closing at $2.85, down 2.66%.

Gold continued its downward spiral to start off the quarter, as the December contract closed lower by 1.07% at $1,846.20 per ounce. Strategists cited the improving ISM Manufacturing Index, which came in at 49.0% versus expectations for a 47.9% print. While better than expected, readings under 50% indicate slowing economic growth. Bitcoin was a big winner and then a loser Monday, as the cryptocurrency surged higher and at one point was by up over $1,000, before plummeting to close at $27,872, down 0.44% for the day.

24/7 Wall St. reviews dozens of analyst research reports each weekday 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 Tuesday, October 3, 2023.

AppLovin Corp. (NASDAQ: APP): Zacks selected this as its Bull of the Day stock, citing its AI-enhanced offerings and improved outlook. Shares last closed at $40.82, which is up more than 58% year to date.

Block Inc. (NYSE: SQ): Monness Crespi & Hardt started coverage with a Buy rating and a $70 target price. The consensus target is $81.58. Shares closed at $43.18 on Monday.

Chubb Ltd. (NYSE: CB): J.P. Morgan cut its Overweight rating to Neutral with a $250 target price. The consensus target is $240.11. The shares were closed on Monday at $206.32.

Clorox Co. (NYSE: CLX): D.A. Davidson upgraded the stock from Neutral to Buy with a $152 target price. The consensus target is $152.18, and Monday’s close was at $130.32.

ConocoPhillips (NYSE: COP): Jefferies reiterated a Buy rating with a $143 target price. The consensus target is $134.91, and Monday’s final trade was for $117.12 a share.

Datadog Inc. (NASDAQ: DDOG): As Piper Sandler upgraded the shares to Overweight from Neutral, its $88 target price popped to $115. The consensus target is $105.34. The stock closed on Monday at $91.84.

FedEx Corp. (NYSE: FDX): Susquehanna’s upgrade was to Positive from Neutral, and the $225 target price jumped to $315. That compares with a $281.46 consensus target and Monday’s $265.10 closing share price.

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