On Tuesday, April 9, Wall Street seems to be playing it safe for a second consecutive session as investors brace themselves for this week’s upcoming inflation reports. Wednesday will bring the consumer price index, followed by the producer price index on Thursday.
This week, investors will be keeping a close eye on earnings from Constellation Brands, the maker of popular beers like Modelo and Corona, on Thursday, as well as Wells Fargo on Friday. Goldman Sachs has expressed a positive outlook on Constellation, adding to the anticipation surrounding their earnings report.
In other news, Piper Sandler has adjusted their price target for Ulta Beauty, lowering it to $595 per share from $665. Despite the sell-off, analysts believe the stock is undervalued and have maintained a buy rating. Additionally, Elf Beauty CEO Tarang Amin will be featured on “Mad Money” tonight, with Piper analysts raising their price target for Elf by $3 per share to $228.
Gold prices have reached new highs, prompting Bank of America to initiate coverage on Freeport-McMoRan with a buy rating. This has sparked discussions on whether it’s the right time to invest in gold miners. Wolfe Research has also shown interest in U.S. Steel, upgrading it to a buy-equivalent rating, while downgrading Cleveland-Cliffs to a sell.
Barclays has raised the price target for Netflix to $550 per share from $475, while Goldman Sachs has lowered their price target for Tesla to $175 per share from $190. JPMorgan has discovered that Broadcom has secured chip orders from Alphabet and Meta Platforms, adding to the tech industry’s buzz.
Google Cloud CEO Thomas Kurian will be delivering a keynote address at noon ET, with Alphabet’s Google announcing the launch of custom Arm-based chips, following in the footsteps of Amazon and Microsoft. Bank of America has also given the Apple store a vote of confidence.
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