Wall Street Analysts Just Trimmed Price Targets for These 10 Stocks

In this article, we will discuss the 10 stocks whose price targets were recently trimmed by analysts. If you want to see more such stocks on the list, go directly to Wall Street Analysts Just Trimmed Price Targets for These 5 Stocks.

Amidst fading expectations of interest rate cuts, the stock market exhibited mixed trends, with some indices experiencing slight declines while others remained relatively stable. Solid economic indicators raised doubts about the pace at which policymakers would ease monetary policy. On Tuesday, US 10-year Treasury yields reached their highest levels of the year, signaling growing concerns among investors about the potential for higher interest rates. This development reflects the market’s response to robust economic data and increased prices of commodities. Andrew Slimmon, managing director at Morgan Stanley Investment Management, shared insights into the market’s exposure to the technology sector and discussed the potential impact of a patient approach by the Federal Reserve on equity markets. According to Slimmon, a cautious stance by the Fed could benefit equity markets. In Europe, stocks experienced minor fluctuations, with the Stoxx 600 index recording a marginal decrease. Meanwhile, Asian shares saw declines, influenced by the prevailing sentiment surrounding economic indicators and commodity prices. Despite these fluctuations, futures indicated the possibility of further declines in US shares, suggesting continued uncertainty among investors. Treasury bonds traded steadily following the spike in 10-year yields, highlighting the cautious approach adopted by investors in response to evolving market dynamics.  On the precious metatls front, gold reached a new all-time high, and silver surged to its highest level in two years as anticipation built around Federal Reserve Chair Jerome Powell’s upcoming speech, following remarks from two Fed officials suggesting a potential trio of rate cuts in 2024. The price of gold climbed above $2,288 per ounce to establish a new record (see 13 most profitable gold stocks), while silver surpassed $26 per ounce, marking its highest level in two years. San Francisco Fed President Mary Daly and Cleveland Fed President Loretta Mester, both voting members on policy decisions this year, indicated that they foresee three interest rate reductions in 2024, although they emphasized that there is no immediate rush to implement these cuts. The prospect of lower interest rates is favorable for precious metals like gold and silver, which do not offer yields. This outlook contributed to the upward trajectory of gold and silver prices, reflecting investor sentiment towards safe-haven assets amidst expectations of monetary policy easing by the Federal Reserve.

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Amidst rising Treasury yields, U.S. stocks face a crucial test, given their inflated valuations and recent record highs, spurred by expectations of Federal Reserve interest rate cuts. Despite a solid 10% gain in the S&P 500 during the first quarter, propelled by anticipated rate cuts, the acceleration in Treasury yields has led to concerns, reported Reuters. The benchmark index is now trading at over 21 times forward earnings estimates, its highest since January 2022. However, robust economic data is challenging expectations for aggressive rate cuts, with the 10-year yield reaching 4.4%, its highest level in over four months. The resilience of the economy and corporate earnings, along with optimism surrounding artificial intelligence, have previously helped stocks navigate rising yields. Nonetheless, the sustained increase in rates could raise concerns about equity valuations and the cost of capital for companies. Investors are closely monitoring the Federal Reserve’s stance and economic indicators to gauge the market’s direction amidst rising yields. Any signs of economic strength or inflationary pressures could further drive up yields, potentially impacting stock market performance. The upcoming U.S. jobs data and earnings season are expected to provide additional insights into market sentiment and the trajectory of interest rates. On the stock market front, analysts are bearish on stocks such as Tesla, Inc. (NASDAQ:TSLA), General Electric Company (NYSE:GE) and FedEx Corporation (NYSE:FDX) by lowering their price targets. For a comprehensive overview of these and other stocks affected by such adjustments, delve into the full article to explore the intricacies of the changes made to their price targets.

10. EQT Corporation (NYSE:EQT)

Price Reaction after the Price Target Cut: -0.24 (-0.65%)

On April 2, Jefferies revised down its price target for EQT Corporation (NYSE:EQT) from $50 to $42 while maintaining a Buy rating on the stock. The adjustment in the price target came in response to EQT Corporation (NYSE:EQT) recent announcement regarding its acquisition of Equitrans Midstream (ETRN). Despite maintaining…