E.l.f. Beauty, Apellis Pharma, AutoZone: Trending stocks
Stocks take in the morning's September jobs report data. e.l.f. Beauty (ELF) shares tick up this morning following an upgrade to "Buy" from Jefferies analysts. Apellis Pharmaceuticals (APLS) stock moves higher after an upgrade by JPMorgan to "Overweight," also raising its price target. Lastly, Oppenheimer downgrades AutoZone (AZO) to "Perform" based on lessening pandemic-era tailwinds in the auto parts industry.
Yahoo Finance Live examines several trending stocks this morning.
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Video Transcript
[MUSIC PLAYING]
BRAD SMITH: Hey, welcome back, everyone. I'm Brad Smith alongside Seana Smith here at the Nasdaq MarketSite in New York City. Yes, it is Friday. Yes, we are 30 minutes into the trading day. And yes, we're going to give you a look at how things are shaping up in the markets right now. We'll do that.
Stocks sinking as the September jobs report came in hot with 336,000 jobs added, killing any hopes of a cooling labor market and adding to fears of high-for-longer rates. We're also seeing Treasury yields surging in response, the 30-year trading over 5%.
SEANA SMITH: And taking a look at some of the individual movers, e.l.f Beauty shares are moving higher this morning after getting an upgrade from Jefferies to buy from hold. You're looking at a gain of just over 2.5%. Price target also bumping up to 115 bucks a share, about 15 bucks higher from where it's trading right now. The firm saying that the recent valuation pullback in the cosmetics company offering a buying opportunity for investors.
BRAD SMITH: All right, b-e-a-utiful. And we're watching Apellis Pharmaceuticals also getting an upgrade this morning. J. P. Morgan analyst boosted the company from neutral to overweight and raised their price target to $81 a share. This comes as the company released preliminary third quarter results, seeing its newly released drug earning $74 million in revenue for the third-- or for the quarter, rather, and $160 million since its launch this March.
SEANA SMITH: And AutoZone not feeling the love this morning. The stock getting downgraded by Oppenheimer down to perform from outperform. And also a new price target slashed to $2,600, still about 100 bucks higher from where it is right now.
Now, analysts saying that in a note that pandemic era tailwinds for auto parts retailers are likely to continue to fade, undermining any potential upside in sales and EPS. So we're seeing some pressure there for AutoZone this morning.
