Ahead of the first presidential debate, stocks rose. So did gold, perhaps indicating some concern about what will come of the debate. Treasury yields also rose.
The S&P 500 added 0.65% while the Dow Jones Industrial Average gained 0.54%. The Nasdaq Composite closed higher by 0.84%.
On another strong day for stocks, analyst chatter boosted the fortunes of Clovis Oncology Inc (NASDAQ:CLVS), Philip Morris International Inc. (NYSE:PM) and Weyerhaeuser Co (NYSE:WY).
Clovis Oncology Inc (CLVS)
Biotechnology stocks, broadly speaking, were strong on Thursday, helping shares of Clovis Oncology follow through on an impressive Wednesday showing. Shares of CLVS gained 7.5% on volume that was slightly above the daily average.
Yesterday, Credit Suisse upgraded shares of CLVS to “outperform” from “neutral.” The bank also boosted its price target on Clovis to $41 from $19, implying decent upside from Thursday’s close at just above $38 per share.
Credit Suisse believes CLVS could be worth $52-$55 when accounting for certain tax benefits.
Philip Morris International Inc. (PM)
Shares of tobacco giant Philip Morris climbed 1% on some positive analyst commentary. Wells Fargo analyst Bonnie Herzog reiterated an “outperform” rating on shares of PM. She also has a valuation range of $114-$116 on PM.
Philip Morris is hosting its analyst day in Switzerland next week, which Wells Fargo believes could be another catalyst for the stock.
“We expect Philip Morris to provide an in-depth overview of its reduced-risk platforms (RRPs) led by iQOS, potentially raising its growth targets, as well as highlighting growth drivers in its core combustible business,” according to part of a Wells Fargo note posted by Barron’s.
Weyerhaeuser Co (WY)
Shares of Weyerhaeuser Co jumped 5.7% following some positive comments on the stock from Goldman Sachs. Goldman initiated coverage of WY with a “buy” rating.
The bank also added shares of WY to its prestigious Conviction Buy List. WY is a real estate investment trust that owns timberland. Goldman called the stock the best in its peer group.
Goldman views Weyerhaeuser as the most effective way for investors to get liquid exposure to timberland assets.
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.
