The futures were mixed on Wednesday, after yet another record-setting trading day on Wall Street Tuesday, when all the major indexes either printed or closed at a record high, including the transports. The song remains the same, as strong earnings and a voracious appetite for stocks continues to drive prices higher. The worrisome issue is that inflation is driving prices higher as well, and while Treasury Secretary Yellen, Federal Reserve Chair Powell and the crew in D.C. say this should all abate next year, the reality is it is very possible that won’t happen. All eyes remain focused on Friday’s October nonfarm payrolls report.

Despite the continued market strength, top strategists across Wall Street remain focused on the potential for rising interest rates, the quantitative easing tapering due to start this month, big increases in energy costs and (while perhaps easing some) the ongoing supply chain issues and stagflation worries. Toss in the debt ceiling issue (which is on hold but will return next month) and the ongoing China worries, and the cauldron continues to simmer.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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 Wednesday, November 3, 2021.

Anheuser-Busch InBev N.V./S.A. (NYSE: BUD): BofA Securities raised the King of Beers to Neutral from Underperform and has a $68 price target. The consensus target is $73.50. The last trade on Tuesday was reported at $60.06.

Arista Networks Inc. (NYSE: ANET): Credit Suisse, along with others across Wall Street, reiterated a Buy rating, and the firm lifted its $410 target price to $509. The consensus target of $406.823 surely will rise, after the shares closed up over 20% on Tuesday at $491.87. The combination of stellar results and competitors painting a very rosy outlook drove up the stock.

Clorox Co. (NYSE: CLX): JPMorgan downgraded the consumer staples giant to Underweight from Neutral and slashed the $171 target price to $147. The consensus target is $161.28. The final trade for Tuesday was reported at $165.39

Estee Lauder Companies Inc. (NYSE: EL): Goldman Sachs kept a Neutral rating despite solid earnings and the company raising its dividend 13%. The analyst has a $341 price target, which compares with the higher $364.88 consensus and Tuesday’s final print of $338.62, which was up over 4% for the day.

Exact Sciences Corp. (NASDAQ: EXAS): The Raymond James downgrade to Outperform from Strong Buy included a price target cut to $130 from $160. The posted consensus target is $147. The final trade for Tuesday came in at $95.63.

Exxon Mobil Corp. (NYSE: XOM): Zacks named this as its Bull of the Day stock. The analyst pointed out that this energy giant is benefiting from increased demand and higher oil prices. The stock most recently closed at $64.82 and has a consensus price target of $70.64, which would be a 52-week high.

Ford Motor Co. (NYSE: F): Jefferies raised the $17 price target on the venerable carmaker to $20 while reiterating a Buy rating on the shares. The consensus target is $16.96. Tuesday’s last trade was reported at $18.01.

Franklin Resources Inc. (NYSE: BEN): Citigroup upgraded the venerable mutual fund giant to Buy from Neutral and boosted the price target to $43 From $32.50. The consensus target is $32.39. The shares closed on Tuesday at $37.68, after an over 7% gain in the wake of stellar third-quarter results.

Gartner Inc. (NYSE: IT): Goldman Sachs raised its price target on the shares from $332 to $381 and reiterated a Buy rating. The consensus target is $317.86. The stock popped almost 4% on Tuesday to close at $339.69.

Generac Holdings Inc. (NYSE: GNRC): UBS downgraded the stock from Buy to Neutral with a $500 price target. The consensus target is higher at $511.65. The last trade for Tuesday was reported at $483.58.

Leidos Holdings Inc. (NYSE: LDOS): Goldman Sachs reiterated a Buy rating on the stock, which is on the firm’s Conviction List of top picks. The firm’s $124 price target is well above the $116.30 consensus figure. The final trade on Tuesday was reported at $98.17, which was down almost 3% on the day.

Lyft Holdings Inc. (NASDAQ: LYFT): Goldman Sachs maintained a Neutral rating on the ride-sharing stock, despite the company beating third-quarter estimates, with stronger revenue growth driven by the brick-and-mortar recovery across the Americas and EMEA. The analyst has a $64 price target, which is less than the $69.21 consensus target but above Tuesday’s closing share price of $45.32.

Shake Shack Inc. (NYSE: SHAK): MKM Partners kept a Neutral rating on the fast-food favorite while cutting the target price to $83 from $103. The consensus target is $94.73. The shares were last seen Tuesday at $70.99, down almost 5% for the day after a disappointing earnings report.
Shopify Inc. (NYSE: SHOP): Deutsche Bank started coverage with a Hold rating and a $1,650 price target. That is much lower than the $2,074.74 consensus target. Tuesday’s close was at $1,476.64 a share.

Skillz Inc. (NYSE: SKLZ): Citigroup resumed coverage with a Buy rating and a $23 price target. The consensus target is $18. The shares closed Tuesday at $11.61, down almost 4% for the day.

Splunk Inc. (NASDAQ: SPLK): Deutsche Bank started coverage with a Hold rating and a $180 price target. The consensus target is $178.93. The stock closed on Tuesday at $164.98.

Texas Roadhouse Inc. (NASDAQ: TXRH): High commodity and labor inflation costs are weighing down this restaurant stock, says Zacks, which named it the Bear of the Day. Shares last closed at $87.79, and the consensus price target is $100.77.

T-Mobile US Inc. (NASDAQ: TMUS): Raymond James upgraded the carrier’s shares to Strong Buy from Outperform and lifted the target price to $158 from $151. The consensus target is up at $171.46. The final Tuesday trade hit the tape at $115.80.

Under Armour Inc. (NYSE: UAA): William Blair raised its Market Perform rating on the sports apparel giant to Outperform. Over the past 52 weeks, the stock has traded between $14.05 and $26.45, and it has a $26.83 consensus price objective. The shares closed Tuesday at $25.60, up a sharp 16% after posting strong earnings.

Zillow Group Inc. (NASDAQ: ZG): Truist Securities downgraded the stock to Hold from Buy and slashed the target price to $83 from $140. The consensus target is $146.21, but it will drop fast. The stock closed Tuesday at $85.48, down almost 12% for the day, and the shares were down an additional 18% in the premarket, after the online real estate company announced Tuesday that it would get rid of its home buying and selling business, citing an inability to predict house prices.

The home run results for the financial sector this past quarter show that strong momentum should remain a tailwind. So will interest rates creeping higher. The top large-cap financials likely will continue to post very solid numbers, and five big bank stocks look very attractive.

Cathie Wood’s ARK Invest continues to reduce its stake in Palatir. Wednesday’s early meme stock movers included AMC and Bed Bath & Beyond.

Tuesday’s early top analyst upgrades and downgrades included Adobe, Alcoa, Apple, Dell Technologies, Discover Financial, DraftKings, Exxon Mobil, Microsoft and Qualcomm. Analyst calls seen later in the day were on Expedia, Ford, Salesforce and more.

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