The futures were higher on Thursday, after another dreadful day Wednesday when all the major indexes took a beating. The October 2021 Consumer Price Index rose 0.9% over the past year on a seasonally adjusted basis and 6.2% not seasonally adjusted. Over the past 12 months, the all-items index increased 6.2% before the seasonal adjustment. In other words, prices are skyrocketing on every level, and those in Washington are starting to feel the heat from their constituents back home.
The S&P 500 posted a record close on Monday for the eighth straight session, which marked the best run for the index since 1997. It seems increasingly likely that something has to give, and clearly the disturbing inflation data has spurred some serious selling
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 Thursday, November 11, 2021.
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Beyond Meat Inc. (NASDAQ: BYND): Bernstein downgraded the stock to Market Perform from Outperform and cut the price target to $100 from $130. The consensus target for the plant-based food company’s stock is $94.31. The stock closed trading on Wednesday at $94.38, which was down almost 4% for the day.
Bioventus Inc. (NASDAQ: BVS): JPMorgan resumed coverage with an Overweight rating and a $25 price target. The consensus target is $21. The stock closed Wednesday at $16.50, and shares were down almost 3% in premarket action.
Callaway Golf Co. (NYSE: ELY): Jefferies resumed coverage with a Buy rating and raised the price target on the popular golf club and accessories company to $60 from $49. The consensus target is $40.10. The shares closed trading on Wednesday at $29.58.
Coinbase Global Inc. (NASDAQ: COIN | COIN Price Prediction): Piper Sandler reiterated an Overweight rating on the cryptocurrency trading platform and raised the target price to $440 from $360. Goldman Sachs also maintained a Buy rating and raised its $337 target price to $387. The consensus target is $382.65. The stock closed on Wednesday at $328.60, after retreating over 8% on the day.
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DCP Midstream L.P. (NYSE: DCP): Truist Securities raised its Hold rating to Buy with a $37 price target. The consensus target is $35.46. The stock closed Wednesday at $30.60.
DoorDash Inc. (NYSE: DASH): Needham reiterated a Buy rating on the popular food delivery stock and boosted the price target to $270 from $240. Piper Sandler maintained a Neutral rating, and it nudged the $221 target price to $227. The consensus target is $205.73. The stock closed Wednesday at $214.28, which was up almost 12% on the day after the announcement DoorDash made to acquire Wolt Enterprises and earnings were better than estimates.
Doximity Inc. (NYSE: DOCS): Needham reiterated a Buy rating on the stock and raised the $70 target price to $75. Goldman Sachs stayed with a Neutral rating but raised the target price to $45 from $40. The consensus target is $64.89. The last Wednesday trade hit the tape at $72.01, which was down close to 6% on the day. The company posted solid results, but a looming lockup period expiration is a concern.
Duolingo Inc. (NASDAQ: DUOL): Evercore ISI upgraded the stock to Outperform from In Line and lifted the price target to $195 from $140. The consensus target is $156.83. The stock closed Wednesday at $148.06.
Formula One Group Inc. (NASDAQ: FWONA): Benchmark upgraded the stock from Hold to Buy with a $65 price target. The consensus target is $53.57. The last trade for Wednesday came in at $53.36.
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General Electric Co. (NYSE: GE): Cowen kept a Market Perform rating on the legacy industrial giant and raised the price target to $126 from $108, while UBS maintained it at Buy and lifted the $136 price objective to $143. The consensus target is $119.76. The final trade for Wednesday hit the tape at $108.96.
GoPro Inc. (NASDAQ: GPRO): Morgan Stanley upgraded the stock to Equal Weight from Underweight and also lifted the target price to $11 from $9.80. That compares with a $10.70 consensus and Wednesday’s final print of $9.67. The shares were up almost 4% in the premarket.
Navitas Semiconductor Corp. (NASDAQ: NVTS): Baird started coverage on the revolutionary semiconductor stock with an Outperform rating and a $22 price target. No consensus target was available as the company had a recent SPAC conversion IPO. Since then, the shares have traded between $11.73 and $16.09. The closing share price on Wednesday was $16.51, after over a 5% pop for the day.
Plug Power Inc. (NASDAQ: PLUG): Cowen reiterated an Outperform rating and lifted the price objective to $44 from $41. RBC Capital Markets also maintained an Outperform rating, and its $40 price target was lifted to $48. The consensus target is $44.65, and the stock was last seen at $40.18 on Wednesday.
RingCentral Inc. (NYSE: RNG): Piper Sandler reiterated their Overweight rating and raised the price objective to $352 from $342. Needham maintained its Buy rating and boosted the price target to $400 from $340. The posted consensus target is $386.63. The stock rose over 20% on Wednesday after the company posted stellar results to close at $281.64 a share.
Unity Biotechnology Inc. (NASDAQ: UBX): Mizuho’s upgrade to Buy from Neutral included a price objective hike to $7 from $5. The consensus target is $6.86. The shares closed on Wednesday at $3.17, which was up a stunning 23% for the day due to positive clinical results.
Unity Software Inc. (NYSE: U): Credit Suisse reiterated an Outperform rating and lifted the price objective to $185 from $160, while Barclays kept its Equal Weight rating, and the price target rose to $162 from $105. The consensus target is $138.76. The stock closed trading on Wednesday at $176.45, after solid earnings gave it over a 3% boost.
Walt Disney Co. (NYSE: DIS): The Atlantic Equities downgrade of the entertainment and theme park giant to Neutral from Buy included a price target cut to $215 from $240. The shares have traded as high as $203.02 in the past year but were last seen on Wednesday at $174.45.
Wynn Resorts Ltd. (NASDAQ: WYNN): Morgan Stanley reiterated an Overweight rating and boosted the price target to $114 from $107. Wells Fargo kept an Equal Weight rating on the luxury casino, and the firm lowered its target to $101 from $112. The consensus target is $105.17. The shares closed on Wednesday at $92.02.
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Wednesday’s early top analyst upgrades and downgrades included Allstate, Ally Financial, Five9, General Electric, Host Hotels, Nucor, PayPal, Trade Desk and Zillow. Analyst calls seen later in the day were on BioNTech, ConocoPhillips, DoorDash, Palantir and more.
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