The futures were mixed Tuesday, after a back-and-forth start to the week that ultimately ended with all of the major indexes suffering modest losses. Much of the chatter from business channel talking heads and across Wall Street was the upcoming decision by President Biden on who will be the head of the Federal Reserve coming next year, when the current term from Jay Powell expires.
Progressives in Congress are pushing the president to replace Powell with Lael Brainard, who is an American economist that has served on the Federal Reserve Board of Governors since 2014. She previously served as the U.S. Under Secretary of the Treasury for International Affairs from 2010 to 2013. Many feel Powell only has a 50-50 chance of retaining his position.
Top strategists across Wall Street remain focused on the potential for rising interest rates, the quantitative easing tapering, big increases in energy costs and the ongoing supply chain issues and stagflation worries. Toss in the debt ceiling issue that returns soon 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.
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These are the top analyst upgrades, downgrades and initiations seen on Tuesday, November 16, 2021.
Allegiant Travel Co. (NASDAQ: ALGT): Goldman Sachs raised the stock to Buy from Neutral and nudged the $240 price target to $250. The consensus target is $257.45. The last trade on Monday was reported at $188.23. Shares were up over 5% in the premarket after the company posted strong October traffic figures.
Arista Networks Inc. (NYSE: ANET | ANET Price Prediction): Though UBS downgraded the stock to Neutral from Buy, it raised the price target to $530 from $490. The consensus target is $499.11, and Monday’s closing print was $528.17 a share.
AvidXchange Holdings Inc. (NASDAQ: AVDX): BofA Securities started coverage with a Neutral rating and a $28 price target. The stock closed on Monday at $25.32, down from last week’s 52-week high of $26.19 per share.
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Beazer Homes USA Inc. (NYSE: BZH): Zacks selected this as its Bull of the Day and suggests that the forward P/E here shows that Wall Street is ignoring the homebuilders. Shares most recently closed at $21.49, and the consensus target price of $29.33 would be a new 52-week high.
Carrols Restaurant Group Inc. (NASDAQ: TAST): This was named as the Zacks Bear of the Day stock. The analyst pointed out that the restaurant business is tough, with beef prices up more than 15% and labor costs over 13% higher in the third quarter. Shares last closed at $3.32 and have a consensus price target of $5.25.
Cisco Systems Inc. (NASDAQ: CSCO): Goldman Sachs reiterated its Buy rating on the venerable technology giant, citing strong earnings growth potential. The $64 price target is higher than the $62.82 consensus and well above Monday’s closing share price of $57.27.
EngageSmart LLC (NYSE: ESMT): BofA Securities raised its Neutral rating to Buy with a $35 price objective. The consensus target is up at $39.06. The last trade to hit the tape Monday came in at $28.52.
FuboTV Inc. (NYSE: FUBO): Barrington Research downgraded the shares to Market Perform from Outperform. The stock has traded in a stunning 52-week range of $14.64 to $62.29 and has a consensus target price of $44.63. Monday’s closing share price was $24.55.
PayPal Holdings Inc. (NASDAQ: PYPL): Loop Capital started coverage with a Buy rating and a $269 price target. The consensus target is $288.75. The shares closed on Monday at $212.54.
Petco Health & Wellness Inc. (NASDAQ: WOOF): Jefferies downgraded the shares to Hold from Buy. the firm’s $26 price target is less than the $27.67 consensus target. The final trade for Monday came in at $24.64 a share.
Robinhood Markets Inc. (NASDAQ: HOOD): Atlantic Equities downgraded the popular retail broker-dealer to Neutral from Overweight and slashed the $65 price target to $35. The posted consensus target is $48.78, and Monday’s final trade was reported at $34.96.
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Root Inc. (NASDAQ: ROOT): Barclays cut its Equal Weight rating to Underweight and lowered the $5 price target to $3. The consensus target is up at $7.25. The final trade for Monday was at $5.03, a share, which was down over 10% on the day.
ServiceNow Inc. (NYSE: NOW): Credit Suisse started coverage with an Outperform rating and an $850 target price. The consensus target is $723.48. The last trade for Monday came in at $682.57.
Snowflake Inc. (NYSE: SNOW): Credit Suisse initiated coverage with an Outperform rating and a $455 price target. The consensus target is just $334.45. The shares were last seen Monday at $393.70.
Southwest Airlines Inc. (NYSE: LUV): Goldman Sachs downgraded the popular low-cost carrier to Neutral from Buy and trimmed the target price from $63 to $59. The consensus target is $63.51. The stock closed on Monday at $49.13.
Targa Resources L.P. (NASDAQ: TRGP): Evercore ISI raised the energy limited partnership to Outperform from In Line and has a $63 price target. The consensus target is $63.32. The stock closed at $55.14 on Monday.
Tencent Music Entertainment Group (NYSE: TME): The UBS downgrade was to Neutral from Buy. Over the past year, the stock has traded in a wide range of $6.82 to $32.25. The consensus price target is $12.46, and shares closed on Monday at $8.41.
TG Therapeutics Inc. (NASDAQ: TGTX): Goldman Sachs downgraded the stock to Sell from Neutral and slashed the target price to $26 from $33. The consensus target is a stunning $59.75, and that is likely to be heading lower soon. The last trade for Monday was reported at $27.05, down almost 15% for the day after the firm’s analyst cited limited revenue potential of its planned portfolio that’s mostly being built around a single drug called umbralisib.
TotalEnergies S.E. (NYSE: TTE): UBS raised its Neutral rating on the French energy giant to Buy. Over the past 52 weeks, the shares have traded between $40.11 and $52. 77. The consensus price target is $59.38. The closing trade for Monday was reported at $49.78.
UroGen Pharmaceutical Inc. (NASDAQ: URGN): Goldman Sachs cut its price target to $23 from $27 while keeping a Neutral rating. The consensus target is $42.60. The stock closed Monday at $14.74, which was down a stunning 23% after the company posted wretched third-quarter results.
Vector Group Ltd. (NYSE: VGR): The Barclays upgrade to Equal Weight from Underweight included a price target hike to $17 from $13. The consensus target of $15.50, and Monday’s final trade of $16.80 was up over 10% on the day.
Wayfair Inc. (NYSE: W): Argus downgraded the stock to Hold from Buy. Over the past year, the shares have traded between $221.09 and $369.00, and they have a $289.96 consensus price objective. Monday’s closing print was at $253.53 per share.
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The backup in oil prices has some taking profits, and that offers investors an outstanding entry point for some of the top companies in the industry. These five mega-cap integrated leaders pay very solid dividends and their stocks have some serious upside to their price targets.
Monday’s early top analyst upgrades and downgrades included Akamai Technologies, ChargePoint, Chevron, Costco Wholesale, Dollar Tree, Kimberly-Clark, Plains All American Pipeline and Shopify. Analyst calls seen later in the day were on ChargePoint, CrowdStrike, Nvidia and more.
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