The futures traded lower across the board Wednesday on what is typically a very slow day as traders and investors are leaving early to get a jump on the Thanksgiving holiday. The Nasdaq was pummeled again Tuesday, while both the Dow Jones industrials and the S&P 500 closed higher.
It has become pretty clear that institutional money managers are taking profits, as many of the hyper-growth technology and communication stocks were hit, whether profitable or not. President Biden retaining Fed Chair Powell remains a hot topic, as many are expecting the Federal Reserve may have to speed up to a more aggressive policy shift given the persistent and ongoing inflation that consumers and businesses are experiencing.
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 very pressing debt ceiling issue and the ongoing China concerns, and there is still plenty of potential for volatility.
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 Wednesday, November 24, 2021.
Agilent Technologies Inc. (NYSE: A | A Price Prediction): Cowen reiterated an Outperform rating and lifted the price target to $187 from $180, while Stifel kept a Hold rating but nudged the firm’s price objective to $169 from $162. Tuesday’s closing trade was reported at $154.78, which was down almost 5% for the day.
Allstate Corp. (NYSE: ALL): Goldman Sachs started the insurance giant with a Sell rating and a $106 price target. The consensus price target is up at $132.79. Tuesday’s closing share price was $114.90.
BurgerFi International Inc. (NYSE: BFI): BTIG Research started the popular fast-food restaurant with a Buy rating and an $11 price target. The shares have traded as high as $17.70 in the past year but closed on Tuesday at $7.31.
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Chevron Corp. (NYSE: CVX): RBC Capital Markets raised the integrated energy leader to Outperform from Sector Perform and lifted the target price on the company to $145 from $130. The consensus target is $128.15. The shares closed Tuesday at $116.30.
CBRE Group Inc. (NYSE: CBRE): Keefe Bruyette raised the real estate giant to Outperform from Market Perform and has set a $115 price objective. The consensus target is up at $126.17. The stock closed trading on Tuesday at $103.84, after a pop of close to 5% for the day. Conversely, the shares were down almost 5% in Wednesday’s premarket.
Dollar Tree Inc. (NASDAQ: DLTR): Gordon Haskett raised its Hold rating on the popular discount retailer to Buy with a $170 price target. The consensus target is significantly lower at $119.45. The stock closed Tuesday at $144.71, up almost 10% for the day after announcing it would raise prices.
Etsy Inc. (NASDAQ: ETSY): Guggenheim started coverage with a Buy rating and $313 price target. That compares with the much lower $255.76 consensus target and Tuesday’s closing share price of $279.53.
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General Electric Co. (NYSE: GE): Morgan Stanley resumed coverage of the legacy industrial giant with an Overweight rating and a $125 price target. The consensus target is $124.28. On Tuesday, the stock closed at $102.08 a share.
Home Depot Inc. (NYSE: HD): Zacks selected this big-box retailer as its Bull of the Day. All that home equity is leading to spending at places like Home Depot, says the analyst. Shares most recently closed at $408.37, having outrun the consensus price target of $402.97.
MGM Resorts International (NYSE: MGM): Morgan Stanley resumed coverage with an Equal Weight rating and a $51 price target. The consensus target is $55.17, and the stock closed Tuesday at $42.51, which was down almost 5% for the day.
Overstock.com Inc. (NASDAQ: OSTK): Guggenheim started coverage on the stock with a Neutral rating and a $111 price target. The consensus target is $134.40. The stock closed Tuesday at $92.75, after pulling back almost 9% on the day.
Progressive Corp. (NYSE: PGR): Goldman Sachs started coverage with a Buy rating and $104 target price. The consensus target is $96.14. The last trade to hit the tape Tuesday was at $94.52.
Revolve Group Inc. (NYSE: RVLV): Guggenheim resumed coverage with a Buy rating and a $100 price target. The consensus target is a much lower $81.52. The stock was last seen on Tuesday at $80.88.
Spotify Technology S.A. (NYSE: SPOT): Benchmark began coverage with a Buy rating and a $300 price target. The consensus target is set at $317.14. The stock closed trading on Tuesday at $243.03.
Transdigm Group Inc. (NYSE: TDG): BofA Securities raised its Neutral rating to Buy from and boosted the $700 price target to $790. The consensus target is $720.38. Tuesday’s final trade was at $625.25 a share.
TransUnion (NYSE: TRU): Atlantic Equities raised the stock to Overweight from Neutral and lifted the price objective to $140 from $125. The consensus target is $131.93. The shares were last seen on Tuesday at $113.90.
Valens Semiconductor Ltd. (NYSE: VLN): Chardan Capital Markets started coverage with a Buy rating and a $13 price target. The consensus target is $14.25. After climbing almost 10% for the day on basically no news, shares closed at $9.52 on Tuesday.
Zoom Video Communications Inc. (NASDAQ: ZM): Like a host of Wall Street firms, BofA Securities downgraded the stock, to Neutral from Buy, and it slashed the $385 target price to $270. The consensus target is $370.43, and Tuesday’s final print of $206.64 came after a retreat of almost 15% despite solid earnings, but a gloomy outlook.
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Five top dividend-paying health care stocks look like very solid ideas for 2022. The sector has underperformed the S&P 500 this year, and these picks are offering tremendous entry points.
Tuesday’s early top analyst upgrades and downgrades included AbbVie, Amazon.com, Comcast, General Electric, Micron Technology, Nvidia, Salesforce.com, StoneCo, Western Digital, Yamana Gold and Zoom Video Communications. Analyst calls seen later in the day were on AIG, eBay, First Solar, Travelers and more.
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