The futures were down on Wednesday, after a massive risk-on rally that followed three days of big-time selling. Wall Street strategists cited the return of the buy-the-dip retail army, and some spotlighted a Sunday meeting President Biden had with Senator Joe Manchin that reignited Build Back Better possibilities. The financial media also pointed to Tuesday’s Biden speech, wherein the focus was more on vaccinations than locking down the country due to the rise in Omicron cases. In addition, earnings continue to come in strong with both Nike and Micron, posting very solid results for the quarter.

With much of the Federal Reserve’s forward-looking initiatives now baked in, Wall Street strategists are continuing to focus on big increases in energy and food costs and other spiraling inflation issues, as well as the ongoing supply chain concerns and stagflation worries.

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, December 22, 2021.

Acadia Pharmaceuticals Inc. (NASDAQ: ACAD): BofA Securities raised its $28 price target on the shares to $32 while keeping a Neutral rating. The posted consensus target is $27.21. The shares were last seen Tuesday at $21.45, down over 20% on the day after the company asked the FDA to approve a once-rejected psychosis drug.

Alliance Data Systems Corp. (NYSE: ADS): Oppenheimer maintained an Overweight rating on the stock but slashed the $125 price target to $90. The consensus target is $112.40. The stock closed Tuesday at $67.64, which was up almost 4% for the day.

Bank of Montreal (NYSE: BMO): RBC Capital Markets raised its Sector Perform rating to Outperform. The shares have traded in a 52-week range of $74.05 to $112.56. The consensus price target is $122.93. The shares closed on Tuesday at $103.13.

Biogen Inc. (NASDAQ: BIIB): Truist Securities noted that the company announced that as of January 1, 2022, it will reduce the wholesale cost of Aduhelm by 50%, which could improve patient access and uptake. The firm kept a Buy rating and a massive $502 price target. The consensus target is $330.17, and the stock closed on Tuesday at $234.65.

ChampionX Corp. (NASDAQ: CHX): Stifel reiterated its Buy rating and has a $31 price target. The consensus target is $29.44. The stock closed at $20.82 on Tuesday.

Energizer Holdings Inc. (NYSE: ENR): Zacks selected this as its Bear of the Day stock. The analyst pointed out that the bulls are running low on power in this battery name. The shares last closed at $38.07, but they have traded as high as $52.85 in the past year.

FactSet Research Systems Inc. (NYSE: FDS): Goldman Sachs kept a Sell rating and a $351 price target on the stock despite solid fiscal first-quarter earnings. The consensus target is up at $396.15, but Tuesday’s last trade was reported at $474.83 a share.

Goodyear Tire & Rubber Co. (NASDAQ: GT): This auto parts provider was named as the Bull of the Day at Zacks, which suggested that 2022 looks like it will be a good year for this stock. Shares most recently closed at $20.13 and have a consensus price target of $24.29.

HCA Healthcare Inc. (NYSE: HCA): JPMorgan downgraded the shares from Overweight to Neutral with a $270 target price. The consensus target is $287.65. The stock was last seen on Tuesday at $247.03.

Hippo Holdings Inc. (NASDAQ: HIPO): Morgan Stanley started coverage of the insurer with an Overweight rating and a $4.60 price target. The consensus target is higher at $6.70. The stock closed Tuesday at $2.89, up close to 9% for the day.

Krispy Kreme Inc. (NASDAQ: DNUT): Truist Securities reiterated a Hold rating on the popular donut maker and has a $15 price target. That compares with the $18 consensus target and Tuesday’s closing share price of $15.85.

Lockheed Martin Corp. (NYSE: LMT): Jefferies reiterated a Hold rating on the defense and aerospace heavyweight, and it has a $350 price target. The consensus target is $384.12. Tuesday’s closing share price was $340.77.

Micron Technology Inc. (NASDAQ: MU): The Summit Insights upgrade was to Buy from Hold. The stock has traded in a 52-week range of $65.97 to $96.96. The shares jumped almost 11% on Tuesday after the company posted strong quarterly results, closing at $90.68.

Microsoft Corp. (NASDAQ: MSFT): SMBC Nikko started coverage of the legacy software giant with an Outperform rating and a $410 target price. That is well above the $367.58 consensus target and Tuesday’s closing trade of $327.29.

Nike Inc. (NYSE: NKE): Truist Securities raised its $184 price target to $190 while maintaining a Buy rating. The consensus target is $181.68. Tuesday’s final trade was posted at $166.59.
Patterson-UTI Energy Inc. (NASDAQ: PTEN): Piper Sandler raised the oilfield services stock to Overweight from Neutral and nudged the target price to $10.25 from $10.00. The consensus target is $11.15. The stock closed Tuesday at $8.72, up just shy of 13% for the day.

Precision Drilling Corp. (NYSE: PDS): Though Piper Sandler upgraded the shares to Overweight from Neutral, it trimmed the price target to $57 from $55. The consensus target is $51.94. The stock popped almost 12% on Tuesday to close at $34.32.

Sonoco Products L.P. (NYSE: SON): The Seaport Research Partners upgrade was to Buy from Neutral. Over the past year, the shares have traded between $54.82 and $69.83, and they have a $65 consensus price objective. The last trade on Tuesday was reported at $56.18 per share.

SPX Corp. (NYSE: SPXC): Oppenheimer reiterated an Overweight rating and has a $74 price target. The consensus target is $75. The shares were last seen on Tuesday at $57.99, which was up close to 6% for the day.

Williams-Sonoma Inc. (NYSE: WSM): Loop Capital upgraded the shares from Hold to Buy with a $205 target price. The consensus target for the popular upscale retailer is $211. The stock closed Tuesday at $167.93, a gain of almost 4% on the day.

XPO Logistics Inc. (NYSE: XPO) Benchmark started coverage of the stock with a Buy rating and a $103 price objective. The consensus target is $103.50. The shares closed Tuesday at $72.99, which was up almost 4% for the day.

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Tuesday’s early top analyst upgrades and downgrades included Alibaba, Cerner, Ericsson, Mastercard, McDonald’s, Micron Technology, STMicroelectronics and Visa. Analyst calls seen later in the day were on Boot Barn, Cigna, Comerica, GoodRx, Oracle, United Rentals and more.

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