The futures were higher Tuesday, after a very solid opening to the new trading year. The Dow Jones industrials and the S&P 500 again hit all-time highs, while the Nasdaq also posted a solid opening day gain. Wall Street is back up and running after the holiday break, and many are pointing to the massive amount of expected inflows for January as a huge positive for stocks this month.
With much of the Federal Reserve’s forward-looking initiatives now baked in, including the rate lift-off and faster quantitative easing tapering in 2022, Wall Street is continuing to focus on the big increases in energy and food costs and other spiraling inflation issues. While top strategists and economists are divided on when the current inflation increase will ease, the ongoing supply chain concerns and stagflation worries remain front and center.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh 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 Tuesday, January 4, 2022.
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Boston Properties Inc. (NYSE: BXP | BXP Price Prediction): Deutsche Bank upgraded the shares to Buy from Hold and has a $131 price target. The consensus target is $124. The last trade for Monday was reported at $119.94, which was up over 4% for the day.
Broadcom Inc. (NASDAQ: AVGO): Piper Sandler reiterated its Overweight rating and lifted the target price on the stock to $750 from $680. The consensus target is $667.43, and Monday’s last trade was at $663.32.
Carrier Global Corp. (NYSE: CARR): Vertical Research cut the stock its Buy rating to Hold with a $57 price target. The consensus target is $59.47. The stock closed Monday at $52.52, down over 3% on the day.
Canadian Pacific Railway Ltd. (NYSE: CP): Susquehanna raised its Neutral rating to Positive and lifted the target price from $73 to $87. The consensus target is $83.13. The stock closed Monday at $71.75.
Coca-Cola Co. (NYSE: KO): Guggenheim upgraded the soft drink giant to Buy from Neutral and lifted the $61 target price to $66. The consensus target is $62.68. The stock closed trading Monday at $59.30.
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Eli Lilly and Co. (NYSE: LLY): Bernstein kept a Market Perform rating on the shares but boosted the target price to $300 from $250. Shares have pulled back from a recent 52-week high of $283.90 to close most recently at $271.43.
Gray Television Inc. (NYSE: GTN): Wells Fargo resumed coverage with an Overweight rating and a $26 price target. The consensus target is up at $29. The stock popped almost 8% on Monday to close at $21.65.
LG Display Co. Ltd. (NYSE: LPL): CLSA’s upgrade was to Buy from Underperform. The stock has traded in a 52-week range of $7.25 to $12.31 and has an $11.30 consensus target price. It closed Monday at $10.45, up almost 4% for the day.
Marvell Technology Inc. (NASDAQ: MRVL) Needham reiterated a Buy rating and raised the price target to $115 from $100. The consensus target is $99.77. The shares closed on Monday at $89.43.
NovaCure Ltd. (NASDAQ: NVCR): Evercore ISI upgraded the stock from Underperform to In Line with an $82 price target. The consensus target is $119.33. The last trade on Monday was at $80.10, which was up close to 7% for the day.
nVent Electric PLC (NYSE: NVT): Vertical Research upgraded the shares to Buy from Hold and has a $45 price target. The consensus target is $42.67. The stock closed at $37.89 on Monday.
Oxford Industries Inc. (NYSE: OXM): Zacks has selected this as its Bull of the Day stock. The analyst points out that this cheap retailer is posting record sales. The shares most recently closed at $99.64 and have a consensus price target of $124.00, which would be a 52-week high.
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Pfizer Inc. (NYSE: PFE): Bernstein reiterated a Market Perform rating on the shares but raised the target price to $65 from $44. Shares have pulled back from a recent 52-week high of $61.71 to close at $56.65, after pulling back over 4% on Monday.
Regions Financial Corp. (NYSE: RF): The Barclays upgrade was from Underweight to Equal Weight with a $26 price target. The consensus target is $26.13. The final trade Monday hit the tape at $22.67, up right at 4% for the day.
SL Green Realty Corp. (NYSE: SLG): Deutsche Bank raised the real estate heavyweight to Buy from Hold and has an $82 price target. The consensus target is $80.29. The stock closed Monday at $74.07, which was up almost 5% for the day.
Stryker Corp. (NYSE: SYK): Piper Sandler upgraded the medical device maker’s stock to Overweight from Neutral and lifted the $250 target price to $315. The consensus target is $286.04. The stock closed on Monday at $264.82.
Synchrony Financial (NYSE: SYF): Stephens downgraded the stock to Equal Weight from Overweight. Over the past year, the shares have traded between $33.41 and $52.49, and they have a $58.74 consensus price objective. The last trade on Monday came in at $47.00 per share.
Tesla Inc. (NASDAQ: TSLA): RBC Capital Markets reiterated a Sector Perform rating on the electric vehicle behemoth while boosting the price target to $1,005 from $950. The consensus target is just $851.98. The shares were last seen Monday trading at $1,199.78, up almost 14% on the day after the company reported spectacular fourth-quarter sales that crushed estimates.
Trane Technologies PLC (NYSE: TT): Vertical Research downgraded the HVAC giant to Hold from Buy and has a $214 price target. The last trade on Monday was reported at $194.85, which was down close to 4% for the day.
Vivid Seats Inc. (NASDAQ: SEAT): Citigroup upgraded the shares to Buy from Hold and has a $14 target price. The consensus price objective is $17.00. Monday’s last trade was reported at $11.52, up almost 6% on the day.
Wolfspeed Inc. (NYSE: WOLF): Piper Sandler upgraded the stock to Overweight from Equal Weight and also raised the price objective to $160 from $125. The consensus target is $123.07. The last trade on Monday was reported at $121.14.
Zillow Group Inc. (NYSE: ZG): Wolfe Research started coverage with a Peer Perform rating and a $75 price objective. The consensus target is $88.18. The final trade Monday was reported at $61.93.
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Biotechnology was a huge laggard last year, but Truist Securities has five top picks for 2022 that could see some sensational performance this year. Portfolio managers favor these inexpensive biotechnology leaders too.
Monday’s early top analyst upgrades and downgrades included Biogen, Cemex, Constellation Brands, Exxon Mobil, Fastly, Hilton Worldwide, McDonald’s, Nike, PayPal and Peloton Interactive. Analyst calls seen later in the day were on Southwest Airlines, United Airlines, Wells Fargo and more.
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