The futures were lower Thursday, after a huge risk-off rally that was finally able to hold its ground after numerous failed attempts earlier in the week. Wall Street pundits cited the very oversold levels of the market, as the Nasdaq had actually fallen into bear market territory, down over 20%, and a deep 12% drop in oil after it had spiked 35% higher since February 25.
In addition, a Reuters report cited positive-sounding rhetoric from a spokesperson at the Russian foreign ministry. That report conflicts somewhat as the Russian advance on Kyiv continues, and it was reported that talks between the two countries have broken down again after Russian demands hold up a deal that was nearly completed.
All the major indexes closed higher, with the aforementioned Nasdaq leading the way, up a strong 3.5% on the day. The safe-haven Treasury bond bid was absent again, as bonds sold off across the curve as yields moved higher. The benchmark 10-year note has tacked on 25 basis points since March 1. Gold also was a casualty, after hitting highs not seen since 2020, closing down over 3%.
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.
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These are the top analyst upgrades, downgrades and initiations seen on Thursday, March 10, 2022.
Anika Therapeutics Inc. (NASDAQ: ANIK): Barrington Research downgraded the shares to Market Perform from Outperform. Stephens cut its Overweight rating to Equal Weight with a $35 price objective. The shares have traded in a 52-week range of $25 to $48.37 and have a $50.57 consensus target price. The shares were last seen on Wednesday at $26.22, which was down over 14% after posting disappointing results.
Arista Networks Inc. (NYSE: ANET | ANET Price Prediction): Wells Fargo’s upgrade to Overweight from Equal Weight included a target price hike to $160 from $142. The consensus target is $150.12. The stock closed over 5% higher on Wednesday to $120.61.
Automatic Data Processing Inc. (NYSE: ADP): BofA Securities upgraded the shares to Neutral from Underperform and has a $223 price target. The consensus target is $216.82. The final trade on Wednesday was reported at $209.70.
Bumble Inc. (NASDAQ: BMBL): Goldman Sachs cut its price target on the shares to $42 from $54 while keeping a Buy rating. The consensus target is $48.60. Wednesday’s close at $23.64 was up a stunning 42%. The dating app gained users, and that added to the parabolic move higher.
Cisco Systems Inc. (NASDAQ: CSCO): Wells Fargo downgraded the shares to Equal Weight from Overweight and cut the $70 target price to $65. The $64.34 consensus also compares with Wednesday’s closing share price of $55.92.
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ConocoPhillips (NYSE: COP): Goldman Sachs raised the price target on the energy giant to $176 from $154 while maintaining a Buy rating. The consensus target is $106.42. The last trade on Wednesday was at $96.21.
CrowdStrike Holdings Inc. (NASDAQ: CRWD): BTIG Research upgraded the cybersecurity stock to Buy from Neutral and has a $257 target price. The posted consensus target is $266.10. The stock was last seen on Wednesday at $169.79, up over 8% after posted results beat expectations. The shares were up an additional 12% in the premarket.
Dada Nexus Ltd. (NASDAQ: DADA): Though Credit Suisse upgraded the shares to Outperform from Neutral, it also cut the $25 target price to $17.50. The consensus target is up at $29.85. The stock closed Wednesday at $8.10, up 25% after posting solid results.
DXC Technology Co. (NYSE: DXC): BofA Securities downgraded the shares to Underperform from Buy and slashed the $45 target price to $30. The consensus target is $41.85. The final trade on Wednesday was posted at $29.98.
Eli Lilly and Co. (NYSE: LLY) Daiwa Securities started coverage on the pharmaceutical heavyweight with an Outperform rating and a $286 price objective. The consensus target is up at $307.39. The stock ended trading on Wednesday at $262.79.
Emerson Electric Co. (NYSE: EMR): Oppenheimer upgraded the stock from Perform to Outperform with a $110 target price. The consensus target is $110.65, and the shares closed at $94.39 on Wednesday.
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Freeport-McMoRan Inc. (NYSE: FCX): Goldman Sachs raised the price target on the Buy-rated mining giant to $56 from $48. The consensus target is lower at $45.35. The last trade on Wednesday was reported at $47.
Halliburton Inc. (NYSE: HAL): Goldman Sachs lifted the target price on the oilfield services leader to $43 from $37. That compares with the $32.96 consensus target and Wednesday closing print of $34.84, which was down over 5% on the day.
J.B. Hunt Transport Services Inc. (NASDAQ: JBHT): Goldman Sachs upgraded the shares of the trucking giant to Buy from Neutral and boosted the $209 target price to $231. The consensus target is $215.10. The shares closed at $199.37 on Wednesday.
Olaplex Holdings Inc. (NASDAQ: OLPX): Barclays upgraded the hair care products stock to Overweight from Equal Weight but also lowered the $29 price target to $17. The consensus target is up at $33.83. The stock ended Wednesday’s session at $15.36, up almost 15% for the day, after posting solid results earlier this week.
PPL Corp. (NYSE: PPL): Wolfe Research upgraded the shares to Outperform from Peer Perform and bumped the price target to $30 from $28. The consensus target is $30.73. The stock closed Wednesday at $26.69.
Rio Tinto Group (NYSE: RIO): Citigroup downgraded the shares to Neutral from Buy. The 52-week trading range is $59.58 to $95.97, and the consensus target price is $83. The shares closed on Wednesday at $77.72.
Shift4 Payments Inc. (NYSE: FOUR): D.A. Davidson started coverage with a Buy rating and a $70 target price. The consensus target is $72.73. The stock closed over 9% higher on Wednesday at $45.77.
Teck Resources Ltd. (NYSE: TECK): Goldman Sachs upgraded the shares from Neutral to Buy with a $51 target price. The consensus price objective is $40.29. The last trade on Wednesday was $40.09.
Valvoline Inc. (NYSE: VVV): J.P. Morgan downgraded the stock to Neutral from Overweight and lowered the $39 target price to $30. The consensus target is $43.25. The shares closed on Wednesday at $30.04.
Verastem Inc. (NASDAQ: VSTM): Stifel started coverage with a Buy rating and a $6 target. The consensus price objective is $6.20, and the last trade for Wednesday came in at $1.38.
XPO Logistics Inc. (NYSE: XPO): Cowen reiterated an Outperform rating and nudged the target price to $117 from $115. The consensus target is $98.22. The stock closed over 13% higher on Wednesday at $70.74 after the announcement of some big changes in the company structure.
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Wednesday’s early top analyst upgrades and downgrades included Advanced Micro Devices, Bluebird Bio, Dollar Tree, Diamondback Energy, Fastenal, Kohl’s, Limelight Networks, Netflix, Palantir Technologies, PayPal, Southwestern Energy, S&P Global and Unity Software. Analyst calls seen later in the day were on Coupang, Foot Locker, Gap, Stitch Fix and more.
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