The futures were pointing higher Tuesday, after Monday’s vicious across-the-board sell-off that saw the S&P 500 finally hit a 5% sell-off level following two negative weeks for stocks prior to Monday. Many Wall Street and financial pundits had their fingers pointed toward Evergrande, the wobbling Chinese real estate company with more than $300 billion in liabilities. The company has a reported $83.5 million interest payment due on September 23 and another $47.5 million is due on September 28. According to some reports, the company is starting to repay investors with actual real estate.
While the consumer price index and retail sales last week tempered some of the inflation and growth worries, mounting stagflation concerns continued to pick up amid the ongoing supply chain and input pressures, as well as recovery headwinds from spread of the Delta variant. Toss in the fact that the stock market was horribly overbought and extended, and Monday’s selling should not be a huge surprise. Many across Wall Street think that the Federal Reserve talking heads will offer very tangible tapering hints at this week’s meeting, but strategists also expect monetary policy to remain extremely accommodative.
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 Tuesday, September 21, 2021.
AT&T Inc. (NYSE: T): Loop Capital started coverage of the legacy telecommunications leader with a Hold rating and a $30 price target. The Wall Street consensus target is $31.25 a share. The stock closed trading on Monday at $27.21 per share.
Altice USA Inc. (NYSE: ATUS): Loop Capital started coverage with a Hold rating and a $28 price target. The consensus target is much higher at $40.62. The stock closed Monday at $25.16.
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