The futures traded higher Wednesday, after a back-and-forth Tuesday that saw a big jump higher on the open after Monday’s big losses, and then shares reversed before trading mixed into the close. The S&P 500 and the Dow Jones industrials closed down, with only the Nasdaq posting a gain.
Although more blame was pointed at Evergrande, the wobbling Chinese real estate company with more than $300 billion in liabilities, Chinese restrictions on various sectors also have been cited as a fly in the ointment. While the problems at Evergrande are massive, talking heads across Wall Street said that despite the issues, this is not a “Lehman Brothers” moment. In September of 2008, Lehman Brothers filed for bankruptcy. At the time, the 164-year old firm was the fourth-largest U.S. investment bank, and its bankruptcy kicked off a global financial crisis.
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 and recovery headwinds from the spread of the Delta variant. 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 Wednesday, September 22, 2021.
Accenture PLC (NYSE: ACN): MoffettNathanson upgraded the stock to Buy from Neutral and has a $405 price target. The Wall Street consensus target is just $338.06. The shares closed on Tuesday at $331.15.
Ambarella Inc. (NASDAQ: AMBA): KeyBanc Capital Markets raised its Sector Weight rating to Overweight and has an $85 target price. The consensus price objective is $142.80. The shares ended trading on Tuesday at $148.92.
America’s Car-Mart Inc. (NASDAQ: CRMT): Investors should wait for the next catalyst for this auto dealer recommends Zacks, which has named it the Bear of the Day stock. Shares closed most recently at $119.92 apiece and have a consensus price target of $165.75.
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