Tuesday's Top Analyst Upgrades and Downgrades: Applied Materials, Aurora Cannabis, Chewy, Coinbase, Kinder Morgan, Macy's, Qualcomm, Wells Fargo and More

The futures were lower across the board on Tuesday, after the week started with only the Dow Jones industrials posting a gain. Both the S&P 500 and the Nasdaq were weak, and with the quarter ending on Thursday, you can bet that portfolio managers for hedge funds, exchange-traded funds and mutual funds are squaring up their books to show solid third-quarter results.

The big news out of Washington, D.C., remains the debt limit ceiling and the House vote on the $1.2 trillion infrastructure bill. With the Thursday expiration of the government’s spending authority, the Democrats are looking to craft a short-term spending deal that could get bipartisan support in order to keep the government open.

While the recent consumer price index and retail sales data has 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. Federal Reserve assurances that rates will remain accommodative continue to provide a tailwind for equities though.

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 28, 2021.

Academy Sports & Outdoors Inc. (NASDAQ: ASO): Goldman Sachs raised its price target on the popular retailer to $47 from $40 but maintained a Neutral rating. The consensus target price is up at $54. The stock closed Monday at $42.76 per share.

Applied Materials Inc. (NASDAQ: AMAT): New Street downgraded the semiconductor capital equipment leader to Neutral from Buy and has a $140 price target. That compares with the higher $162.38 consensus target and Mondays’ closing print of $142.74. The shares were down almost 4% in Tuesday’s premarket.

Aurora Cannabis Inc. (NYSE: ACB): MKM Partners raised the marijuana company to Neutral from Sell. Over the past 52 weeks, the stock has traded between $3.71 and $18.98, and it has a $7.94 consensus target price. The shares closed Monday at $6.39, which was up over 7% for the day.

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