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Wednesday's Top Analyst Upgrades and Downgrades: Boeing, Conagra, Eli Lilly, Hess, HP, Lockheed Martin, Nike and More

The futures were higher across the board Wednesday, after a brutal session Tuesday in which all the major indexes were torched. Technology and health care were hit especially hard, as the swift move higher of interest rates has caught many off guard. The combination of higher oil and natural gas prices is strengthening the inflation narrative once again.

The market heard Tuesday from Federal Reserve Chair Powell and Treasury Secretary Yellen in testimony on the coronavirus and CARES Act before a Senate committee. In his prepared remarks, Powell said, “inflation is elevated and will likely remain so in coming months before moderating.” To many, that is an understatement as prices at almost every level have gone higher.

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 Wednesday, September 29, 2021.

Arch Resources Inc. (NASDAQ: ARCH): Citigroup’s upgrade to Buy from Neutral included a price target boost to $110 from $62. The consensus target is $80. The stock was last seen on Tuesday at $85.65.

AutoNation Inc. (NYSE: AN): Morgan Stanley upgraded the stock to Equal Weight from Underweight and lifted the target price to $116 from $70. The consensus price target is up at $138.14. The stock closed on Tuesday at $122.48.

Boeing Co. (NYSE: BA): Bernstein upgraded the stock to Outperform from Market Perform and raised the target price to $279 from $252. Shares have traded as high as $278.57 in the past year, but the stock closed at $218.41 on Tuesday.