Wednesday's Top Analyst Upgrades and Downgrades: American Airlines, Freeport-McMoRan, Square, US Steel, Wendy's and More

The futures were lower across the board Wednesday, after a torrid risk-off rebound Tuesday that faded somewhat into the close. All the major indexes closed up over 1%, with the exception of the Dow Jones industrials, which finished just shy of that mark. Despite the comeback from Monday’s furious selling, these kinds of wild swings (and Wednesday looks like more of the same), which have been happening over the past month, can often be the precursors of some serious trouble.

Top strategists across Wall Street remain focused on continued rising interest rates, Federal Reserve tapering due to begin in a month, big increases in energy costs, ongoing supply chain issues and stagflation worries, and Wall Street analysts are not nearly as positive on the upcoming earnings seasons as they were for the second quarter. Toss in the debt ceiling and China worries, and the cauldron continues to simmer.

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, October 6, 2021.

Agnico-Eagle Mines Ltd. (NYSE: AEM): RBC Capital Markets upgraded the gold miner to Outperform from Sector Perform but lowered its target price to $63 from $68. The consensus target is a much higher $104.38. The stock was last seen Tuesday at $52.61.

AmBev S.A. (NYSE: ABEV): Barclays upgraded the shares to Overweight from Equal Weight but dropped the target price to $3.50 from $4.00. The consensus target is $3.48. The stock closed Tuesday at $2.73.

American Airlines Group Inc. (NYSE: AAL): Goldman Sachs lowered its Neutral rating to Sell and reduced the price target to $18 from $19. The consensus target is $19.47. The final trade on Tuesday was at $21.47 a share.

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