The futures were higher Friday, after a topsy-turvy trading week that saw some big up and down days. Thursday’s big gains came after the kick-the-can down the road debt ceiling agreement was forged in Congress. We will be seeing the sequel in December, when the whole political drama will start over. The September nonfarm payrolls were once again somewhat disappointing, and all eyes on Wall Street will be focused squarely on the third-quarter earnings results starting next week.
Top strategists across Wall Street remain focused on rising interest rates, Federal Reserve tapering due to begin soon, big increases in energy costs, ongoing supply chain issues and stagflation worries, and 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 Friday, October 8, 2021.
Allogene Therapeutics Inc. (NASDAQ: ALLO): Goldman Sachs slashed its $71 target price to $20 while downgrading the stock to Neutral from Buy. The consensus target is $47.73, and that is sure to plunge as well. The stock closed on Thursday at $24.38 but was down almost 38% in the premarket after the FDA halted the company’s main clinical trial.
Cable One Inc. (NASDAQ: CABO): Wells Fargo’s downgrade to Equal Weight from Overweight included a price target cut to $2,100 from $2,400. The consensus target is $2,203.71, and Thursday’s closing share price was $1834.31.