The futures were higher Tuesday, after a back-and-forth trading day on Monday to open the week. Both the S&P 500 and the Nasdaq closed positive, with only the Dow Jones industrials posting a slight loss after last week’s massive rally. Eyes on Wall Street have turned to slowing growth in China, after the country reported third-quarter gross domestic product that came in below expectations. Moderate Democrats continue to push back on the massive social spending bill and triumphed some as the $150 billion clean electricity program was removed from the reconciliation bill, according to published reports.
Top strategists across Wall Street remain focused on rising interest rates, quantitative easing tapering due to begin soon, big increases in energy costs, ongoing supply chain issues and stagflation worries. 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 Tuesday, October 19, 2021.
Academy Sports and Outdoors Inc. (NYSE: ASO): Oppenheimer started coverage of the popular sporting goods retailer with an Outperform rating and a $50 price target. That compares with the higher $54.88 consensus target and Monday’s final print of $41.23.
Adobe Inc. (NASDAQ: ADBE): Goldman Sachs reiterated a Buy rating on the technology giant and has a $765 price target The consensus target is $703.92. The shares closed Monday at $622.83.
Albemarle Corp. (NYSE: ALB): RBC Capital Markets upgraded the stock to Outperform from Sector Perform and lifted the target price to $280 from $246. The consensus target is just $229.77. The stock closed Monday’s trading at $236.91, which was up almost 4% on the day.
Arbe Robotics Ltd. (NASDAQ: ARBE): Cowen began coverage with an Outperform rating and a $12 price target. The shares closed on Monday at $8.22.
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