The futures were mixed after a sparkling risk-off rally Tuesday, in which all the major indexes traded higher on the strength of continued solid third-quarter earnings reports and some brighter economic news. The standoff over the massive social infrastructure plan continues in Washington. In the cryptocurrency world, the first Bitcoin futures exchange-traded fund began trading on Tuesday on the New York Stock Exchange.
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 Wednesday, October 20, 2021.
Anheuser-Busch InBev S.A./N.V. (NYSE: BUD): Citing lingering COVID-19 challenges, Zacks has named this global beverage giant as the Bear of the Day. Shares closed most recently at $55.92 apiece, and the consensus price target is $74.13.
Array Technologies Inc. (NASDAQ: ARRY): Guggenheim lowered its Buy rating on shares of the solar parts giant to Neutral. Over the past 52 weeks, the stock has traded between $12.72 and $54.78. The consensus price target is $24.42. The last trade on Tuesday was reported at $20.41 a share, after more than a 5% gain for the day. The shares gave it back in the premarket, down right at 5%.
Atea Pharmaceuticals Inc. (NASDAQ: AVIR): JPMorgan slashed the $61 price target on the stock to $16 and downgraded it to Neutral from Overweight. The consensus target, which is sure to be lowered, is $43.67. The stock collapsed Tuesday, tumbling 66% to close at $13.82, after the company posted disappointing clinical results on a potential antiviral COVID-19 pill.
Bank of New York Mellon Corp. (NYSE: BK): Goldman Sachs raised the $56 price target on the Buy-rated shares to $62. The consensus target is $60.28. The stock closed on Tuesday at $57.65.