The futures were up across the board on Tuesday, after a solid Monday risk-off rally in which all the major indexes participated and ended higher. The Dow Jones industrials and the S&P 500 printed new all-time highs, while electric vehicle stocks took off after Tesla reported a massive order from Hertz.
Alphabet and Microsoft will kick off the big-tech earnings after the close Tuesday, and three more mega-cap leaders will report this week as well. The continued market strength is still being attributed to outstanding earnings results coming in, despite ongoing supply chain and inflation issues. Interest rates dropped as buyers of Treasury debt came in across the curve Monday.
Despite the continued market strength, top strategists across Wall Street remain focused on continued rising interest rates, the quantitative easing tapering due to begin next month, big increases in energy costs, ongoing supply chain issues and stagflation worries. Toss in the debt ceiling issue (which is on hold for now but will return in December) and the ongoing 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 26, 2021.
Academy Sports and Outdoors Inc. (NASDAQ: ASO): Wedbush started coverage on the popular retailer with an Outperform rating and a $54 price target. The consensus target is in line at $54.30. The stock closed trading on Monday at $44.62.
Antero Resources Corp. (NYSE: AR): Benchmark initiated coverage with a Buy rating and a $32 price target. The consensus target is just $25.13. The last trade for Monday hit the tape at $21.43.
Bally’s Corp. (NYSE: BALY): Cowen raised its Neutral rating on the gaming and racing giant to Outperform with a $75 price target. The consensus target is $71.71, and Monday’s close was at $49.66 a share.