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Wednesday's Top Analyst Upgrades and Downgrades: Abbott Labs, Alphabet, Cloudflare, DraftKings, Microsoft, UPS and More

The futures were mixed Wednesday, after yet another record-setting session Tuesday in which both the Dow Jones industrials and the S&P 500 once again printed record all-time highs. While the very strong third-quarter earnings are being cited as a big reason (both Microsoft and Alphabet posted solid results after the close), many attribute the continued surge higher in what is being labeled as FOMO, or fear of missing out. Despite the sky-high valuations in many companies, investors continue to put money into the market, feeling it could continue to melt-up even higher. Going into what is seasonably a good period, they may be right.

That said, 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 Wednesday, October 27, 2021.

Abbott Laboratories (NYSE: ABT): Atlantic Equities upgraded shares of the pharmaceutical giant to Overweight from Neutral and have a $144 price target. The Wall Street consensus target is $137.05. The shares closed on Tuesday at $128.13.

Alphabet Inc. (NASDAQ: GOOGL): Goldman Sachs reiterated a Buy rating after the technology giant reported earnings that beat estimates but were not out of the park. The analyst’s $3,350 price target compares with the $3,183 consensus and Tuesday’s closing print of $2,786.17. The shares were lower in premarket trading.

AppLovin Corp. (NASDAQ: APP): BTIG Research began coverage with a Buy rating and a $114 price target. The consensus target is $94.78, and Tuesday’s closing print was $94.01 per share.