The futures were up across the board on Monday, the first trading day of November. All three of the major indexes and the Russell 2000 closed higher Friday, and once again the S&P 500 and the Nasdaq posted fresh all-time highs as October closed out the best month of the year. While earnings will continue to roll in this week, many on Wall Street will be focused on Friday’s nonfarm payroll report for October. After two consecutive disappointing reports in August and September, analysts are projecting a gain of 425,000 jobs. Another bad report could be just the cue the risk-off crowd is looking for.
Despite the continued market strength, top strategists across Wall Street remain focused on potential for rising interest rates, the quantitative easing tapering due to begin this 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 Monday, November 1, 2021.
Activision Blizzard Inc. (NASDAQ: ATVI): Bernstein upgraded the popular video game company to Market Perform from Underperform. The shares have traded in a 52-week range of $71.19 to $104.53 and have a $114.24 consensus price target. The final trade for Friday was reported at $78.19.
Advanced Micro Devices Inc. (NASDAQ: AMD): Northland Capital downgraded the stock to Market Perform from Outperform with a $120 price target. But Zacks named it the Bull of the Day stock, saying that AMD is better valued than competitors and CEO Lisa Su is lighting up the semiconductor industry again. Shares last closed at $120.23, and the consensus price target of $133.07 would be an all-time high.