The futures were mixed on Wednesday, after yet another record-setting trading day on Wall Street Tuesday, when all the major indexes either printed or closed at a record high, including the transports. The song remains the same, as strong earnings and a voracious appetite for stocks continues to drive prices higher. The worrisome issue is that inflation is driving prices higher as well, and while Treasury Secretary Yellen, Federal Reserve Chair Powell and the crew in D.C. say this should all abate next year, the reality is it is very possible that won’t happen. All eyes remain focused on Friday’s October nonfarm payrolls report.
Despite the continued market strength, top strategists across Wall Street remain focused on the potential for rising interest rates, the quantitative easing tapering due to start this month, big increases in energy costs and (while perhaps easing some) the ongoing supply chain issues and stagflation worries. Toss in the debt ceiling issue (which is on hold but will return next month) 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, November 3, 2021.
Anheuser-Busch InBev N.V./S.A. (NYSE: BUD): BofA Securities raised the King of Beers to Neutral from Underperform and has a $68 price target. The consensus target is $73.50. The last trade on Tuesday was reported at $60.06.
Arista Networks Inc. (NYSE: ANET): Credit Suisse, along with others across Wall Street, reiterated a Buy rating, and the firm lifted its $410 target price to $509. The consensus target of $406.823 surely will rise, after the shares closed up over 20% on Tuesday at $491.87. The combination of stellar results and competitors painting a very rosy outlook drove up the stock.
Clorox Co. (NYSE: CLX): JPMorgan downgraded the consumer staples giant to Underweight from Neutral and slashed the $171 target price to $147. The consensus target is $161.28. The final trade for Tuesday was reported at $165.39