The futures were mixed Tuesday, after a back-and-forth start to the week that ultimately ended with all of the major indexes suffering modest losses. Much of the chatter from business channel talking heads and across Wall Street was the upcoming decision by President Biden on who will be the head of the Federal Reserve coming next year, when the current term from Jay Powell expires.
Progressives in Congress are pushing the president to replace Powell with Lael Brainard, who is an American economist that has served on the Federal Reserve Board of Governors since 2014. She previously served as the U.S. Under Secretary of the Treasury for International Affairs from 2010 to 2013. Many feel Powell only has a 50-50 chance of retaining his position.
Top strategists across Wall Street remain focused on the potential for rising interest rates, the quantitative easing tapering, big increases in energy costs and the ongoing supply chain issues and stagflation worries. Toss in the debt ceiling issue that returns soon 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, November 16, 2021.
Allegiant Travel Co. (NASDAQ: ALGT): Goldman Sachs raised the stock to Buy from Neutral and nudged the $240 price target to $250. The consensus target is $257.45. The last trade on Monday was reported at $188.23. Shares were up over 5% in the premarket after the company posted strong October traffic figures.
Arista Networks Inc. (NYSE: ANET): Though UBS downgraded the stock to Neutral from Buy, it raised the price target to $530 from $490. The consensus target is $499.11, and Monday’s closing print was $528.17 a share.
AvidXchange Holdings Inc. (NASDAQ: AVDX): BofA Securities started coverage with a Neutral rating and a $28 price target. The stock closed on Monday at $25.32, down from last week’s 52-week high of $26.19 per share.
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