The futures were mixed Wednesday, after a solid bounce-back rally that saw all four of the major indexes close higher. The ongoing debate across Wall Street is about the increasing inflation pressures and whether they are indeed transitory or will remain a persistent and growing problem. The strong October retail sales numbers were the impetus behind the move higher Tuesday, as some of the big-box retailers came in with outstanding results. The only investments seeing sellers Tuesday were U.S. Treasury debt, as yields went higher across the curve.
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 Wednesday November 17, 2021.
Adobe Inc. (NASDAQ: ADBE): Credit Suisse started coverage on the venerable technology giant with a Neutral rating and a $700 price target. The posted consensus target is $706.37. The shares were last seen on Tuesday at $671.03.
Advance Auto Parts Inc. (NYSE: AAP): BofA Securities reiterated a Buy rating and lifted the target price to $282 from $256. Citigroup also reiterated a Buy rating, and it boosted its $282 price target to $290. The consensus target is $240.65. The stock closed trading on Tuesday at $235.69.
Alcoa Corp. (NYSE: AA): Wolfe Research started coverage on the aluminum giant with an Outperform rating and a $63 price target. The consensus target is just $59.19. The shares were last seen at $48.20, after they retreated almost 5% on Tuesday.
Anika Therapeutics Inc. (NASDAQ: ANIK): Stephens began coverage with an Overweight rating and a $55 price target. The consensus target is $52. The final trade on Tuesday was reported at $39.95.