The futures were mixed on Thursday, as the volatility roller-coaster continues into the final trading month for 2021. The combination of the Omicron variant (which the CDC confirmed a case in the United States on Wednesday) and Federal Reserve Chair Jay Powell’s indications that the Fed may have to be more aggressive in the tightening policy was all the risk-off crowd needed on Tuesday. While the buy-the-dip risk-on traders returned early Wednesday, the sellers also returned in the final hours of trading to hammer all the major indexes. The manic buying in Treasury debt slowed, but yields still dropped on the 10-year and 30-year bonds.
Top strategists across Wall Street now are starting to focus on the potential for a faster taper to the quantitative easing program and an earlier rate increase, big increases in energy costs and other inflation issues, and the ongoing supply chain issues and stagflation worries. Toss in the very pressing debt ceiling issue and the ongoing China concerns, and there is still plenty of potential for continued volatility.
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These are the top analyst upgrades, downgrades and initiations seen on Thursday, December 2, 2021.
Airbnb Inc. (NASDAQ: ABNB): UBS started coverage of the stock with a Neutral rating and a $176 target price. The consensus target is $197.52. The shares were last seen on Wednesday at $163.08, which was down almost 6% for the day.
Allbirds Inc. (NASDAQ: BIRD): Stifel maintained a Buy rating and a $25 price target. The consensus target for the popular show company is $24.91. The stock was hammered Wednesday, closing down almost 17% to $16.06 despite posting very solid results.
Amazon.com Inc. (NASDAQ: AMZN): UBS resumed coverage of the tech giant with a Buy rating and a massive $4,700 price target. The consensus target is just $4,093.86. The final trade on Wednesday was recorded at $3,443.72.
Ambarella Inc. (NASDAQ: AMBA): Stifel reiterated a Buy rating and a $200 price target. The consensus target is $163.88. Both targets look to be going higher soon as the stock closed Wednesday at $204.89, up almost 15% after posting very positive earnings. A host of additional Wall Street firms raised target prices during Wednesday afternoon.