The futures were modestly higher after a week of trading that saw some massive volatility and some huge up-and-down days. While the risk-off buyers made their presence felt in a big way on Thursday, as all the major indexes closed solidly higher, the important data on Friday is the November nonfarm payrolls report, which came in below estimates. Only 210,000 jobs were added, versus expectations of 500,000, while the prior month numbers were revised up to 546,000 from 531,000. Many across Wall Street feel that if the Omicron variant proves to be just a minor irritant to the economy near term, growth in 2022 can improve, and perhaps significantly.
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.
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.
These are the top analyst upgrades, downgrades and initiations seen on Friday, December 3, 2021.
Alphabet Inc. (NASDAQ: GOOG): UBS resumed coverage with a Buy rating on the technology giant and raised the target price big-time to $3,925 from $3,190. The consensus target is $3,269.41, and the stock closed trading on Thursday at $2,859.32.
CubeSmart Inc. (NYSE: CUBE): Raymond James upgraded the stock to Outperform from Market Perform and has a $60 price target. The consensus target is $59.38. The stock closed Thursday at $54.78, which was up 3% for the day.
Denny’s Corp. (NASDAQ: DENN): Benchmark started coverage of the ubiquitous family restaurant chain with a Buy rating and a $19 price target. The consensus target is $18.67. The last trade for Thursday came in at $14.31, up over 7% on the day.
Doximity Inc. (NYSE: DOCS): Jefferies initiated coverage with a Buy rating and a $78 price objective. The $74.50 consensus price target also compares with Thursday’s close of $67.51 per share.