The futures were down on Wednesday, after a massive risk-on rally that followed three days of big-time selling. Wall Street strategists cited the return of the buy-the-dip retail army, and some spotlighted a Sunday meeting President Biden had with Senator Joe Manchin that reignited Build Back Better possibilities. The financial media also pointed to Tuesday’s Biden speech, wherein the focus was more on vaccinations than locking down the country due to the rise in Omicron cases. In addition, earnings continue to come in strong with both Nike and Micron, posting very solid results for the quarter.
With much of the Federal Reserve’s forward-looking initiatives now baked in, Wall Street strategists are continuing to focus on big increases in energy and food costs and other spiraling inflation issues, as well as the ongoing supply chain concerns and stagflation worries.
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, December 22, 2021.
Acadia Pharmaceuticals Inc. (NASDAQ: ACAD): BofA Securities raised its $28 price target on the shares to $32 while keeping a Neutral rating. The posted consensus target is $27.21. The shares were last seen Tuesday at $21.45, down over 20% on the day after the company asked the FDA to approve a once-rejected psychosis drug.
Alliance Data Systems Corp. (NYSE: ADS): Oppenheimer maintained an Overweight rating on the stock but slashed the $125 price target to $90. The consensus target is $112.40. The stock closed Tuesday at $67.64, which was up almost 4% for the day.
Bank of Montreal (NYSE: BMO): RBC Capital Markets raised its Sector Perform rating to Outperform. The shares have traded in a 52-week range of $74.05 to $112.56. The consensus price target is $122.93. The shares closed on Tuesday at $103.13.
Biogen Inc. (NASDAQ: BIIB): Truist Securities noted that the company announced that as of January 1, 2022, it will reduce the wholesale cost of Aduhelm by 50%, which could improve patient access and uptake. The firm kept a Buy rating and a massive $502 price target. The consensus target is $330.17, and the stock closed on Tuesday at $234.65.