The futures were mixed on Monday, as we look to close out the worst month for the stock market since March of 2020. The risk-on traders finally got a rally to hold, after another big dip early on Friday that actually put the S&P 500 in correction territory reversed to the upside, and all the major indexes closed with solid gains. That included a 3.1% gain by the Nasdaq, which has been hammered in January. The Treasury market saw selling across the curve, and yields dropped, as some of the action could have been month-end portfolio moves.
One big positive for investors and the economy is that the surge of Omicron cases appears to be peaking and starting to fall. The corporate stock buyback windows are starting to reopen, and that could put a supporting bid under the market. Some strategists even noted that stocks have performed reasonably well against an inflation backdrop and the prospect of continued rate hikes, compared to the past.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding fresh 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 Monday, January 31, 2022.
Advance Auto Parts Inc. (NYSE: AAP): RBC Capital Markets started coverage of the auto parts giant with a Sector Perform rating and a $239 price target. The consensus target is $260.06. The stock closed on Friday at $228.22.
Agnico-Eagle Mines Ltd. (NYSE: AEM): National Bank Financial raised its Sector Perform rating on shares of the gold-mining giant to Outperform. Over the past 52 weeks, the shares have traded between $45.42 and $74.50, and they have a huge $93.82 consensus price objective. The final trade for Friday was posted at $46.26.
AppLovin Corp. (NASDAQ: APP): BofA Securities resumed coverage with a Neutral rating and a $70 target price. The consensus target is much higher at $115.31. The stock was last seen Friday at $60.89.
AutoZone Inc. (NYSE: AZO): Zacks has picked this stock as its Bull of the Day. The analyst makes a case that robust sales and earnings growth, combined with a strong technical trend, justify adding shares to the mix. Shares most recently closed at $1,951.16, and the consensus price target is $2,199.89, which would be a 52-week high.
Booz Allen Hamilton Holding Corp. (NYSE: BAH): BofA Securities downgraded the shares to Underperform from Buy and cut the target price to $80 from $100. The consensus target is $97.89. The stock closed on Friday at $75.25, down almost 9% for the day after posting disappointing numbers and guidance.
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