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Wednesday's Top Analyst Upgrades and Downgrades: Adobe, Alphabet, Bill.com, Block, Dick's Sporting Goods, Gilead Sciences, Pinterest, Trade Desk, Welltower and More

The futures were higher Wednesday after yet another back-and-forth day on Wall Street. Tuesday ended with a third straight day of gains, with all the major indexes closing up nicely.

With January in the rearview mirror, investors are watching closely for economic data, especially any numbers showing the economy is slowing. With interest rates set to go higher in March, and inflation still the biggest concern, one bright spot was that economic activity in the manufacturing sector grew in January, with the overall economy achieving a 20th consecutive month of growth. In addition, strong earnings from Alphabet, Exxon, UPS and other top companies look to be a clear positive for stocks.

Another big positive for investors and the economy is that the surge of Omicron cases appears to be peaking and starting to fall. Also, 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.

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 Wednesday, February 2, 2022.

Adobe Inc. (NASDAQ: ADBE): Zacks named this software giant as its Bear of the Day, pointing out concerns that it can maintain its historically strong growth rate. Shares have traded as high as $699.54 in the past year but closed most recently at $535.98, which is down more than 5% year to date.

Alphabet Inc. (NASDAQ: GOOGL): Goldman Sachs reiterated an Outperform rating on the technology behemoth after the company posted massive earnings, and the firm raised the price target on the shares to $3,400 from $3,350. Morgan Stanley kept an Overweight rating and lifted its $3,350 target price to $3,450. JPMorgan reiterated an Overweight rating and boosted the target price to $3,450 from $3,250. Stifel also kept a Buy rating, and its target price jumped to $3,500. UBS made the biggest splash, keeping a Buy rating on the stock and boosting the target price to $3,900 from $3,800. The consensus target is $3,328.10, and the stock closed Tuesday at $2,752. 88. The stock was up over 10% on massive premarket volume.

Amylyx Pharmaceuticals Inc. (NASDAQ: AMLX): SVB Leerink started coverage with an Outperform rating and a $50 target price, while H.C. Wainwright started coverage with a Buy rating and a $35 price objective. The shares ended trading on Tuesday at $23.36.

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