The futures started lower then headed higher, as we get ready to end the trading week after a dreadful risk-off day across Wall Street. The consumer price index (CPI) results for December and the trailing 12 months both came in hotter than expected. The buy-the-dip crowd tried to rally and counter the massive selling pressure early in the day, but to no avail, as all the major indexes closed deeply in the red. Technology took a massive hit, as interest rates across the board went higher. The 10-year Treasury hit its highest yield since 2019, pushing through the 2% level as there was intense selling across the curve.
The hotter CPI report is likely to reignite speculation that the Federal Reserve will make the first increase in the federal funds a 50 basis point, or one-half one percent, as opposed to the expected 25 basis point increase. It already has been announced the rate increases will begin in March.
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 Friday, February 11, 2022.
Agnico-Eagle Mines Ltd. (NYSE: AEM): BMO Capital Markets resumed coverage of the gold and silver mining giant. The shares have traded in a 52-week range of $45.41 to $74.50 and have a huge $92.60 consensus price target. The stock closed trading on Thursday at $47.19, which was down almost 5% for the day.
Brunswick Corp. (NYSE: BC): Citigroup initiated coverage with a Buy rating and a $118 target price. The consensus target is $121. The stock closed trading at $94.63 on Thursday.
Cogent Communications Holdings Inc. (NASDAQ: CCOI): JPMorgan upgraded the shares to Overweight from Neutral and has an $82 price target. The consensus target is $76.36. The stock closed on Thursday at $66.31.
Compass Minerals International Inc. (NYSE: CMP): JPMorgan downgraded the stock to Underweight from Neutral and lowered the price target to $52 from $57. The consensus target is $65.14. Thursday’s closing share price of $51.13 was down close to 4% on the day.
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