The futures were lower Tuesday after another volatile day of trading to open up the week. The Russian invasion of Ukraine remains the top story across Wall Street, with the fighting remaining fierce in many areas of the country. Over the weekend, the United States and the European Union added sanctions on Russia, including removing several Russian banks from SWIFT in an effort to undermine the Russian defense of the ruble. The Russians in turn moved rates to 20% from 9.5% while imposing capital controls.
Volatility remains elevated, especially after President Putin put Russia’s nuclear forces on high alert over the weekend. However, peace talks were underway Monday in Belarus between Russian and Ukrainian diplomats. The Dow Jones industrials and the S&P 500 closed lower, while the Nasdaq fought back late in the day to post a gain. The safe-haven bid returned to the Treasury markets, with yields down big on Monday, while oil exploded higher, with West Texas Intermediate up over 4%, and Brent back above the $100 a barrel level.
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 Fat Tuesday, March 1, 2022.
Ambarella Inc. (NASDAQ: AMBA): Cowen reiterated an Outperform rating on the shares while cutting its target price to $180 from $235. The consensus target is $219.65. The stock was last seen on Monday trading at $139.71.
American Axle & Manufacturing Holdings Inc. (NYSE: AXL): Morgan Stanley raised its Underweight rating to Overweight and doubled the target price to $16. The consensus target is $9.71. The last trade on Monday for $9.26 a share, which was up over 7% for the day.
Arista Networks Inc. (NYSE: ANET): Goldman Sachs lifted the $135.50 price target on the Buy-rated shares to $150, in line with the $150.12 consensus target. Monday’s closing share price was $122.71.
Bally’s Corp. (NASDAQ: BALY): Jefferies downgraded the stock to Hold from Buy and slashed the $54 price target to $38. The consensus target is $56.38. The closing share price on Monday was $36.02.
Block Inc. (NYSE: SQ): BMO Capital Markets upgraded the shares to Outperform from Market Perform and has a $159 target price. The consensus target is higher at $225.81. The last trade on Monday was reported at $127.42, up over 6% on the day.
Cable One Inc. (NASDAQ: CABO): The Wells Fargo upgrade was from Equal Weight to Overweight with a $2,100 price objective. The consensus target is $2,094.29. The share price on Monday’s close was $1,437.44.
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