The futures finally traded higher on Wednesday, after another wretched day across Wall Street in which the focus remains on the Russian invasion of Ukraine and the overall sentiment remains very poor. Negotiations between the two countries produced no agreement, although they did agree on further talks. Reports of a 40-mile-long convoy headed to Kyiv and some heavy bombardment of Kharkiv are two of the biggest negative factors investors face.
All the major indexes closed lower, and there was continued safe-haven buying in the U.S. Treasury markets, with yields down across the curve. The benchmark 10-year note, which hit a 2.05% yield, the highest since the summer of 2019 just two short weeks ago, closed Tuesday with a 1.72% yield. Oil exploded higher with both Brent and West Texas Intermediate crude closing well over the $100 a barrel mark.
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, March 2, 2022.
Allstate Corp. (NYSE: ALL): Goldman Sachs raised its Sell rating on the insurance giant to Buy, and the target price went from $111 to $142. The analysts’ consensus target is $131.92. The shares were last seen on Tuesday trading at $119.86.
Ameriprise Financial Inc. (NYSE: AMP): Piper Sandler downgraded the shares to Neutral from Overweight and lowered the $370 price objective to $325. The consensus target is $360.30. Shares closed on Tuesday at $279.07, which was down almost 7% on the day.
Arista Networks Inc. (NYSE: ANET): Zacks named this tech stock as its Bull of the Day, suggesting that earnings momentum is keeping the bulls around. Shares last closed at $117.88 and have a consensus price target of $150.12, which would be an all-time high.
BigCommerce Holdings Inc. (NASDAQ: BIGC): Though Goldman Sachs reiterated a Buy rating, it also slashed the $60 price target on the stock to $29. The consensus target is $59.40 for now. The stock was hammered Tuesday, closing down almost 16% to $21.85, after reporting a fourth-quarter loss.
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