Investing

Thursday's Top Analyst Upgrades and Downgrades: Abbott Labs, Hewlett Packard Enterprise, Johnson & Johnson, Rivian, Salesforce, SoFi, Target, Zoom Video and More

The futures were higher Thursday, after investors were finally treated to what many across Wall Street felt was an “oversold rally.” All the major indexes ended higher, with both the Russell 2000 and the transports joining in on the risk-on move. The possibility of more negotiations between Russia and Ukraine diplomats was one reason for the firm market tone. Some pundits cited the Federal Reserve perhaps adopting a less aggressive tightening path, but many top firms threw cold water on that idea, citing the explosion of inflation, currently the highest monthly and year-over-year increases since the early 1980s. However, Wednesday, Fed Chair Powell did say he is inclined to support just a 25 basis point hike at the policy meeting this month.

The biggest selling on Wednesday was seen in the Treasury markets, as yields zoomed higher across the yield curve, with the two-year yield jumping a stunning 19 basis points and the benchmark 10-year note 16 basis points higher, as the flight-to-safety bid faded. Gold also saw an influx of sellers, with the precious metal closing down almost 2% at $1,927 per ounce. Oil however soared to prices not seen since 2011, as both Brent and West Texas Intermediate crude traded well above the $110 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 Thursday, March 3, 2022.

Abbott Laboratories (NYSE: ABT): BofA Securities resumed coverage on the pharmaceutical giant with a Buy rating and $140 price objective. The consensus target is $143.53. The closing share price on Wednesday was $120.36.

Antero Midstream Corp. (NYSE: AM): Barclays downgraded the stock to Underweight from Equal Weight and trimmed the $11 target price to $10. The consensus target is $10.33. The shares closed on Wednesday at $10.04.

Booking Holdings Inc. (NASDAQ: BKNG): Evercore ISI upgraded the stock to Outperform from In Line and raised the $2,500 price target to $2,900. That compares with the $2,686.11 consensus target and Wednesday’s close at $2,163.42, which was up over 4%.

C3.ai (NYSE: AI): J.P. Morgan raised its Underweight rating to Neutral but lowered the target price to $27 from $43. The consensus target is up at $55.44. The last trade on Wednesday was at $22.66 a share.

C.H. Robinson Worldwide Inc. (NASDAQ: CHRW): Vertical Research downgraded it from Buy to Hold with a $110 target price. The consensus target is $103.90. The stock closed on Wednesday at $102.94.

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