The futures traded higher Thursday, after a big midweek risk-off day Wednesday when all the major indexes were down well over 1% and the transports also closed lower. The song remains the same as the ongoing conflict in Ukraine and the skyrocketing energy prices, which are in turn fueling the highest inflation rates in 40 years, kept the sellers in control. The rising mortgage rates are starting to put a crimp on the housing market for first-time buyers, even though actual rates are still very low on a historical basis.
The only buying Wednesday was across the U.S. Treasury market, after rates spiked higher over the past week. Yields were lower across the curve, while both Brent and West Texas Intermediate crude spiked higher, as did natural gas. Gold also rallied after days of recent selling. Spot prices are down over 6% this month alone.
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 across Wall Street on Thursday, March 24, 2022.
Adobe Inc. (NASDAQ: ADBE): Goldman Sachs lowered the price target on the legacy tech giant to $605 from $710, while maintaining a Buy rating on the stock. Though Baird kept an Outperform rating, it slashed its $750 target to $550. The consensus target is $617.59. The shares closed on Wednesday at $422.90, down almost 10% after delivering weak guidance.
Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY): Stifel reiterated a Buy rating and has a $215 price objective. The consensus target is $212.86. The stock closed Wednesday at $162.35.
Ambarella Inc. (NASDAQ: AMBA): Zacks selected this semiconductor maker as its Bull of the Day stock. The analyst points out that investors fled after guidance fell short of expectation and shares likely will remain volatile. They have traded as high as $227.59 in the past year but closed most recently at $96.01, down more than 52% year to date.
Carnival Corp. & PLC (NYSE: CCL): Stifel lowered the price target on the Buy-rated shares to $30 from $33. The 52-week high is $31.52, but the stock closed on Wednesday at $18.30, which was down over 3% for the day.
Ceridian HCM Holding Inc. (NYSE: CDAY): Credit Suisse started coverage with an Outperform rating and an $85 price objective. The consensus is up at $156.55. The last trade for Wednesday was posted at $67.97.
Ciena Corp. (NYSE: CIEN): Rosenblatt started coverage of the optical giant with a Buy rating and an $80 target price. The consensus target is $80.80. The shares ended trading on Wednesday at $57.85. That was down close to 3% for the day.
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