The futures were lower Wednesday, after a solid risk-on rally held the serve on Tuesday, with all the major indexes and the transports closing higher. Market pundits pointed to positive progress in the Russia-Ukraine ceasefire talks as one of the positives, with big corporate buybacks also adding to the strength. The S&P 500 is up over 10% in the past 11 trading days, which has happened only twice since 2009. With the quarter ending on Thursday, all eyes are now focused on Friday’s March nonfarm payroll report. Analysts are looking for 450,000 jobs to be added, after the last two reports came in very strong.
Yields across the Treasury curve were lower, likely a result of the end of the quarter buying from institutional accounts. Once again Brent and West Texas Intermediate crude closed lower, and gold fell back toward the $1,900 per ounce 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 Wednesday, March 30, 2022.
Adobe Inc. (NASDAQ: ADBE): Exane BNP Paribas started coverage of the technology giant with an Outperform rating and a $570 target price. The consensus target is $568.12. The last trade on Tuesday was reported at $466.33.
Amazon.com Inc. (NASDAQ: AMZN): Exane BNP Paribas began coverage of the retail and technology colossus with an Underperform rating and a $2,800 target price. The consensus price objective is up at $4,098, and the stock closed on Tuesday at $3,386.30.
Carnival Corp. & PLC (NYSE: CCL): Jefferies reiterated a Neutral rating and a $19 price target on the cruise line operator. The shares have traded as high as $31.52 in the past year but closed on Tuesday at $19.93.
Chewy Inc. (NYSE: CHWY): Baird reiterated an Outperform rating with a $65 target price. The consensus target is higher at $70.57. The closing share price on Tuesday was $50.99, up close to 5% for the day.
Clorox Co. (NYSE: CLX) Goldman Sachs cut the $145 price target on the consumer staples giant to $127, while keeping a Sell rating. The consensus target is $143.27. The stock ended Tuesday at $139.71.
DocGo Inc. (NASDAQ: DCGO): Zacks has named this mobile health and medical transportation services provider as its Bull of the Day stock. The analyst makes a case that it could change the way we think of non-emergency health care. Shares last closed at $8.95 apiece and have a consensus price target of $14.80, which would be an all-time high.
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