The futures moved higher Tuesday, after a rocky start to the trading week on Monday when all the major indexes ended the day lower. Growing unrest in China over zero-Covid lockdowns was one major factor sending stocks lower, despite reasonably positive online sales numbers over the holiday weekend and on Cyber Monday. Some attributed the risk-off move in the markets to an overbought consolidation move by fund managers looking to take advantage of the recent moves higher in the markets over the past month.
Treasury yields were flat to modestly higher across the curve, as bond traders await Federal Reserve Chair Powell’s address Wednesday at the Brookings Institution in Washington, D.C. This will be one of the final speaking engagements before the Fed goes into its quiet period in front of the December meeting. It is expected that the committee will increase rates by 50 basis points at the final meeting for 2022.
Brent and West Texas Intermediate crude fell to the lowest levels since 2021 on Monday, before reversing midday with WTI 1.25% higher and Brent closing down 50 basis points. Concerns over the China lockdowns and the impending December 5 European Union ban on Russian crude imports loomed large. Natural gas ended the day down 4%. Gold and Bitcoin also closed lower.
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 Tuesday, November 29, 2022.
Activision Blizzard Inc. (NASDAQ: ATVI): Morgan Stanley upgraded the stock to Overweight from Equal Weight and has a $95 target price. The consensus target is $92.58. The stock closed almost 2% higher on Monday at $74.72.
Affiliated Managers Group Inc. (NYSE: AMG): The Jefferies upgrade to Buy from Hold included a target price hike to $192 from $149. The consensus target is $161.21. Monday’s close was at $155.11.
Anheuser-Busch InBev S.A./N.V. (NYSE: BUD): J.P. Morgan raised its Underweight rating to Overweight and hiked its $45 target price to $70. The consensus target is $56.69. Monday’s $58.17 close was a gain of almost 3% for the day.
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AppLovin Corp. (NYSE: APP): Morgan Stanley’s downgrade was to Equal Weight from Overweight. It also cut its $35 target price to $20, below the $29.06 consensus target. Shares closed almost 4% lower on Monday at $13.48 after the downgrade.
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