The futures were mixed Thursday, after a huge risk-off Wednesday in which the Dow Jones industrials, the S&P 500 and the Nasdaq (which was down a stunning 3.35%) all closed lower. With the window for the Santa Claus rally closed, and fourth-quarter earnings still in the queue, it feels like investors and traders were busy hedging bets and taking profits as we began trading in the new year.
The Treasury bond market saw sellers again Wednesday, as yields crept higher across the curve. That could have been in part a response to the ADP private job growth numbers of 807,000, which doubled Wall Street expectations, and the Federal Reserve speeding up the quantitative easing taper and rate hike.
With much of the Federal Reserve’s forward-looking initiatives now baked in, including the rate lift-off and faster quantitative easing tapering in 2022, Wall Street is continuing to focus on the big increases in energy and food costs and other spiraling inflation issues. While top strategists and economists are divided on when the current inflation increase will ease, the ongoing supply chain concerns and stagflation worries remain front and center.
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, January 6, 2022.
ADT Inc. (NYSE: ADT): Citigroup resumed coverage of the home security giant with a Buy rating and a $10.25 target price. The consensus target is $10.75. The last trade on Wednesday came in at $8.64 per share.
AdTheorent Holding Co. Inc. (NASDAQ: ADTH): Canaccord Genuity started coverage with a Buy rating and a $12 price target. The consensus target is higher at $18. The stock closed on Wednesday at $6.05 a share.
Beyond Meat Inc. (NASDAQ: BYND): BofA Securities resumed coverage of the plant-based food company with an Underperform rating. The analysts also cut the target price on the shares to $55 from $70. The consensus target is $74.21. The last trade on Wednesday was reported at $58.49 a share.
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