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Futures were lower on Thursday after another positive trading day in which all three major indices ended higher, with only the Russell 2000 closing lower. The Nasdaq initially received a huge boost, after Alphabet released mammoth results and announced a massive 20-to-1 stock split. which showed a decline of 301,000 jobs versus an expected increase of 220,000) brought risky sellers back until the afternoon, when markets reversed again and turned higher. The very weak report will have all eyes on Wall Street, laser-focused on the nonfarm payrolls report for January, which will be released Friday morning.
Despite the weak ADP report, a big bright spot for investors and the economy is that the surge in Omicron cases appears to be peaking and beginning to decline. Additionally, corporate stock buyback windows are beginning to reopen, which could place a supportive bid below the market. Some strategists even noted that equities have done reasonably well against a backdrop of inflation and the prospect of further rate hikes.
24/7 Wall St. reviews dozens of analyst research reports each weekday in an effort to find new insights for investors and traders. Some of these daily analyst calls are covering stocks to buy. Other calls cover stocks to sell or avoid. Remember that no analyst call should ever be used as a basis for buying or selling a stock. Consensus analyst target data comes from Refinitiv.
These are the major analyst upgrades, downgrades and insiders seen on Thursday, February 3, 2022.
Advanced Micro Devices Inc. (NASDAQ: AMD): Deutsche Bank reiterated a hold rating on the stock and raised the target price from $120 to $140, while Rosenblatt retained a buy rating and shifted its target from $180 to $200. The consensus target for the chip giant is $142.88. The stock’s closing price on Wednesday was $122.76, after a 5% gain following the company’s exceptional earnings report.
Ameresco Inc. (NYSE: AMRC): Although BofA Securities upgraded the stock to buy at Neutral, it also reduced the target price from $88 to $61. The consensus target is $85.77. The stock closed Wednesday at $49.28 per share.
Axalta Coating Solutions Ltd. (NYSE: AXTA): Vertical Research downgrade moved from Buy to Hold with a target price of $34. The consensus target is $36.43. Wednesday’s final trade was $29.38.
Beyond Meat Inc. (NASDAQ: BYND): BMO Capital Markets began coverage with a Market Perform rating and a target price of $68. The consensus target is $72.71. Shares closed Wednesday at $64, down more than 4% for the day.
Colgate-Palmolive Co. (NYSE: CL): Bernstein has upgraded the staple consumer heavyweight to Market Perform from Underperform and has a target price of $83. The consensus target of $86.89. Wednesday’s final trade was at $82.80 per share.
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