The futures were higher on Thursday, after another dreadful day Wednesday when all the major indexes took a beating. The October 2021 Consumer Price Index rose 0.9% over the past year on a seasonally adjusted basis and 6.2% not seasonally adjusted. Over the past 12 months, the all-items index increased 6.2% before the seasonal adjustment. In other words, prices are skyrocketing on every level, and those in Washington are starting to feel the heat from their constituents back home.
The S&P 500 posted a record close on Monday for the eighth straight session, which marked the best run for the index since 1997. It seems increasingly likely that something has to give, and clearly the disturbing inflation data has spurred some serious selling
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new 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, November 11, 2021.
Beyond Meat Inc. (NASDAQ: BYND): Bernstein downgraded the stock to Market Perform from Outperform and cut the price target to $100 from $130. The consensus target for the plant-based food company’s stock is $94.31. The stock closed trading on Wednesday at $94.38, which was down almost 4% for the day.
Bioventus Inc. (NASDAQ: BVS): JPMorgan resumed coverage with an Overweight rating and a $25 price target. The consensus target is $21. The stock closed Wednesday at $16.50, and shares were down almost 3% in premarket action.
Callaway Golf Co. (NYSE: ELY): Jefferies resumed coverage with a Buy rating and raised the price target on the popular golf club and accessories company to $60 from $49. The consensus target is $40.10. The shares closed trading on Wednesday at $29.58.
Coinbase Global Inc. (NASDAQ: COIN): Piper Sandler reiterated an Overweight rating on the cryptocurrency trading platform and raised the target price to $440 from $360. Goldman Sachs also maintained a Buy rating and raised its $337 target price to $387. The consensus target is $382.65. The stock closed on Wednesday at $328.60, after retreating over 8% on the day.