AT&T, Beyond Meat, Carvana, Fortinet, Snowflake, Waste Managment and More
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The NASDAQ had a rough Tuesday as the Dow Jones Industrials hit an all-time high, and the S&P 500 was up as well.
Continued AI bubble concerns and a rotation out of technology stocks were cited as the reason for the NASDAQ decline on Tuesday.
Investor Michael Burry had more criticisms of the depreciation tactics used by Technology companies when reporting earnings.
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The futures are trading higher as we reach the midpoint of the trading week. The Dow Jones Industrial Average posted a stellar day on Tuesday, rising 1.20% to close at a record high of 47,927, while the S&P 500 also finished the session higher, rising 0.28% to close at 6,846. The big story of the day, and perhaps the last month, was what kept the NASDAQ in the red all day, closing at 23,468, down 0.25%. While some on Wall Street claim it was simply a rotation out of technology stocks, more concerns about the AI bubble have arisen. Michael Burry, of “Big Short” fame, who had already stated that he was long put options (in a significant way), on NVIDIA (NASDAQ: NVDA) and Palantir Inc. (NASDAQ: PLTR), issued a strong rebuke of tech companies’ method of depreciating assets. Mr. Burry maintains that major technology companies, particularly those involved in Artificial Intelligence (AI) and cloud services (hyperscalers), are understating the depreciation of their computing assets to inflate their earnings artificially. When added to the controversy surrounding circular financing between major technology companies, the pot is being stirred in a big way.
The bond market was closed for Veterans Day, but the 10-year benchmark rose the prior day on hopes for an end to the government shutdown.
Energy investors had a terrific day as prices across the complex were all higher on Tuesday. Brent Crude and West Texas Intermediate closed at $65.06 and $60.93, respectively, both significantly higher than 1%. Sector analysts noted reports that cited Indian refiners backing away from Russian oil purchases, and NATO allies were also being asked to refrain from buying oil from Russia. Once again, the star of the day was Natural gas, which closed Tuesday at $4.52, up a whopping 4.13%. Frigid weather across a large swath of the nation, combined with growing electricity needs, continues to drive prices higher.
Gold had another solid day, closing at $4,126.60. The bullion is up a solid 6.25% since late October, as investors have taken advantage of the late October swoon to buy the bullion aggressively. Adding reports of continued massive purchases by global central banks and solid buying by retail investors, the march to the UBS short-term target of $4,200 is in play, with long-term $5,000 targets potentially being reached by late next year. Both JPMorgan (NYSE: JPM) and Bank of America (NYSE: BAC) have a target of $5,000 by the end of 2026. Silver closed up 1.4% at $51.20 per Troy ounce.
Bitcoin traded at $105,349 at 4 p.m. EST Tuesday, down 1%, while Ethereum fell 1.5% to $3,564. XRP edged up 1.2% to $2.49, and Solana dropped 1.2% to $165. The total cryptocurrency market capitalization decreased by 0.4% to $3.6 trillion, with a total crypto trading volume of $199 billion. The slight pullback yesterday occurred as the U.S. Senate advanced a funding resolution to the House for a vote, which is expected to take place this afternoon, bringing the 40-day government shutdown to a near end. Analysts anticipate this could be positive for crypto liquidity in the future.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. 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.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Wednesday, November 12, 2025.
AT&T Inc. (NYSE: T) KeyBanc upgraded the shares to Overweight from Sector Weight with a $30 target price.
CompoSecure Inc. (NYSE: CMPO) was raised to Neutral from Underperform at JPMorgan with a $20 target price.
eToro Group (NASDAQ: ETOR) was raised to Positive from Neutral at Susquehanna with a $55 target price objective.
Grail Inc. (NASDAQ: GRAL) was upgraded to Buy from Hold at Guggenheim with a $100 target price.
Ichor Holdings Ltd. (NASDAQ: ICHR) was raised to Outperform from Market Perform at Oppenheimer, which has set a $25 target.
OUTFRONT Media Inc. (NYSE: OUT) was upgraded at JPMorgan to Overweight from Neutral and lifted the target price to $25 from $19.
Sea Ltd. (NYSE: SE) is raised to Buy from Hold at Deutsche Bank with a $170 target price objective.
Beyond Meat Inc. (NASDAQ: BYND) saw its target price lowered to $1 from $2 at Barclays, which keeps an Underweight rating on the shares.
Fortinet Inc. (NASDAQ: FTNT) was downgraded to Neutral from Buy at Daiwa with an $86 target price.
SM Energy Company (NYSE: SM) was cut to Hold from Buy at SWS with a $23 target price objective.
Carvana Co. (NYSE: CVNA) was initiated with an Overweight rating at Barclays with a $390 target price.
Cintas Corporation (NASDAQ: CTAS) was started with a Market Perform rating at Bernstein, which has a $200 target price.
Penske Automotive Group Inc. (NYSE: PAG) was initiated with an Overweight rating at Barclays with a $195 target price objective.
Republic Services Inc. (NYSE: RSG) was started with a Market Perform rating at Bernstein with a $205 price target.
Snowflake Inc. (NYSE: SNOW) had its price target raised to $312 from $276 at BTIG, which maintains a Buy rating on the shares.
Sonic Automotive Inc. (NYSE: SAH) is initiated with an Equal-Weight rating at Barclays, which has a $71 target.
Waste Management Inc. (NYSE: WM) was started with an Outperform rating at Bernstein with a $255 target price objective.
