The futures traded higher on Monday morning as traders and analysts return to work for the first trading week of 2021. With year-end selling and portfolio window dressing and rebalancing likely over, we should start to see a pick-up in normal daily trading volume. Investors should be reviewing portfolios very closely now and making adjustments in positioning now that we are in 2021.

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 Monday, January 4, 2021.

AT&T Inc. (NYSE: T) was upgraded at Raymond James from Market Perform to Outperform with a $32 price target. That compares to the Wall Street $31.14 consensus target and the most recent closing print of $28.76. Shares were higher in Monday’s premarket.

Align Technology Inc. (NASDAQ: ALGN) was raised to Outperform from Inline at Evercore ISI, where the analysts have a $625 price objective. The consensus target is much lower at $472.21. The stock ended last week at $534.18.

Airbnb Inc. (NASDAQ: ABNB) had one of a slew of red-hot initial public offerings in 2020, and the quiet period ended today for it and three other high-profile companies. These initiations were seen so far:

• BofA Securities with a Neutral rating and a $158 target
• JMP Securities with a Neutral rating and a $160 target
• Goldman Sachs with a Neutral rating and a $143 target
• Jefferies as a Buy with a $170 price objective
• Needham with a Buy rating and a street-high $200 target
• Stifel at Hold with a $130 target
• Credit Suisse with a Neutral rating and a $156 target
• Baird with an Outperform rating
• Wells Fargo at Equal Weight with a $160 target

Airbnb shares last closed at $146.80 and were higher in premarket action.

Ally Financial Inc. (NYSE: ALLY) was upgraded at Barclays from Equal Weight to Overweight with a $48 target. That compares with a consensus target of $38.94. The stock closed at $35.66.

Boeing Co. (NYSE: BA) was downgraded to Underperform from Market Perform at Bernstein, which also dropped the price target to $199. The consensus target is much higher at $230.74. The most recent closing print was $214.06.

Chubb Ltd. (NYSE: CB) was downgraded at JPMorgan from Overweight to Neutral with a $155 price target. The consensus target is $159.22, and the stock closed at $153.92.

Churchill Downs Inc. (NASDAQ: CHDN) was started with a Buy rating and a $235 price objective at BofA Securities. The consensus target is $199.33. The most recent close was at $184.79 per share.

Coca-Cola Co. (NYSE: KO) was downgraded to Sector Perform from Outperform at RBC Capital Markets, which has a $55 price target for the beverage behemoth. The consensus target is higher at $57.24. The shares last closed at $54.84.

Columbia Sportswear Co. (NASDAQ: COLM) was named as the Zacks Bear of the Day stock. The firm said that this outdoor apparel firm has seen its sales fall over the last three quarters. Shares last closed at $87.38 and have a consensus price target of $92.00.

C3.aiI Inc. (NYSE: AI) had another blockbuster IPO and joins the coverage party today:

• JMP Securities with a Market Outperform rating and a $167 target
• BofA Securities as Neutral with a $170 target price
• Piper Sandler at Overweight with a $166 target price
• Needham with a Buy rating and a street-high $193 target
• Morgan Stanley with an Underweight rating and a $100
• JPMorgan also at Underweight but with an $84 target

The stock last closed at $138.75 and was about 3% lower in the premarket.