The futures were slightly lower on Tuesday after the first day of trading for 2021 saw some of the biggest selling in months. The one positive sign for investors was that all three major indexes avoided closing at the lows of the day, a sign that the “buy the dip” strategy of 2020 may still be in place. Investors should be reviewing portfolios very closely now and making adjustments in positioning for the first quarter and the balance of 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 Tuesday, January 5, 2021.
Airbnb Inc. (NASDAQ: ABNB) was downgraded to Neutral from Overweight at Atlantic Equities. Many Wall Street firms started coverage on the shares on Monday, with mixed outlooks for the stock. Since going public, the stock has traded between $121.50 and $174.97. The last trade on Monday was reported at $139.15.
Air Products and Chemicals Inc. (NYSE: APD) was named as the Zacks Bear of the Day stock. The firm said that this stock has missed a few earnings reports of late and lower estimates don’t help. Shares last closed at $268.20 and have a Wall Street consensus price target of $306.35.
Cadence Design Systems Inc. (NASDAQ: CDNS) was raised from Sector Weight to Overweight with a $155 price objective at Keybanc Capital Markets. The consensus target is $126.26, and Monday’s closing price was $135.76.
Conagra Brands Inc. (NYSE: CAG) was downgraded to Underperform from Neutral at Credit Suisse, which also dropped the price target on the food giant to $34. That compares with a $38.63 consensus target and a $35.99 closing print on Monday.
Corsair Gaming Inc. (NASDAQ: CRSR) was named as the Bull of the Day at Zacks, which said that the pandemic has made gamers a whole lot more committed to their game craft. Shares most recently closed at $34.75 and have a consensus price target of $40.11.
Cree Inc. (NASDAQ: CREE) was downgraded at JPMorgan from Overweight to Neutral with a $108 price target. The consensus target is a much lower $74. With the shares closing Monday at $106.99, this looks like a straight valuation call.
DocuSign Inc. (NASDAQ: DOCU) was raised to Overweight from Neutral at Pipe Sandler, which also raised the target price to $300. The consensus target is $279.45. The shares were last seen Monday at $222.41.
First Solar Inc. (NASDAQ: FSLR) was downgraded at Goldman Sachs from Buy to Sell with an $81 price objective. The consensus target is $86.53. The last trade Monday hit the tape at $101.24, and shares were down almost 4% in premarket trading.