The futures traded slightly higher on Thursday after a mixed day Wednesday, with two of the three major indexes closing higher. Outstanding fourth-quarter results from big tech and other companies, and the hopes for yet more pandemic-related stimulus, are the wind behind the market’s back now. Top analysts on Wall Street are continuing to point to “bubble” metrics, and the stunning gains and losses in the short interest meme plays are an example, with many urging caution.
Though the flow of fourth-quarter earnings reports is slowing, most across Wall Street still will not only be examining the results but looking to see what guidance for the first quarter and the rest of 2021 looks like. With all the major indexes and the Russell 2000 near all-time highs, it makes sense for investors to start building some cash reserves while repositioning portfolios for 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 Thursday, February 4, 2021.
Afya Ltd. (NASDAQ: AFYA) was raised at JPMorgan from Neutral to Overweight with a $34 price target. The consensus target price is $27.34. The shares were last seen on Wednesday at $22.92.
Allegiant Travel Co. (NASDAQ: ALGT) was raised to Buy from Hold at Deutsche Bank, which has a $250 price target. The lower $203.33 consensus target is still above Wednesday’s closing print of $193.36 per share.
Apple Inc. (NASDAQ: AAPL) was named as the Bull of the Day at Zacks, which said that it is time to take another look at Apple after its record quarter. Shares most recently closed at $133.94 and have a consensus price target of $150.19.
Best Buy Co. Inc. (NYSE: BBY) was raised at BofA Securities from Neutral to Buy with a $132 price target. The consensus target for the retail giant is $121.94. The stock closed on Wednesday at $110.32.
CDW Corp. (NASDAQ: CDW) was raised at Morgan Stanley from Equal Weight to Overweight with a $164 price objective. The posted consensus figure is $144.89. The last trade for Wednesday hit the tape at $140.99.
CubeSmart (NASDAQ: CUBE) was downgraded to Underperform from Market Perform at Raymond James. Its shares have traded in a 52-week range of $19.61 to $35.79 and have a $36 consensus price target. The closing price was $35.62 on Wednesday.
Electronic Arts Inc. (NYSE: EA) was downgraded to Neutral from Overweight at Atlantic Equities, which has a $155 target price on the gaming software giant. The consensus price target is $155.65, and the shares were last seen on Wednesday at $140.82, after retreating almost 6% for the day.
Extra Space Storage Inc. (NYSE: EXR) was raised at Raymond James from Market Perform to Outperform with a $125 target price. The posted consensus target is $125.58. The stock closed trading on Wednesday at $116.01 a share.
FireEye Inc. (NASDAQ: FEYE) was raised to Buy from Neutral at BofA Securities, where the analysts have set a $28 target for the cybersecurity company. The consensus target is lower at $22. The stock closed Wednesday at $20.07, down almost 8% on the day. Shares rebounded in Thursday’s premarket close to 3%.
GlaxoSmithKline PLC (NYSE: GSK) was downgraded to Sell from Hold at Deutsche Bank. Shares of the pharmaceutical giant have traded in a 52-week range of $31.43 to $44.65 and have a $48.50 consensus price target. The stock ended trading on Wednesday at $35.42, down almost 6% for the day.
Hyatt Hotels Corp. (NYSE: H) was named as the Zacks Bear of the Day stock. The firm said that the likelihood of travel rebounding in 2021 is suspect. Shares last closed at $70.68 and have a consensus price target of $63.69.
Match Group Inc. (NASDAQ: MTCH) was upgraded at JPMorgan from Neutral to Overweight with a $175 target. Susquehanna raised its Neutral rating to Positive with a $165 price target. The $154.56 consensus target is well above the most recent close at $138.12, which was down almost 8% on the day. Shares fought back in the premarket, rising over 3%.
NRG Energy Inc. (NYSE: NRG) was resumed in coverage at Citigroup with a Buy rating and a $52 price target. The consensus target for the utility is $48.20. The last trade on Wednesday came in at $42.46.
Passage Bio Inc. (NASDAQ: PASG) was started with a Buy rating and a $25 price target at Guggenheim. The consensus target is up at $29.38. The shares closed Wednesday trading at $20.60 apiece.
PayPal Holdings Inc. (NASDAQ: PYPL) was raised from Equal Weight to Overweight with a $315 price target at Atlantic Equities. The consensus target for the payments giant is $257. The stock was last seen on Wednesday at $251.90.
Pfizer Inc. (NYSE: PFE) was raised from Hold to Buy with a $41 price target at DZ Bank. The consensus target for the pharmaceutical leader is in line at $41.14. The shares closed Wednesday at $34.84.
Prudential PLC (NYSE: PUK) was raised to Buy from Hold at Jefferies. The stock has traded in a 52-week range of $15.68 to $39.75 and has a consensus target of $42.50. That compares to the $33 closing price on Wednesday.
Qualcomm Inc. (NASDAQ: QCOM) was downgraded to Neutral from Buy at Citigroup. The stock has traded between $58 and $167.94 over the past year and has a $170.93 consensus price target. The close on Wednesday was at $162.30 per share. The stock was down over 7% in the premarket, after the company posting mixed earnings yesterday.
SunPower Corp. (NASDAQ: SPWR) was downgraded at Morgan Stanley from Equal Weight to Underweight with a $27 price target. The consensus target is a very low $24.12, compared to Wednesday’s close at $44.70. Shares traded down almost 4% in the premarket.
ViacomCBS Inc. (NASDAQ: VIAC) was downgraded to Sell from Hold at Deutsche Bank. The broadcasting and programming giant’s stock has traded in a 52-week range of $10.10 to $60.73 and has a $35.79 consensus price target. The closing print on Wednesday was $52.06 a share.
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Wednesday’s top analyst upgrades and downgrades included Beyond Meat, Comcast, ConocoPhillips, Kohl’s, Plug Power, 3M and SBA Communications.
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