Investing

Top Analyst Upgrades and Downgrades: Akamai, Avaya, Canopy Growth, Corsair Gaming, Playtika, Virgin Galactic and More

The futures traded higher on Wednesday after investors watched once again as all three of the major indexes and the Russell 2000 printed a fresh round of intraday all-time highs, with two closing yesterday at all-time highs. Investors are cheering the possibility that a big stimulus package becoming a reality and fourth-quarter earnings that have continued to come in very strong. Top analysts on Wall Street continue to point to “bubble” metrics, like the massive retail stock and options trading, huge hedge fund leverage and IPOs that don’t make money as examples, and many are urging caution.

With fourth-quarter earnings results still coming in, most across Wall Street are not only examining the results but looking to see what guidance for the first quarter and the rest of 2021 looks like. With the markets pushing back to all-time highs last week, it makes sense for investors to start building some cash reserves while repositioning portfolios for the rest 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 Wednesday, February 10, 2021.

Akamai Technologies Inc. (NASDAQ: AKAM) was downgraded to Neutral from Overweight at JPMorgan, which lowered the price target $117. That compares with the higher $127 consensus target and Tuesday’s closing print of $117.97. Shares were down over 7% in premarket trading despite an earnings beat.

Avaya Holdings Corp. (NASDAQ: AVYA) was downgraded to Market Perform from Outperform at Northland Capital, which raised the price target to $30. The consensus target is $24.89. The stock was last seen on Tuesday trading at $29.17, up almost 13% after posting strong earnings.

ALX Oncology Holdings Inc. (NASDAQ: ALXO) was started with a Buy rating and a $100 price target at H.C. Wainwright. The consensus target $91.40. The shares closed Tuesday at $82.18, down almost 3% on the day.

Canopy Growth Corp. (NASDAQ: CGC) was downgraded to Sell from Hold at Canaccord Genuity. The 52-week trading range for the marijuana company is $9.00 to $50.92, and no consensus price target was available. The last trade on Tuesday hit the tape at $49.09, up 12% for the day. The shares followed through in the premarket, up an additional 7% as the entire sector is on fire.

Catalyst Biosciences Inc. (NASDAQ: CBIO) was started with an Overweight rating and a $15 price target at Piper Sandler. The higher consensus target is $19.75, and Tuesday’s final trade came in at $6.62, which was up almost 13% on the day. The shares were up an additional 7% in the premarket.

Chuy’s Holdings Inc. (NASDAQ: CHUY) was downgraded to Market Perform from Outperform at Raymond James. The stock has traded in a 52-week range of $7.28 to $43.35 and has a $33.63 consensus target price. The last trade for Tuesday was at $40.49, after retreating almost 5% on the day.

Corsair Gaming Inc. (NASDAQ: CRSR) was downgraded to Neutral from Buy at Goldman Sachs, though it raised the price target to $44. The $42.22 consensus target is less than Tuesday’s close at $44.70. Shares pulled back almost 3% despite the gaming products company posting solid numbers that beat expectations and raising guidance.

Corvus Pharmaceuticals Inc. (NASDAQ: CRVS) was downgraded to Neutral from Buy at Mizuho, which lowered the price target to $4. That compares with the $9.20 consensus target and Tuesday’s $4.77 close, which was up almost 12% on the day. The stock was down just over 3% in premarket trading.