The futures traded higher once again on Thursday as volatile trading on Wednesday saw big moves up and down, and once again all three of the major indexes and the Russell 2000 printed intraday all-time highs. The Dow Jones industrials closed at an all-time high. Investors are continuing to cheer the possibility of a big stimulus package becoming a reality and fourth-quarter earnings that have continued to come in very strong. Top analysts on Wall Street are still pointing to “bubble” metrics, like the massive retail stock and option trading, huge hedge fund leverage and IPOs that don’t make money, and many are urging caution.
With the rush of fourth-quarter earnings reports slowing, most across Wall Street still are not only be 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, 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 Thursday, February 11, 2021.
Allstate Inc. (NYSE: ALL) was downgraded from Outperform to Market Perform with a $113 price target at Keefe Bruyette. The consensus target for the insurance giant is $125.14. The stock closed Wednesday at $105.60 a share.
Altimmune Inc. (NYSE: ALT) was started with a Buy rating and a $36 price target at Guggenheim. The consensus target is higher at $41.40. The stock closed on Wednesday at $21.07. The shares were up almost 5% in Thursday’s premarket action
AnaptysBio Inc. (NASDAQ: ANAB) was raised at JPMorgan from Underweight to Overweight with a $40 price target. The consensus target is $28, and Wednesday’s closing price was $29.70. The stock was up almost 5% in premarket trading.