The futures traded down on this Monday as investors saw a nice relief rally fade into the close on Friday as the S&P 500 logged its first four-day losing streak of the year while the Dow Jones industrials posted another intraday all-time high. The market rallied in part as Treasury Secretary Janet Yellen once again was pounding the table for massive stimulus. Top analysts on Wall Street continue pointing to “bubble” metrics, like the massive retail stock and option trading, huge hedge fund leverage and IPOs that don’t make money as examples, and many are urging caution.
While fourth-quarter earnings results are almost complete, most across Wall Street still are not only examining the results but looking to see what guidance for the balance of the first quarter and the rest of 2021 looks like. With stocks very overbought, major Wall Street firms are warning of an impending 5% to 10% correction, so it makes sense now 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 Monday, February 22, 2021.
Airbnb Inc. (NASDAQ: ABNB) was raised from Hold to Buy with a $240 price target at Loop Capital. The Wall Street consensus target is $159.30. The shares closed Friday at $201.07. The company will be reporting its first publicly traded earnings after the close on Thursday.
Alaska Air Group Inc. (NYSE: ALK) was raised at Deutsche Bank from Hold to Buy with a $75 price target. That compares with the lower $60.29 consensus target and Friday’s $62.28 close, which was up almost 4% on the day.
American Airlines Group Inc. (NASDAQ: AAL) was raised at Deutsche Bank from Hold to Buy with a $23 price target. The consensus target for the carrier is a much lower $11.94. The last trade for Friday hit the tape at $18.68, after gaining almost 6% on the day.
Cambium Networks Corp. (NASDAQ: CMBM) was upgraded to Buy from Neutral at Goldman Sachs, which also raised the price target to $56. The consensus target is $50.58, and the $43.04 close on Friday came after shares rose over 5% on the day.