The futures traded lower Tuesday after investors welcomed March in with a massive rally on Monday. The combination of the stimulus bill approval in the U.S. House of Representatives and positive news that the Johnson & Johnson vaccine was approved was the wind under the markets wings. Despite the big gains, top analysts continue pointing to “bubble” metrics, like the massive “meme” retail stock and option trading, huge hedge fund leverage and IPOs that don’t make money as examples, and many are urging caution.
With fourth-quarter earnings results all but complete, most across Wall Street have not only been examining the final 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, and major Wall Street firms still warning of the potential for impending 5% to 10% correction, 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 Tuesday, March 22, 2021.
ADT Inc. (NYSE: ADT) was downgraded to Underweight from Equal Weight at Barclays, which lowered the price target on the home security giant to $8. The consensus target is $11.16.
Akamai Technologies Inc. (NASDAQ: AKAM) was raised from Sector Weight to Overweight with a $119 price target at KeyBanc Capital Markets. The consensus target is higher at $125.31. The shares were last seen Monday at $95.94.
Altair Engineering Inc. (NASDAQ: ALTR) was raised to Neutral from Sell at Goldman Sachs, which raised the price target to $65. The consensus target is $68. The final trade for Monday came in at $63.27.
Amicus Therapeutics Inc. (NASDAQ: FOLD) was started with a Hold rating and a $13 price target at Stifel. The consensus target is $18.63, and the stock closed Monday at $11.79, down 4% on the day.
Atlantica Sustainable Infrastructure PLC (NYSE: AY) was raised at Raymond James from Market Perform to Outperform with a $47 price target. The consensus target is $46, and the stock closed Monday at $37.06.