The futures were higher across the board on Wednesday, after traders did some serious selling Tuesday. We saw some consolidation across all the major indexes after the massive rally to start the week and month. With the stimulus bill going to the Senate, there may very well be some tinkering, but most still continue to believe it will be approved, perhaps as early as next week. 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 results but also 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 Wednesday, March 3, 2021.
Adobe Inc. (NASDAQ: ADBE) was resumed in coverage at Citigroup with a Neutral rating and a $523 price target. The consensus target for the technology leader is higher at $563.30. The stock was last seen on Tuesday trading at $466.59.
Alcoa Corp. (NYSE: AA) was raised at Goldman Sachs from Sell to Buy with a $32 price target. The consensus target for the aluminum giant is $22.86, and the shares closed most recently at $27.50, up almost 6% on Tuesday. The stock followed through in the premarket with an additional 4.5% gain.
Casa Systems Inc. (NASDAQ: CASA) was raised at JPMorgan from Underweight to Neutral with a $10 target. The consensus target is in line at $10.50, and the stock closed on Tuesday at $8.02, down almost 6% on the day. The shares were up 8% in the premarket and have been volatile since the company posted big results last week.
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