The futures were mixed on Wednesday after a mammoth rally Tuesday that saw the Dow Jones industrials hit yet another all-time high intraday before pulling back, and the Nasdaq jumped almost 4% to escape correction territory. With the stimulus bill expected to pass in the U.S. House of Representatives today, the bill will be sent immediately to the president for his signature.
Despite the huge Tuesday rally, analysts on Wall Street 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, so last week’s volatility may stick around.
With fourth-quarter earnings reporting 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 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 10, 2021.
Airbnb Inc. (NASDAQ: ABNB) was resumed in coverage with a Neutral rating and a $197 price target at Citigroup. The consensus target is $185.84, and the final Tuesday trade came in at $183.11.
Albemarle Corp. (NYSE: ALB) was started with an Outperform rating and a $180 price target at Cowen. The consensus target is $147.07. The stock closed Tuesday at $145.77, up almost 4% on the day.
Apple Inc. (NASDAQ: AAPL) was added to the Best Ideas list at Wedbush. The shares of the legacy technology giant have traded in a 52-week range of $53.15 to $145.09 and have a consensus price target of $151.75. The last trade for Tuesday was reported at $121.08, up over 4% on the day.
Bilibili Inc. (NASDAQ: BILI) was started with a Buy rating and a $140 price target at New Street. The consensus target is $160.92. The stock closed Tuesday at $107.40 a share.
Boingo Wireless Inc. (NASDAQ: WIFI) was downgraded at Jefferies from Buy to Hold with a $14 price target. The consensus target is up at $15.89, and the last trade for Tuesday came in at $14.11.