The futures traded higher on Thursday morning after a strong day Wednesday in which the Dow Jones industrials closed at an all-time high, while the S&P 500 closed higher and the Nasdaq slightly lower. The U.S. House of Representatives passed the massive $1.9 trillion stimulus bill, which will head to the president to sign. Some feel that the $1,400 stimulus checks could start going out as early as next week.
Despite the big follow-through Wednesday, top 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 the fourth-quarter earnings season all but over, Wall Street analysts have been examining the final results and 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 Thursday, March 11, 2021.
Accolade Inc. (NASDAQ: ACCD) was resumed in coverage with a Buy rating at Goldman Sachs. The shares have traded in a wide 52-week range of $0.55 to $65.25 and have a $58.56 consensus price objective. Wednesday’s last trade came in at $43.13.
ADT Inc. (NYSE: ADT) was raised at Deutsche Bank from Hold to Buy with a $10 price target. That compares with a consensus for the home security giant of $10.28 and Wednesday’s close at $7.93 a share.
APA Corp. (NYSE: APA) was upgraded to Overweight from Equal Weight at Morgan Stanley, which raised the price target to $25. The consensus target is $21.22, and the shares were last seen on Wednesday at $21.63.
Antero Resources Corp. (NYSE: AR) was upgraded to Equal Weight from Underweight at Morgan Stanley, which raised the price target to $11. The consensus target is $10.50, and the stock closed Wednesday at $10.34, up almost 12% on the day.
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