The futures were mixed on Monday as we get ready to start another trading week that has the potential for more volatility and possibly more big swings. While the Dow Jones industrials, the Russell 2000 and the transports closed at all-time highs Friday as the rotation trade to cyclical stocks and value continued, the S&P 500 also closed higher, with just the Nasdaq closing lower as rising interest rate fears continue to take a toll on technology stocks. The 10-year Treasury bond close at the highest yield in over a year Friday at 1.63%
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 the current volatility may be here for some time.
Wall Street analysts have been examining earnings results and 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 across the board, it makes sense for investors to continue building some cash reserves into the market strength, while repositioning portfolios for the start of the second quarter and 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, March 15, 2021.
Abercrombie & Fitch Co. (NYSE: ANF) was named as the Bull of the Day at Zacks, which said that this retailer is on the rebound after impressive fourth-quarter earnings. Shares most recently closed at $34.20 but have a consensus price target of just $30.22.
American Axle & Manufacturing Holdings Inc. (NYSE: AXK) was downgraded at Citigroup from Buy to Neutral with a $13 price target. The consensus target is $10.50. The stock closed trading on Friday at $12.90, after gaining almost 8% on the day.
Cabot Oil & Gas Corp. (NYSE: COG) was downgraded from Overweight to Neutral with a $20 price target at Piper Sandler. The consensus target is $21.56. The stock closed on Friday at $18.80.
Comstock Resources Inc. (NYSE: CRK) was downgraded to Neutral from Overweight at Piper Sandler, which also lowered the price target to $6. The consensus target is $7.81, while the shares ended trading on Friday at $6.23.