The futures were lower on Thursday after a very weak Wednesday on Wall Street. The Dow Jones industrials and the S&P 500 managed to close with mild losses, while the Nasdaq and the Russell 2000 were absolutely hammered. The Nasdaq closed down over 2%. Much of the selling is end-of-quarter related, as there will be a massive pension rebalancing, where an estimated $61 billion in securities will be sold for month and quarter end.
Top strategists on Wall Street continue pointing to “bubble” metrics, like the massive “meme” retail stock and option trading by the WallStreetBets crowd, huge hedge fund leverage and IPOs that make no money as examples. Many of the Reddit stocks were the ones that were worked over on Wednesday.
With major Wall Street firms still warning of the potential for impending 5% to 10% correction across the board, which may very well have started, 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 Thursday, March 25, 2021.
Advanced Micro Devices Inc. (NASDAQ: AMD) was upgraded to Outperform from Market Perform at Northland Capital, which raised the price target on the semiconductor leader to $96 from $84. The consensus target is higher at $102.86. The shares ended Wednesday trading at $76.48.
AllianceBernstein Holding L.P. (NYSE: AB) was downgraded to Neutral from Buy at Citigroup, which lowered the price target to $40. The consensus target for the money management firm is $40 as well. The last trade for Wednesday was reported at $40.00, which was down just over 2%.
Ameresco Inc. (NYSE: AMRC) was started with an Outperform rating and a $51 price target at Baird. The consensus target is $74.50, and the stock closed on Wednesday at $40.65.