The futures traded lower across the board on Monday, as we start the final trading week for the first quarter. All the major indexes, along with the Russell 2000, closed higher Friday after some serious selling last week got the momentum crowd looking for bargains. This week could see more volatility as the pension rebalancing trade, which calls for $61 billion of stocks to be sold by month and quarter end, is still in play.
Top strategists on Wall Street continue pointing to “bubble” metrics, like the massive “meme” retail stock and option trading by the WallStreetBets and Robinhood 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 last week.
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 29, 2021.
Air Products and Chemicals Inc. (NYSE: APD) was resumed in coverage at Credit Suisse with an Outperform rating and a $302 price target. The consensus target for is in line at $302.64. The stock closed Friday at $287.22, after rising almost 4% on the day.
Array Technologies Inc. (NASDAQ: ARRY) was raised at Morgan Stanley from Underweight to Equal Weight with a $30 price target. The posted consensus target is much higher at $45.75. The stock closed Friday at $28.46 a share.