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Top Analyst Upgrades and Downgrades: Airbnb, Chevron, Coupang, Freeport-McMoRan, Peloton, Snap, Wynn, Zillow and More

The futures were mixed on Tuesday morning after investors saw a massive rally Monday, sparked by the out-of-the-park jobs number that came in last Friday when the market was closed for the holiday. Both the Dow Jones industrials and the S&P 500 closed at record highs, while the Nasdaq, Russell 2000 and the Transports also posted solid gains on the day.

While top strategists on Wall Street continue pointing to “bubble” metrics, like the massive “meme” retail stock and option trading by the WallStreetBets and Robinhood crowds, some say that volume is starting to wane. Most investors now will be turning their attention to first-quarter earnings results, which start in earnest next 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 Tuesday, April 6, 2021.

Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) was downgraded to Neutral from Buy at Goldman Sachs, which lowered the price target sharply from $73 to $25. Jefferies downgraded the shares to Hold from Buy and lowered its price target to $21 from $40. The shares closed Monday at $21.18, down almost 18% after the FDA rejected the company’s new drug application for Nuplazid.

Airbnb Inc. (NASDAQ: ABNB) was started with an Outperform rating and a $245 price target at Evercore ISI. That compares with a much lower consensus target of $185.88 and Monday’s last trade of $186.69.