The futures traded lower on Monday as investors await a tsunami of first-quarter earnings reports this week, which many on Wall Street are expecting to be extremely good. The earnings will start coming in on the heels of a Friday that saw both the Dow Jones industrials and the S&P 500 close at all-time highs and the other major indexes posting strong gains as well.
Top strategists across Wall Street continue to point to the broad reopening of the economy, the tailwind from the stimulus package and the continued Federal Reserve pledges to keep interest rates contained as reasons for the continued moves higher in the equity markets. It also should be noted that money markets continue to see massive inflows, which is another big plus.
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, April 12, 2021.
Ally Financial Inc. (NYSE: ALLY): BofA Securities resumed coverage with a Buy rating and a $64 price target. The consensus target for the bank is $53.09, and Friday’s last trade came in at $47.15.
Best Buy Co. Inc. (NYSE: BBY): Zacks named it the Bear of the Day stock. The firm said that, coming off a great year, the future looks more difficult for this popular electronics retailer. Shares last closed at $122.48, but the consensus price target is $116.90.
Camping World Holdings Inc. (NYSE: CWH): Zacks named it as the Bull of the Day. The firm said that RVs have been a surprise hit during the pandemic and this industry leader is dominating sales, service and accessories. Shares most recently closed at $38.27 and have a consensus price target of $43.38.
Chipotle Mexican Grill Inc. (NYSE: CMG): Raymond James raised it to Outperform from Market Perform with a monster $1,800 price target. The consensus target is $1,655.53, and the stock closed Friday at $1,531.42.