The futures were sliding on Tuesday morning, marking the second straight day of lower futures. Cyclical travel and leisure stocks were leading the slide, while big tech stocks were little changed, as the 10-year Treasury yield dipped lower. Although the futures dipped, the broad markets remain near all-time highs.
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 Tuesday, April 20, 2021.
Avis Budget Group Inc. (NASDAQ: CAR) was downgraded at BofA Securities to Neutral from Buy. The stock has traded in a 52-week range of $9.44 to $79.99 and has a consensus price target of $59.83. Monday’s final trade was reported at $78.15.
Ballard Power Systems Inc. (NASDAQ: BLDP) was started at Wells Fargo with an Equal Weight rating and a $26 price target. That compares with a consensus target of $32.50 and Monday’s final print of $20.26.
Bicycle Therapeutics PLC (NASDAQ: BCYC) was started at JMP Securities with a Market Perform rating and a $53 price target. The consensus target price is $36.75, and the last Monday trade came in at $28.10.
Bloom Energy Corp. (NYSE: BE) was started at Wells Fargo with an Overweight rating and a $43 price target. Shares last closed at $22.29, but the consensus price target is $31.75.
Cisco Systems Inc. (NASDAQ: CSCO) was resumed at Deutsche Bank with a Hold rating and a $55 price target. The consensus target is $53.00, and the stock was last seen Monday at $52.85.
Clean Energy Fuels Corp. (NASDAQ: CLNE) was downgraded at Raymond James to Underperform from Market Perform. The consensus target is $19.40. The last trade to hit the tape on Monday was recorded at $11.84.
Coupa Software Inc. (NASDAQ: COUP) was upgraded at Piper Sandler to Overweight from Neutral, and its price target was raised to $315 from $300. That consensus target is higher at $339.20, and the shares ended trading Monday at $263.47.
Diamondback Energy Inc. (NASDAQ: FANG) was resumed at Goldman Sachs with a Buy rating and a $99 price target. The consensus target is $94.61, and the shares ended trading on Monday at $77.67.
Enphase Energy Inc. (NASDAQ: ENPH) was started at Evercore ISI with an Outperform rating and a $184 price target. The consensus target is posted at $214.00, and the shares ended trading Monday at $141.14.
EOG Resources Inc. (NYSE: EOG) was downgraded at Goldman Sachs to Neutral from Buy and its price target was cut to $80 from $85. The consensus target is $82.26. The stock closed Monday at $71.29.
FuelCell Energy Inc. (NASDAQ: FCEL) was started at Wells Fargo with an Underweight rating and a $9 price target. The consensus target is at $12.45, and the stock was last seen Monday at $9.21.
Goldman Sachs Group Inc. (NYSE: GS) was named as the Bull of the Day at Zacks, which said that, with the market at all-time highs, it is easy to see why this company is printing money. Shares most recently closed at $343.09 and have a consensus price target of $379.61.
Hewlett Packard Enterprise Co. (NYSE: HPE) was started at Jefferies with a Buy rating and a $20 price target. The consensus target is $15.49, and Monday’s last trade came in at $15.96.
Nike Inc. (NYSE: NKE) was downgraded at Citigroup to Neutral from Buy, and its price target was cut to $140 from $160. The shares have traded in a 52-week range of $84.11 to $147.95 and have a $164.62 consensus price target. The stock closed Monday at $132.57.
Plug Power Inc. (NASDAQ: PLUG) was started at Wells Fargo with an Equal Weight rating and a $30 price target. Evercore ISI initiated coverage with an Outperform rating and a $42 price target. The consensus target is $57.53, and the stock closed Monday at $25.24.
Rackspace Technology Inc. (NASDAQ: RXT) was started at Raymond James with an Outperform rating and a $28.50 price target. The consensus target is $27.25, and the stock closed Monday at $25.34.
RingCentral Inc. (NYSE: RNG) was resumed at BofA Securities with a Buy rating and a $450 price target. The consensus target is lower at $477.38, and the stock was last seen Monday at $319.07.
Sunrun Inc. (NASDAQ: RUN) was started at Evercore ISI with an Outperform rating and an $87 price target. Shares most recently closed at $48.54 and have a consensus price target of $81.17.
Twilio Inc. (NYSE: TWLO) was resumed at BofA Securities with a Buy rating and a $480 price target. The consensus target is higher at $500.87, and the last trade Monday came in at $367.46.
Zoom Video Communications Inc. (NASDAQ: ZM) was resumed at BofA Securities with a Buy rating and a $480 price target. That compares with the higher $479.64 consensus target and Monday’s $324.33 closing price.
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Monday’s early top analyst upgrades and downgrades included Baker Hughes, Cabot Oil, First Solar, Corning, Sketchers, Valvoline, Vista Outdoor, Vizio and Zynga. Analyst calls seen later in the day were on Coursera, Lattice Semiconductors, Qualcomm and more.
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