The futures were lower Thursday as the stock market broke a two-day losing streak on much better volume. All the major indexes, along with the transportation index, ended higher. Despite raising geopolitical tensions, and some concern about a spike in the COVID-19 cases, investors focused on the ongoing solid earnings reports and the hope for a continued reopening for the economy as we move on toward summer.
The Federal Reserve pledges to keep interest rates contained could be among the 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 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, April 22, 2021.
Align Technology Inc. (NASDAQ: ALGN): Berenberg upgraded the shares from Hold to Buy with a $683 price target. The Wall Street consensus target is $615.21, near Wednesday’s $616.08 closing print.
Array Technologies Inc. (NASDAQ: ARRY): Barclays raised the solar company stock to Overweight from Equal Weight. The shares have traded in a 52-week range of $27.51 to $54.78 and have a consensus price target of $45.45. The last trade for Wednesday came in at $27.62. That was up almost 6% on the day, and the stock added another 3% in the premarket.
AutoNation Inc. (NYSE: AN): Benchmark raised the shares from Hold to Buy with a $120 price target. The consensus target for the car retailer is just $104, and Wednesday’s last trade was reported at $95.49.
Capital Product Partners L.P. (NASDAQ: CPLP): Jefferies upgraded it to Buy from Hold and lifted the price target to $16.00 from $8.50. The consensus target is $11.88, and the final trade for Wednesday was reported at $12.37.
Coinbase Global Inc. (NASDAQ: COIN): Mizuho started coverage with a Neutral rating and a $285 price target. The consensus target for the crypto brokerage platform is much higher at $513.33, and the last Wednesday trade was recorded at $311.92.