The futures were mixed on Friday following a late afternoon sell-off Thursday that some feel was triggered by President Biden’s proposal for raising capital gains taxes to as high as 43.4% on the wealthy. All the major indexes ended in the red, down almost 1% across the board. The transport index also closed down after posting an intraday all-time high earlier in the day.
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 Friday, April 23, 2021.
Activision Blizzard Inc. (NASDAQ: ATVI): Jefferies started coverage with a Buy rating and a $120 price target. The consensus target is $113.20, and the stock closed Thursday at $93.70.
Adobe Inc. (NASDAQ: ADBE): Wolfe Research initiated coverage with an Outperform rating and a $650 price target. The consensus target for the tech giant is much lower at $565.63. The final trade for Thursday was recorded at $507.29.
American Airlines Group Inc. (NASDAQ: AAL): Raymond James raised the carrier to Market Perform from Underperform. The stock has traded in a 52-week range of $8.25 to $26.09 and has a consensus price objective of $17.75. The last trade on Thursday was at $20.07 a share.
Arista Networks Inc. (NYSE: ANET): KeyBank Capital Markets started the stock with an Overweight rating and a $365 price target. That compares with the $343.42 consensus target and Thursday’s $312.83 close.
Bank of Princeton (NASDAQ: BPRN): Piper Sandler raised its Neutral rating to Overweight and also lifted the price target to $31. The consensus target is also $31.00, and the stock closed Thursday at $26.21.