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Tuesday's Top Analyst Upgrades and Downgrades: Alphabet, Bank of America, Boeing, Coinbase, Dollar General, Kroger, McDonald's and More

The futures traded down on Tuesday, after a very mixed Monday when all three indexes opened and stayed higher much of the day, but the Nasdaq reversed and ended up closing lower. The biggest data point this week continues to be Friday’s release of the April payroll numbers, and estimates across Wall Street range from the 965,000 consensus estimate to as high as 2.1 million. While many across Wall Street remain very positive, some think we could be looking at a “sell in May” scenario.

Despite clear inflationary pressures, the Federal Reserve is vowing to keep interest rates contained, which could be one reason for the continued moves higher in the equity markets, even after sell-offs. 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 balance 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, May 4, 2021.

Advance Auto Parts Inc. (NYSE: AAP): The Goldman Sachs upgrade to Buy from Sell included a price target hike to $227. The consensus target is lower at $207.69. Monday’s closing trade hit the tape at $201.86.

Alphabet Inc. (NASDAQ: GOOGL): Zacks named this as the Bull of the Day. The firm said that, with a huge net cash position, this tech behemoth should have no problem generating future growth. Shares most recently closed at $2,343.08 and have a consensus price target of $2,721.85.

Aurora Mobile Ltd. (NYSE: JG): Alliance Global Partners started coverage with a Buy rating and a $7 price target. The consensus target is just $3.04, and the stock closed trading Monday at $3.36.