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Tuesday's Top Analyst Upgrades and Downgrades: Activision, Coinbase, Devon Energy, DuPont, Grubhub, Nike, Shopify, Tilray and More

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The futures were hammered on Tuesday as investors saw a familiar trading pattern return on Monday. While the Dow Jones industrials once again soared higher through the 35,000 level and posted yet another intraday all-time high, in a massive reversal after a 300-point gain, the venerable index ultimately closed down. The Nasdaq and the Russell 2000 were again pounded lower, with some pointing to the mega-tech downgrades at Citigroup. Another wrench for the markets was the news of the Columbia Pipeline cyberattack, allegedly by the Russians, that shut down one of the nation’s largest arteries for energy transportation to the east coast.

Despite concerns across Wall Street for tapering of the quantitative easing program and clear building 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. Note also 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 11, 2021.

Activision Blizzard Inc. (NASDAQ: ATVI): BMO Capital Market raised the video game leader to Outperform from Market Perform and has a $116 price target. The consensus target is in line at $116.03. The shares closed on Monday at $93.17.

AssetMark Financial Holdings Inc. (NYSE: AMK): Raymond James raised the shares to Strong Buy from Outperform and have a $34 price target. The consensus price objective is $29.67, and closed on Monday at $22.88.

Bilibili Inc. (NASDAQ: BILI): Zacks selected this as its Bear of the Day and warned that investors should take caution ahead of earnings. Shares last closed at $94.64, and the consensus price target is $158.86.


Coinbase Global Inc. (NASDAQ: COIN): Oppenheimer started the cryptocurrency trading exchange with an Outperform rating and a massive $434 price target. The consensus target is even higher at $452.38, and the stock ended Monday at $293.45, after a one-day gain of over 11%. The stock retreated almost 6% in Tuesday’s premarket.

Devon Energy Corp. (NYSE: DVN): This was selected as Bull of the Day at Zacks. The analyst suggested that bulls are fueling up on this energy play. Shares closed most recently at $26.03 and have a consensus price target of $31.50.

DuPont de Nemours Inc. (NYSE: DD): Goldman Sachs raised the venerable chemical leader to Buy from Neutral and has a $102 price target. The much lower consensus target is $87.58, and Monday’s closing print was $81.68.

Eastman Chemical Co. (NYSE: EMN): Goldman Sachs raised its Neutral rating to Buy with a $148 price target. The consensus target is $125.26. The final trade for Monday was reported at $124.88.

Elanco Animal Health Inc. (NASDAQ: ELAN): The Barclays upgrade to Equal Weight from Underweight included a price target hike to $29 from $25. The consensus target is up at $33.80. The stock was last seen on Monday at $32.24.

Grubhub Inc. (NYSE: GRUB): Exane BNP Paribas raised its Underperform rating to Neutral and has a $66 price target. The consensus target is $68.89, and Monday’s final trade was at $64.85.

Mesa Air Group Inc. (NASDAQ: MESA): Deutsche Bank raised the stock to Buy from Hold and has a $15 price target. The consensus target for the regional carrier is $13.80. The stock closed at $10.90 a share on Monday.


Nike Inc. (NYSE: NKE): Jefferies upgraded the athletic shoe and apparel giant to Buy from Hold and raised the price target to $192 from $140. The consensus target is $163.41. Monday’s final trade hit the tape at $136.40 per share.

Real Real Inc. (NASDAQ: REAL): BTIG Research downgraded it to Neutral from Buy. The shares of the second-hand online clothing and accessory retailer have traded in a 52-week range of $11.43 to $30.22 and have a consensus price objective of $30.46. They ended trading Monday down almost 11% to $20.31, after it posted a first-quarter loss. The stock was down another 15% in premarket trading.

ResMed Inc. (NYSE: RMD): Citigroup raised the shares to Buy from Neutral. The stock has traded in a 52-week range of $149.16 to $224.43 and has a $211.40 consensus price objective. The last trade for Monday was reported at $193.21.

Shopify Inc. (NYSE: SHOP): Loop Capital raised it from Hold to Buy with a $1,400 price target. The consensus target is $1484.74, and the shares closed on Monday at $1,080.24.
Texas Capital Bancshares Inc. (NASDAQ: TCBI): Truist Securities upgraded the stock to Buy from Hold and also raised the price target to $85 from $73. The consensus target is $73.88, and the stock ended Monday’s trading session at $69.14.

Tilray Inc. (NASDAQ: TLRY): Cowen resumed coverage of the cannabis company with an Outperform rating and a $20 price target. The posted consensus target is $19.89, and the shares closed Monday down over 7% to $15.04. The stock was down an additional 7% in premarket action.

Trade Desk Inc. (NASDAQ: TTD): Though Truist Securities upgraded it to Buy from Hold, the firm also lowered the price target on the digital media giant to $620 from $880. The consensus target it $792.89, and Monday’s close was at $489.60, after a stunning 26% drop for the day. The company posted solid results and declared a 10-for-1 stock split, but forward guidance disappointed.

Tyson Foods Inc. (NYSE: TSN): Piper Sandler both downgraded the shares to Neutral from Overweight and raised the price target to $79 from $77. The consensus target is $82.10, and the stock closed Monday at $78.82.

United States Steel Corp. (NYSE: X): Morgan Stanley raised the venerable steel giant to Overweight from Equal Weight, and it also boosted the price target to $32 from $24. The consensus target is $23.37, and the stock was last seen Monday at $27.45.

Wynn Resorts Ltd. (NASDAQ: WYNN): Citigroup raised its Sell rating on the high-end casino stock to Neutral, and it also hiked the price target to $126 from $112. That compares with the $122.31 consensus target and Monday’s last print of $125.73.


With dependable dividends and long histories of market dominance, four BofA Securities stock picks make good sense for growth and income investors looking to add energy, despite this week’s surprise hack of a vital oil pipeline.

In addition, have a closer look at expectations for entertainment company Live Nation and self-driving technology maker TuSimple.

Monday’s early top analyst upgrades and downgrades included Alphabet, AppLovin, Facebook, Intel, Live Nation, Oracle, Pinterest, Smith & Wesson and SolarEdge. Analyst calls seen later in the day were on At Home, Beyond Meat, Lyft, Raytheon and more.

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