The futures traded higher across the board on Friday after Thursday’s massive snapback rally that came on the heels of the S&P 500 having traded lower on six of the previous eight trading sessions. All the major indexes except the transportation index closed higher on solid volume and interest rates moved lower after Treasury securities were bought across the curve. Bitcoin traded higher after the recent massive selling, and technology stocks were also bid higher on the day after some recent serious selling.
Despite the 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 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 Friday, May 21, 2021.
Allakos Inc. (NASDAQ: ALLK): Zacks named this the Bear of the Day stock, pointing out that missing the estimates in each of the last four quarters is never something you want to see in a stock, even a biotech like this. Shares last closed at $101.00, and the consensus price target is $148.67.
AT&T Inc. (NYSE: T): UBS upgraded shares of the venerable communication company to Buy from Neutral and also raised the price target to $35 from $32. The consensus target for the company that just made a massive move by merging WarnerMedia with Discovery is $30.21, and the stock closed Thursday trading at $29.64, which was up almost 3% for the day.
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