The futures traded higher on Tuesday as investors enjoyed a nice start of the week rally on Monday, when all the major indexes and the transportation index ended higher. Interest rates fell again, as there was buying across the curve as some officials from the Federal Reserve have hinted recently that the May jobs report, which comes out the first Friday in June, could be softer than expected like the prior report was.
Despite those 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 one reason for the continued moves higher in the equity markets, even after sell-offs. Also 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 Tuesday, May 25, 2021.
Abbott Laboratories (NYSE: ABT): Barclays started coverage on the pharmaceutical giant with an Overweight rating and a $150 price target. That consensus target is $136.48, and the stock was last seen on Monday trading at $117.29.
Adobe Inc. (NASDAQ: ADBE): Mizuho started coverage of the technology leader with a Buy rating and a massive $600 price target. The posted consensus target is $569.25, and the shares closed on Monday at $497.83.
Boston Beer Co. Inc. (NYSE: SAM): Bernstein started the brewer with an Outperform rating and a $1,340 price target. The consensus target is up at $1,407.14. Monday’s last trade came in at $1,052.36.
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