Wednesday's Top Analyst Upgrades and Downgrades: Alphabet, Canopy Growth, Cinemark, Facebook, IMAX, Microsoft, Salesforce and More

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The futures were mixed on Wednesday after investors returned from the Memorial Day holiday to another roller-coaster trading day. While the Dow Jones industrials and Russell 2000 posted gains, both the S&P 500 and the Nasdaq closed lower on Tuesday. President Biden is expected to meet with Republicans to continue talks on a bipartisan infrastructure bill. Many in the progressive wing of the party are urging the president to suspend the talks and move forward on a party-line basis. The biggest data point this week still remains the May jobs report, which is due Friday before the open.

Despite the concerns across Wall Street about tapering of the quantitative easing program and the 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 Wednesday, June 2, 2021.

Alphabet Inc. (NASDAQ: GOOGL): KGI Securities started the technology giant with an Outperform rating. The stock has traded in a 52-week range of $1351.65 to $2431.38 and has a consensus price target of $2739.05. The last Tuesday trade hit the tape was at $2381.18 a share.

Altimmune Inc. (NASDAQ: ALT) H.C. Wainwright started coverage on the stock with a Buy rating and a $35 price target. The consensus price objective is higher at $41.83, and the shares closed on Tuesday at $12.46. The stock was up almost 6% in Wednesday’s premarket.

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