The futures were mixed Monday, following a Friday rally that saw all the major indexes close higher. The S&P 500 is once again closing in on an all-time high, and the others are not far behind. Treasury yields fell Friday across the curve as the lower than expected jobs report for the second month in a row is slowing down some of the quantitative easing tapering talk that has dominated Wall Street recently.
Despite those concerns across Wall Street about tapering and a clear building of inflationary pressures, the Federal Reserve is vowing to keep interest rates contained. That could be 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 coming 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 Monday, June 7, 2021.
AGNC Investment Corp. (NASDAQ: AGNC): Keefe Bruyette downgraded the shares to Market Perform from Outperform and has an $18.25 price target. The consensus target is $18.33. The stock closed Friday at $18.65. With it trading just shy of the 52-week high, this looks like a valuation call.
Americold Realty Trust (NASDAQ: COLD): KeyBanc Capital Markets started coverage with an Overweight rating and a $43 price target. The consensus price objective is $44.38. The stock was last seen at $38.69 on Friday.
ArcBest Corp. (NASDAQ: ARCB): The Goldman Sachs downgrade to Neutral from Buy included the price target lowered to $71. The consensus target is higher at $92.78. The shares ended Friday’s trading at $69.83. after pulling back almost 10% on the day.