The futures were mixed on Tuesday after Monday’s up and down day for the major indexes to start the trading week. While both the Dow Jones industrials and S&P 500 closed lower, the Nasdaq and the Russell 2000 posted solid days, which some attributed to the rise once again of the meme stocks. Interest rates across the curve closed higher as sellers returned, taking some of the gains from last week’s solid rally in Treasury and mortgage debt, while the tapering chatter seems to be back on as well.
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 Tuesday, June 8, 2021.
ArcBest Corp. (NASDAQ: ARCB): Vertical Research raised its Hold rating to Buy and has an $85 price target. The consensus target is $91.44. The stock closed trading Monday at $63, down almost 10% on the day.
Ares Management Corp. (NASDAQ: ARES): BMO Capital Markets upgraded the shares to Outperform from Market Perform and also raised the price target to $68. The consensus price objective is $64.38. The last trade on Monday came in at $57.62.
Autodesk Inc. (NASDAQ: ADSK): Rosenblatt started coverage of the stock with a Buy rating and a $320 price target. That compares with the $334.06 consensus target and Monday’s closing print of $278.89.