Wednesday's Top Analyst Upgrades and Downgrades: Abercrombie, Coinbase, Colgate, Fisker, Goldman Sachs, Urban Outfitters, Wendy's and More

The futures were mixed on Wednesday as more and more we are starting to see the volume slow down across Wall Street, a sure sign that summer is almost here. The major indexes closed mostly higher Tuesday, with only the Dow Jones industrials showing no gains. The Nasdaq and Russell 2000 were the biggest winners on the day. All eyes on Wall Street are focused on Thursday’s release of the May Consumer Price Index reading. A big number could certainly spook investors and continue the inflation narrative.

Despite the resurfacing concerns across Wall Street for tapering of the quantitative easing program 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 Wednesday, June 9, 2021.

Abercrombie & Fitch Inc. (NYSE: ANF): Jefferies raised shares of the popular clothing retailer to Buy from Hold and hiked the price target to $57. The Wall Street consensus target is $50.11. The stock closed Tuesday at $41.15 per share.

Camtek Ltd. (NASDAQ: CAMT): Barclays started coverage of the stock with an Overweight rating and a $43 price target. The consensus price objective is $41.25. The stock closed Tuesday at $38.93, which was up over 5% on the day.

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