The futures traded mixed Thursday morning after the major indexes all closed lower on Wednesday. The highly anticipated May Consumer Price Index reading came in somewhat hotter than expected. In addition, investors have watched as the bipartisan infrastructure stimulus talks fall apart. While the Democrats are expected to go the budget reconciliation route alone now, a bipartisan group of Senators is expected to unveil their own package by the end of the week.
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 Thursday, June 10, 2021.
Alaska Airlines Inc. (NYSE: ALK): MKM Partners started the carrier with a Buy rating and an $81 price target. The consensus target is $82. The stock closed Wednesday at $65.62.
Anthem Inc. (NASDAQ: ANTM): RBC Capital Markets downgraded it to Sector Perform from Outperform and has a $399 price target. The posted consensus target is up at $424.09. The final trade for Wednesday came in at $385.96.
Axsome Therapeutics Inc. (NASDAQ: AXSM): Berenberg initiated coverage of the shares with a Buy rating and a $112 price target. The consensus target is much higher at $142, and the shares closed Wednesday at $63.50.