Friday’s futures inched higher after a fairly positive showing on Thursday. For most of the week, the major averages had traded sideways, but there could be a strong finish to the week. The Bureau of Labor Statistics recently released CPI data that rose by 5.0%, or the most since the financial crisis in 2008. While U.S. stocks did not necessarily react to this, the inflation outlook is a concern for many investors going forward.
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 Friday, June 11, 2021.
Biogen Inc. (NASDAQ: BIIB): Bernstein upgraded the stock to an Outperform rating from Market Perform and has a $500 price target. The stock last closed around $415, in a 52-week range of $223.25 to $468.55. The consensus price target is $376.43.
Cboe Global Markets Inc. (BATS: CBOE): Morgan Stanley initiated coverage with an Underweight rating and a $104 price target. Shares closed Thursday near $113, in a 52-week range of $77.63 to $116.39. The consensus price target is $111.15.
CME Group Inc. (NASDAQ: CME): Morgan Stanley initiated coverage with an Equal Weight rating and a $228 price target. The consensus price target is $212.24, and the stock closed at around $213. The 52-week range is $146.89 to $221.82.
Coursera Inc. (NYSE: COUR): RBC Capital Markets resumed coverage with an Outperform rating and a $50 price target. The stock closed Thursday near $44 and has a 52-week range of $32.59 to $62.53.
DocuSign Inc. (NASDAQ: DOCU): RBC Capital Markets resumed coverage with an Outperform rating and a $280 price target. The stock closed at $243.08, in a 52-week range of $146.28 to $290.23. Analysts have a consensus price target of $270.83 for the stock.
Dropbox Inc. (NASDAQ: DBX): RBC Capital Markets resumed coverage with an Outperform rating, and the firm raised the price target to $35 from $28. The stock was last seen trading near $30, with a consensus analyst target of $31.67. The 52-week trading range is $17.66 to $29.86.