Monday’s futures edged higher as the Dow Jones industrial average looks to be recovering from its worst week since October. This past week the index posted a loss of about 3% across all five trading days in its worst week since just before the election. Part of reason for the downward push was news coming from the Federal Reserve that higher interest rates were on the horizon in the coming years. Separately, commodities looked to stabilize Monday morning despite still prevalent inflationary concerns. Bitcoin may have seen the worst of all of this, dropping from around $39,000 to $32,000 over the weekend.
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 an 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 21, 2021.
Accenture PLC (NYSE: ACN): Jefferies initiated coverage with a Hold rating and a $309 price target. Shares closed Friday near $313 apiece, in a 52-week range of $234.39 to 387.40. The consensus price target is $374.00.
Allogene Therapeutics, Inc. (NASDAQ: ALLO): Jefferies resumed coverage with a Buy rating and a $53 price target. The stock was last traded near $24, in a 52-week range of $23.30 to $46.85. The consensus price target is $49.77.
Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT): Barclays downgraded to an Underweight rating from Equal Weight and cut the price target to $25 from $33. The stock closed near $35, in a 52-week range of $24.87 to $129.71. Analysts have a consensus price target of $86.08 for the stock.
Butterfly Network, Inc. (NYSE: BFLY): Cowen initiated coverage with an Outperform rating and a $20 price target. The consensus price target is $15.00, and the stock closed Friday at around $14 per share. The 52-week trading range is $9.20 to $29.13.
CNX Resources Corp. (NYSE: CNX): BofA Securities downgraded to an Underperform rating from Neutral. The stock closed near $13, in a 52-week range of $7.97 to $15.89.
Elastic N.V. (NYSE: ESTC): Summit Insights initiated coverage with a Buy rating and a $180 price target. The shares last closed near $144, and the consensus price target is $171.39.
Marothon Oil Corp. (NYSE: MRO): BofA Securities upgraded to a Neutral rating from Underperform. The stock most recently closed at $12.57 and has a consensus price target of $14.54.
OPKO Health Inc. (NASDAQ: OPK): Ladenburg Thalmann initiated coverage with a Buy rating and a $7 price target. Shares last closed near $4 and have a consensus price target of $8.25.
PacWest Bancorp. (NASDAQ: PACW): Truist resumed coverage with a Hold rating and cut the price target to $43 from $45. The stock was last trading near $40. The consensus target is $50.25. The 52-week trading range is $15.62 to $46.75.
Riot Blockbhain, Inc. (NASDAQ: RIOT): Compass Point initiated coverage with a Buy rating and a $43 price target. Shares last closed at $32.18, and the consensus price target is $47.94.
ResMed Inc. (NYSE: RMD): Needham reiterated a Buy rating and jumped the price target to $267 from $229. The consensus price target is $218.40. The stock has a 52-week range of $165.72 to $242.50 and recently closed near $237 a share.
Sykes Enterprises Inc. (NASDAQ: SYKE): Robert Baird downgraded to a Neutral rating from Outperform with a $54 price target. The stock most recently closed at $53.45 and has a consensus price target of $52.67.
Western Alliance Bancorp. (NYSE: WAL): Truist resumed coverage with a Buy rating and a $117 price target. Shares last closed at $89.16, and the consensus price target is $120.17.
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