Investing

Thursday's Top Analyst Upgrades and Downgrades: Analog Devices, Activision Blizzard, BP, Clorox, EA, MGM PayPal, Square, and More

Thursday’s futures were fairly positive. This comes after new weekly jobless claims numbers came out suggesting that the recovery was taking place but was choppy at best. Initial jobless claims for the week ending June 19 came in at 411,000 compared with the estimate of 380,000, and the previous week’s number was revised to 418,000. Note that these numbers are still above the pandemic-era low of around 375,000.

Wall Street is concerned about tapering of the quantitative easing program, but despite 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. Another big plus is the continued massive inflows into money markets.

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 for Thursday, June 24, 2021.

Analog Devices Inc. (NASDAQ: ADI): Needham initiated coverage with a Buy rating and a $195 price target. Shares closed Wednesday near $164 apiece, in a 52-week range of $110.47 to $168.93. The consensus price target is $183.35.

Affirm Holdings, Inc. (NASDAQ: AFRM): DA Davidson started with a Buy rating and an $80 price target. The stock was last traded near $65, in a 52-week range of $46.50 to $146.90. The consensus price target is $76.46.

Activision Blizzard Inc. (NASDAQ: ATVI): MoffettNathanson initiated coverage with a Buy rating and a $124 price target. The stock closed near $91, in a 52-week range of $71.19 to $104.53. Analysts have a consensus price target of $116.41 for the stock.

Bed Bath & Beyond Inc. (NASDAQ: BBBY): BofA Securities resumed coverage with a Buy rating and a $38 price target. The consensus price target is $26.23, and the stock closed Wednesday at around $29 per share. The 52-week trading range is $7.39 to $53.90.

BP PLC (NYSE: BP): HSBC Securities downgraded to a Hold rating from Buy. The stock closed near $27, in a 52-week range of $14.74 to $28.49.