Tuesday’s futures were somewhat mixed, after the S&P 500 and Nasdaq each hit record highs in the previous session. There are some questions about whether the rotation trade may be shifting back to value stocks after growth stocks have made a run recently. However, the biggest question seems to be what will happen in the June unemployment report that comes out on Friday.
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 Tuesday, June 29, 2021.
Antero Resources Corp. (NYSE: AR): TD Securities upgraded the stock to a Buy rating from Hold, and the firm raised the price target to $18.50 from $12. Shares last closed near $14, and the consensus price target is $14.63.
Carvana Co. (NYSE: CVNA): Piper Sandler downgraded it to Neutral from Overweight and raised the price target to $306 from $303. The consensus price target is $324.67, and the stock closed at around $305 per share. The 52-week trading range is $118.64 to $323.39.
Coursera Inc. (NYSE: COUR): D.A. Davidson resumed coverage with a Buy rating but cut the price target to $52 from $55. The stock last traded near $42, in a 52-week range of $32.59 to $62.53.