Thursday’s futures were somewhat mixed, after the broad markets have seen multiple record-setting sessions this week. Part of the positive push on Wednesday came from some economic numbers showing better than expected job growth, but investors are still holding their breath for the June employment report that comes out Friday. However, Wednesday’s private payrolls and Thursday’s jobless claims seem to suggest that Friday’s report will be fairly positive.
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, July 1, 2021.
Agios Pharmaceuticals Inc. (NASDAQ: AGIO): Raymond James initiated coverage with a Market Perform rating. Shares last closed near $55 apiece, and the consensus price target is $65.33 a share.
American Axle & Manufacturing Holdings Inc. (NYSE: AXL): KeyBanc Capital Markets upgraded the stock to an Overweight rating from Sector Weight and has a $14 price target. The stock closed near $10 per share. The 52-week trading range is $4.82 to $13.06.
AutoNation Inc. (NYSE: AN): This retailer was selected as Bull of the Day at Zacks. The analyst makes the case that investors are ready to ride this stock to all-time highs. Shares last closed at $94.81 and have a consensus price target of $112.43, which would be an all-time high.