The futures were mixed on Tuesday as the second-quarter earnings reports will start to come in hot and heavy today and over the next three weeks. The market proved to be another rollercoaster ride following Friday’s big rally with the S&P 500 and the Nasdaq both printing yet another new intra-day high, and the Dow Jones industrials posting a gain, while the Russell 2000 and the transports both ended the day in the red. Most across Wall Street are reasonably optimistic that investors will see very positive second-quarter earnings come in across many sectors.
Despite the added concerns across Wall Street about 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 among the reasons 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 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 Tuesday, July 13, 2021.
AGCO Corp. (NASDAQ: AGCO): JPMorgan upgraded the stock to Overweight from Neutral and has set a $162 price target. The posted consensus target is higher at $171.23. The stock closed trading at $131.36 a share on Monday.
Allegiant Travel Co. (NASDAQ: ALGT): Susquehanna started coverage on the stock with a Positive rating and a $245 price target. The consensus price objective is higher at $277.17. The final trade for Monday hit the tape at $193.24.