The futures were mixed Thursday as investors witnessed a very divergent trading day Wednesday. While the Nasdaq shot higher on the strength of some strong technology earnings, the Dow Jones industrials slumped. Some investors shuddered as the U.S. Centers for Disease Control and Prevention recommended that vaccinated citizens wear a mask when inside crowded areas and that children returning to school should wear a mask. Fears of a mask return and the potential for lockdowns have started to weigh on reopening optimism.
While the Federal Reserve did not raise rates Wednesday, many across Wall Street remain leery of the beginning of the tapering of the quantitative easing program after the clear building of inflationary pressures, despite the fact 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 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 Thursday, July 29, 2021.
Altice USA Inc. (NYSE: ATUS): Raymond James downgraded the shares to Outperform from Strong Buy and lowered the price target to $38 from $40. The consensus target is $42.20. The shares closed trading on Wednesday at $34.11.
Boeing Co. (NYSE: BA): Goldman Sachs reiterated a Buy rating on the aerospace giant, noting that the company delivered near breakeven free cash flow in the quarter despite a still substantially disrupted overall aerospace ecosystem and disrupted Boeing aircraft production cadence. The stock is on the Conviction List of top stocks to buy and has a $304 price target. The consensus target is $267.52. The stock closed Wednesday at $231.57, which was up over 4% on the day.
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