Tuesday's Top Analyst Upgrades and Downgrades: Airbnb, Krispy Kreme, Planet Fitness, Square, Workday, XPO Logistics and More

The futures all traded higher on Tuesday after a wild Monday that saw the market open solidly higher before giving back much of the early gains, with the Dow Jones industrials printing yet another all-time intraday high before closing negative. The combination of more mask mandates and the potential for lockdowns has kept investors nervous, but over the weekend Dr. Fauci stated he thought there was no need for additional lockdowns. Earnings are still coming in strong, but the key data point this week will be the July jobs report, which some think could be the blockbuster report Wall Street has been looking for, with over a million new jobs being added.

While the Federal Reserve did not raise rates last week, many across Wall Street remain leery of the beginning of the tapering of the quantitative easing program after the clear buildup 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 Tuesday, August 3, 2021.

Airbnb Inc. (NASDAQ: ABNB): KeyBanc Capital Markets upgraded the shares to Overweight from Sector Weight and have a $180 price target. The posted consensus target is $172.50. Monday’s closing trade came in at $145.49.

Anaplan Inc. (NASDAQ: PLAN): Barclays upgraded the stock to Overweight from Equal Weight and raised the price target to $70. The consensus target is just higher at $71.90. Tuesday’s final trade was reported at $56.75.

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