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.
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These are the top analyst upgrades, downgrades and initiations seen on Tuesday, August 3, 2021.
Airbnb Inc. (NASDAQ: ABNB | ABNB Price Prediction): 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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Bloomin’ Brands Inc. (NASDAQ: BLMN): Credit Suisse raised its Neutral rating to Outperform from and lifted the price target to $33. The consensus target is $34.77. The shares were last seen on Monday at $25.46.
Braemar Hotels & Resorts Inc. (NYSE: BHR): Zacks named this as its Bull of the Day stock. The analyst says that this stock has a great valuation and luxury names like this need not worry about the impact of inflation. The shares closed most recently at $5.20 and have a consensus price target all the way up at $10.50.
Cable One Inc. (NASDAQ: CABO): JPMorgan’s upgrade to Neutral from Underperform included a target price hike to $2,100. The consensus target is $2,090.17. The final trade for Monday hit the tape at $1,900 per share.
DXC Technology Co. (NYSE: DXC): When BMO Capital Markets upgraded it to Outperform from Market Perform, and the analyst also raised the price target to $50. The consensus target is just $42.08. The stock ended Monday’s trading session at $42.61, after popping almost 7% for the day.
EPAM Systems Inc. (NASDAQ: EPAM): Jefferies not only raised its Hold rating to Buy but also boosted the target price to $670. The consensus target is just $505. The last trade on Monday was posted at $558.40.
FREYR Battery Inc. (NASDAQ: FREY): BTIG Research started coverage with a Buy rating and a $20 price target. No consensus target was available. Monday’s closing share price was $8.75. The stock was up almost 6% in premarket action.
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Globant S.A. (NYSE: GLOB): The Jefferies upgrade to Buy from Hold included a price target hike to $290. The consensus target is $237.11, and the stock closed at $235.40 on Monday.
Green Plains Partners L.P. (NASDAQ: GPP): Stifel upgraded the stock to Buy from Hold and boosted its target price to $16. The $13 consensus target is the same as Monday’s closing print.
Krispy Kreme Inc. (NASDAQ: DNUT): HSBC Securities started coverage on the beloved donut maker with a Buy rating and a $25 price target. No consensus price objective was available as the company had a recent initial public offering. The shares have traded between $15.50 and $21.69 apiece since the deal was priced. Monday’s last trade came in at $15.74.
MarketWise Inc. (NASDAQ: MKTW): Oppenheimer started coverage with a Buy rating and a $19 price target. No consensus price objective was available. The shares rose over 7% on Monday to close at $15.06.
Old Dominion Freight Line Inc. (NYSE: ODFL): Goldman Sachs downgraded the shipping and transport giant from Buy to Neutral with a $281 price target. The $265.75 consensus target is less than Monday’s closing price of $266.79.
Payoneer Global Inc. (NASDAQ: PAYO): This one was started with an Outperform rating at William Blair. The shares have traded in a 52-week range of $9.02 to $14.50 and have a $14 consensus price target. The stock closed Monday at $9.77. The company was one of last weekend’s top stocks to buy under $10.
Planet Fitness Inc. (NASDAQ: PLNT): Stifel raised its Hold rating to Buy and boosted the price target to $85. The consensus target is $84.50. The shares ended trading Monday at $74.37.
Skillsoft Corp. (NASDAQ: SKIL): Barclays stated coverage with an Overweight rating and a $12 price target. The consensus target is $14.20, and the shares closed on Monday at $8.81
Square Inc. (NYSE: SQ): Cowen raised the stock to Outperform from Market Perform and lifted the target price to $343. The consensus target is set considerably lower at $276.70. The shares closed Monday at $272.38, which was up over 10% as investors cheered the firm’s acquisition of Afterpay for $29 billion in an all-stock deal.
Workday Inc. (NASDAQ: WDAY): Barclays upgraded the stock to Overweight from Equal Weight and also raised its target price to $282. That compares with a $282.29 consensus and Monday’s closing trade at $233.65.
XPO Logistics Inc. (NYSE: XPO): Goldman Sachs raised the stock to Buy from Neutral and has a $103 price target. The consensus price objective is $163.70. The last trade Monday hit the tape at $83.95.
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Five top Jefferies bank stock picks really are value plays when compared to the very overbought and pricey stock market as a whole. With earnings out of the way, investors can feel good about adding positions in these dividend payers.
In addition, five top stocks come with dividends set to be raised this week. And check out the meme stocks that were on the move Monday.
Monday’s early top analyst upgrades and downgrades included Baker Hughes, Bloomin’ Brands, DoorDash, Estee Lauder, First Solar, Levi Strauss, Lyft, Mondelez and Yeti. Analyst calls seen later in the day were on Newell Brands, Teladoc Health, Uber and more.
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