The futures were mixed on Tuesday, after another divergent day of trading across Wall Street. Both the Dow Jones industrials and the S&P 500 closed lower, with only the Nasdaq posting a gain. Inflation watchers are in for a pile of data this week, with the Consumer Price Index and Producer Price Index reports both due. The bipartisan infrastructure bill also is making incremental progress toward a Senate vote, but it is starting to face some Republican pushback. Yields moved higher Monday, as Treasury bonds across the curve were sold off.
Despite worries and the potential for a “taper tantrum” like we saw in 2013, 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 for equities.
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 10, 2021.
Air Products and Chemicals Inc. (NYSE: APD): Cowen reiterated its Outperform rating on the stock but lowered the price target to $335 from $360. The consensus target price is $323.23. The shares were last seen on Monday at $275.75, which was down over 5% on the day following an earnings report with guidance that fell short of analysts’ estimates.
Akamai Technologies Inc. (NASDAQ: AKAM): Raymond James resumed coverage on the stock with an Outperform rating and a $128 price target. That is below the $130.33 consensus target but above Monday’s $115.09 closing share price.
Apple Inc. (NASDAQ: AAPL): Zacks named this iPhone maker as its Bear of the Day stock. The analyst says that the recent report further cements the strength of the company’s non-iPhone businesses. Despite trading near new records, the stock’s valuation picture appears solid and it could be prepared to keep climbing. Shares last closed at $146.09, and the consensus price target is $159.34.