The futures traded higher yet again on Friday as investors tallied up what was a very strong week overall. With the volatility subsiding, the Reddit/WallStreetBets casino trades quieting down and big tech delivering some sparkling results, February trading got off to a very solid start. Top analysts on Wall Street are continuing to point to “bubble” metrics, like the massive retail stock and option trading and huge hedge fund leverage as examples, and many are urging caution.
The flow of fourth-quarter earnings reports is slowing, but many across Wall Street are still not only be examining the results but also looking to see what guidance for the first quarter and the rest of 2021 looks like. With the S&P 500, Nasdaq and Russell 2000 pushing back to all-time highs, and the Dow Jones industrials very close, it makes sense for investors to start building some cash reserves 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 Friday, February 5, 2021.
Bank of Princeton (NASDAQ: BPRN) was upgraded from Neutral to Buy with a $32 price target at B. Riley Securities. The posted consensus target is $25.50. The shares closed Thursday at $24.88, up almost 4% for the day.
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Canada Goose Holdings Inc. (NASDAQ: GOOS) was raised to Neutral from Sell at Goldman Sachs, which also raised the price target to $39. The consensus target is $32.90, and Thursday’s closing print was $42.90, which was up a stunning 22% after posting solid earnings.
Canopy Growth Corp. (NYSE: CGC) was downgraded from Overweight to Neutral with a $27 price target at Piper Sandler. No consensus target for the cannabis company was available. The shares were last seen trading on Thursday at $44.14.
Cimpress PLC (NASDAQ: CMPR) was named as the Zacks Bear of the Day stock. The firm said that this company fell well short of earnings estimates near the end of January. Shares last closed at $100.36 and have a consensus price target of $124.00.
CMS Energy Corp. (NYSE: CMS | CMS Price Prediction) was upgraded to Outperform from Neutral at Credit Suisse, which raised the target price to $64. The consensus target is $65.47. The final trade on Thursday came in at $56.86.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH) was downgraded to Hold from Buy at HSBC Securities, which has an $80 price target. That compares with the higher $84.46 consensus and Thursday’s closing trade of $74.69, after retreating almost 6% for the day.
Corteva Inc. (NASDAQ: CTVA) was raised at JPMorgan from Neutral to Overweight with a $51 price objective. The consensus objective is $42.18, and the shares were last seen on Thursday at $42.66.
Dick’s Sporting Goods Inc. (NYSE: DKS) was started with a Hold rating and a $70 target price at Gordon Haskett. The consensus target for the retailing giant is $70.63, and the shares were last seen Thursday at $74.05, up almost 3% for the day.
Greenhill & Co. Inc. (NYSE: GHL) was raised from Market Perform to Market Outperform with a $20 price target at JMP Securities. The consensus target is lower at $13. The shares closed Thursday at $14.04, up almost 18% after posting strong fourth-quarter results. The stock followed through in the premarket, tacking on an additional 8% gain.
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Landsea Homes Corp. (NASDAQ: LSEA) was started at Barclays with an Equal Weight rating and an $11 price target. The consensus target is up at $15, but the stock closed at $9.34 on Thursday.
Peloton Interactive Inc. (NASDAQ: PTON) was downgraded to Market Perform from Outperform at Raymond James. The shares have traded in a wide 52-week range of $17.79 to $171.09 and have a $155.42 consensus price target. The last trade on Thursday hit the tape at $157.53, a 7% gain for the day. The shares were down almost 7% in the premarket, despite posting solid quarterly results.
Plantronics Inc. (NYSE: PLT) was raised at Morgan Stanley from Underweight to Equal Weight with a $31 price target. The consensus target is $29.67, and Thursday’s closing price was $35.15.
QuantumScape Corp. (NYSE: QS) was started at Goldman Sachs with a Neutral rating and a $42 price target. The consensus target for the Bill Gates-backed battery company is much lower at $28, but the shares closed Thursday at $47.39.
Redfin Corp. (NASDAQ: RDFN) was upgraded to Neutral from Sell at Goldman Sachs, which also raised the price target to $78. The posted consensus target is $60.21. The last trade for Thursday was reported at $81.50.
Rio Tinto Group PLC (NYSE: RIO) was started with a Hold rating at Berenberg. The shares have traded in a 52-week range of $35.35 to $86.90 and have a consensus price target of $95.31. The stock closed trading on Thursday at $77.52.
Starbucks Corp. (NASDAQ: SBUX) was raised to Buy from Hold at Gordon Haskett, which raised the price target on the ubiquitous coffee purveyor to $120. That compares with the lower $108.23 consensus and a Thursday closing price of $103.64.
Teradata Corp. (NYSE: TDC) was raised at BofA Securities from Neutral to Buy with a $55 price target. The consensus target is $23.45, and the stock closed Thursday at $27.05. The shares were up a stunning 31% in premarket action after posting strong results late Thursday.
Twist Bioscience Corp. (NASDAQ: TWST) was downgraded at JPMorgan from Neutral to Underweight with a $100 price target. The higher $116.25 consensus target is also less than Thursday’s final print of $197.65. The stock was down almost 18% Friday’s premarket after it reported a fiscal first-quarter loss.
Zillow Group Inc. (NYSE: ZG) was upgraded to Buy from Neutral at Goldman Sachs, which also raised the price target to $200. The consensus target is just $141.25, and the shares closed Thursday at $156.85, up almost 3% for the day.
Zoom Video Communications Inc. (NASDAQ: ZM) was named as the Bull of the Day at Zacks, which said that now may be the time to buy the stock again after it has dropped 35% since October. Shares most recently closed at $389.98 and have a consensus price target of $469.80.
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Goldman Sachs has three contrarian stock picks that pay dependable distributions and make good sense for growth investors looking for income and some upside.
Thursday’s early top analyst upgrades and downgrades included Apple, Best Buy, Electronic Arts, FireEye, Match, PayPal, Qualcomm and ViacomCBS. Analyst calls seen later in the day were on CDW, Murphy Oil, Qorvo, Xerox and more.
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