The futures traded higher yet again on Monday as we start a new trading week on the heels of an outstanding performance last week. With the volatility subsiding, the Reddit/WallStreetBets casino trades quieting down and big technology 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, for examples, and many are urging caution.
Even with fourth-quarter earnings reporting slowing, most across Wall Street not only are 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 the Russell 2000 pushing back to all-time highs last week, and the Dow Jones industrials very close, it makes sense for investors to start building some cash reserves while repositioning portfolios for 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 Monday, February 8, 2021.
Affirm Holdings Inc. (NASDAQ: AFRM) was started with a Buy rating and a $160 price target at Truist Securities. No consensus target was available as the stock had a recent red-hot initial public offering. The shares closed Friday at $103.45, down almost 5% on the day, but rebounded in the Monday’s premarket by over 4%.
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Atreca Inc. (NASDAQ: BCEL) was started with a Buy rating with a $30 pierce target at Jefferies. The consensus target is $29.75, and Friday’s closing trade came in at $14.93 a share. The stock was up almost 6% in the premarket.
Constellium S.E. (NASDAQ: CSTM) was downgraded to Market Perform from Outperform at Northland Capital. The shares have traded in a 52-week range of $3.90 to $15.30 and have a consensus price target of $16.54. The last trade for Friday was reported at $13.67.
Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) was downgraded at Truist Securities from Buy to Hold with a $156 price objective. The consensus objective for the restaurant chain is $151.63. The stock closed on Friday at $147.77.
Denny’s Corp. (NYSE: DENN) was downgraded at Truist Securities from Buy to Hold with a $17 target price. The consensus target for the ubiquitous restaurant is $16.22, and the shares closed Friday at $17.41.
Exxon Mobil Corp. (NYSE: XOM | XOM Price Prediction) was raised from Underperform to Neutral with a $45.50 price target at Exane BNP Paribas. The posted consensus target is $51.22. The shares closed Friday at $49.95, up almost 4% on the day.
FireEye Inc. (NASDAQ: FEYE) was named as the Zacks Bear of the Day stock. The firm said that this security software name has seen its Zacks rank fall to its lowest level as a result of earnings estimates revisions. Shares last closed at $21.30 and have a consensus price target of $22.77.
Hub Group Inc. (NASDAQ: HUBG) was upgraded to Outperform from Inline at Evercore ISI, which also raised the price target to $66. That compares with the $63.13 consensus target and Friday’s close at $57.85.
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MaxLinear Inc. (NYSE: MXL) was raised from Hold to Buy with a $43 price target at Loop Capital. The consensus target is $40.89. The last trade on Friday came in at $32.02, after shares retreated almost 3% on the day.
ONEOK Inc. (NYSE: OKE) was downgraded to Neutral from Buy at Seaport Global Securities. The stock has traded in a 52-week range of $12.16 to $78.48, and it has a consensus price target of $41. Friday’s closing print was $42.84 per share.
Pilgrim’s Pride Corp. (NYSE: PPC) was upgraded to Overweight from Equal Weight at Stephens, which raised its price target to $25. The consensus target of $21.33 is just above Friday’s closing trade of $21.10.
Pioneer Natural Resources Co. (NYSE: PXD) was resumed in coverage at Morgan Stanley with an Equal Weight rating and a $120 price target. The consensus target is much higher at $158.77, and shares ended Friday with a $128.24 price.
Progenity Inc. (NASDAQ: PROG) was downgraded to Underweight from Overweight at Wells Fargo, which lowered the price target to $5. The consensus target is up at $10.60. The last trade for Friday was reported at $6.21.
Targa Resources Corp. (NYSE: TRGP) was raised to Buy from Neutral at Seaport Global Securities, which also set a $35 price target. The posted consensus target is $34.16. The shares were last seen on Friday at $30.23.
Target Corp. (NYSE: TGT) was raised at Stifel from Hold to Buy with a $225 target price. The consensus for the retail giant is just $199.55. The stock finished the day on Friday trading at $188.86.
Tyson Foods Inc. (NYSE: TSN) was upgraded to Overweight from Equal Weight at Stephens, which also raised the price target to $80. The lower consensus target is $75.56. The stock closed trading at $66.18 on Friday.
VSE Corp. (NASDAQ: VSEC) was started with a Buy rating and a $48 price target at Canaccord Genuity. The consensus target is $54.50, and the last trade hit the tape on Friday at $34.99.
Viela Bio Inc. (NASDAQ: VIE) was downgraded at Wedbush from Overweight to Neutral with a $43 price target. The consensus target is $53.25, and the stock ended last week at $52.85 a share.
Workday Inc. (NASDAQ: WDAY) was raised from Sell to Buy with a $320 price target at Loop Capital. The consensus target is much lower at $255.84. The stock closed most recently at $263.95.
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Four top business development companies are favorite picks at Truist Securities. The total return possibilities for these somewhat out-of-favor stocks look compelling for balanced growth and income investors.
Friday’s top analyst upgrades and downgrades included Canopy Growth, Cognizant Technology Solutions, Dick’s Sporting Goods, Peloton Interactive, QuantumScape, Rio Tinto, Starbucks, Zillow and Zoom Video Communications.
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