The futures were mixed on Wednesday after a mammoth rally Tuesday that saw the Dow Jones industrials hit yet another all-time high intraday before pulling back, and the Nasdaq jumped almost 4% to escape correction territory. With the stimulus bill expected to pass in the U.S. House of Representatives today, the bill will be sent immediately to the president for his signature.

Despite the huge Tuesday rally, analysts on Wall Street continue pointing to “bubble” metrics, like the massive “meme” retail stock and option trading, huge hedge fund leverage and IPOs that don’t make money as examples, so last week’s volatility may stick around.

With fourth-quarter earnings reporting all but complete, most across Wall Street have not only been examining the results but also looking to see what guidance for the balance of the first quarter and the rest of 2021 looks like. With major Wall Street firms still warning of the potential for impending 5% to 10% correction, 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 Wednesday, March 10, 2021.

Airbnb Inc. (NASDAQ: ABNB) was resumed in coverage with a Neutral rating and a $197 price target at Citigroup. The consensus target is $185.84, and the final Tuesday trade came in at $183.11.

Albemarle Corp. (NYSE: ALB) was started with an Outperform rating and a $180 price target at Cowen. The consensus target is $147.07. The stock closed Tuesday at $145.77, up almost 4% on the day.

Apple Inc. (NASDAQ: AAPL) was added to the Best Ideas list at Wedbush. The shares of the legacy technology giant have traded in a 52-week range of $53.15 to $145.09 and have a consensus price target of $151.75. The last trade for Tuesday was reported at $121.08, up over 4% on the day.

Bilibili Inc. (NASDAQ: BILI) was started with a Buy rating and a $140 price target at New Street. The consensus target is $160.92. The stock closed Tuesday at $107.40 a share.

Boingo Wireless Inc. (NASDAQ: WIFI) was downgraded at Jefferies from Buy to Hold with a $14 price target. The consensus target is up at $15.89, and the last trade for Tuesday came in at $14.11.

Carrier Global Corp. (NYSE: CARR) was upgraded to Outperform from Market Perform at Cowen, which also raised the price target to $43. The consensus target is $43.86, and Tuesday’s last trade was at $37.12.

Centene Corp. (NYSE: CNC) was started with a Neutral rating and a $65 price target at Mizuho. The consensus target is higher at $80.56, and the shares closed at $61.49 on Tuesday.

Chevron Corp. (NYSE: CVX) saw its target price raised to $113 from $111 at Cowen, which kept its Outperform rating on the integrated energy leader. The consensus target is $108.54, and Tuesday’s final trade hit the tape at $109.50.

CMS Energy Corp. (NYSE: CMS) was raised to Overweight from Equal Weight at Barclays, though the firm lowered the price target to $67. The consensus target is $64.85, and the stock ended Tuesday at $56.53 a share.

E.l.f. Beauty Inc. (NYSE: ELF) was upgraded to Overweight from Neutral at Piper Sandler, which raised the price target on the cosmetics company to $30. The consensus target is $26.50. Tuesday’s final trade was reported at $26.33.

Fortinet Inc. (NASDAQ: FTNT) saw its price target raised to $195 from $175 at Monness Crespi & Hardt, which maintained a Buy rating on the cybersecurity leader. The consensus target is right in line at $174.56, and the stock closed Tuesday at $175.77.

Graybug Vision Inc. (NASDAQ: GRAY) was downgraded to neutral from Outperform at Wedbush, which also lowered the price target to $8. The consensus target is much higher at $20.60. The stock closed Tuesday at $7.20, down over 50% after disappointing Phase 2 clinical data was reported. The shares recovered almost 7% in premarket trading.

Hewlett Packard Enterprise Co. (NYSE: HPE) was upgraded to Outperform from Neutral at Daiwa Securities, which raised the price target on the venerable tech company to $17. The consensus target is $15.01, and the shares ended trading on Tuesday at $14.86.

Landstar System Inc. (NASDAQ: LSTR) was downgraded to Sell from Neutral at Goldman Sachs, which lowered the price target to $140. The higher $145.92 consensus target is lower than the $162.23 closing price on Tuesday. As it is trading just below a 52-week high, this could be a valuation call.

MarineMax Inc. (NYSE: HZO) was downgraded to Neutral from Buy at B. Riley Securities, though the analyst raised the price target to $57 from $51. The consensus target is $48.67. The stock closed Tuesday at $54.30, up over 5% on the day.
Old Dominion Freight Line Inc. (NASDAQ: ODFL) was raised to Buy from Neutral at Goldman Sachs, which also raised the price target to $238. That compares with the lower consensus target of $225.47 and Tuesday’s close at $223.82.

Penumbra Inc. (NYSE: PEN) was named as the Bull of the Day at Zacks, which said that this leader in treating stroke with catheter-based technology has fully recovered from a product recall. Shares most recently closed at $273.74 and have a consensus price target of $310.00.

Silk Road Medical Inc. (NASDAQ: SILK) was named as the Zacks Bear of the Day stock. The firm said that this young innovator in stroke prevention has impressive sales growth but EPS just got slashed. Shares last closed at $54.21 and have a consensus price target of $67.00.

Stratasys Ltd. (NASDAQ: SSYS) was raised at JPMorgan from Underweight to Neutral with a $29 price target. The consensus target is $30.40, and Tuesday’s close was at $24.43, after almost a 12% gain for the day.

Sunrun Inc. (NASDAQ: RUN) was raised at Morgan Stanley from Equal Weight to Overweight with an $86 price target. UBS upgraded it from Sell to Neutral with a $55 target. The consensus target is $82.54. The stock was last seen on Tuesday at $53.68, after almost a 14% rise for the day. The shares added an additional 6% in the premarket.

Synaptics Inc. (NASDAQ: SYNA) was resumed in coverage at JPMorgan with an Overweight rating, and the analyst raised the price target to $175. The consensus target is much lower at $135.83. The final Tuesday trade came in at $134.57, which was up almost 6% for the day.

Tenaris S.A. (NYSE: TS) was upgraded to Equal Weight from Underweight at Barclays, which raised the price target to $25. The consensus target is $20.96. The shares closed on Tuesday at $22.36 per share.

With a slew of catalysts on the horizon, some very positive tailwinds for demand and a push by the Biden administration to bring chip production back to the United States, six BofA Securities semiconductor stock picks all make sense for aggressive growth investors looking to add positions in the space.

Tuesday’s early top analyst upgrades and downgrades included AutoZone, Best Buy, Bloomin’ Brands, EOG Resources, Lemonade, Micron Technology, QuantumScape, Stitch Fix and Twilio. Analyst calls seen later in the day were on Home Depot, Kinder Morgan, Tesla and more.

Get Our Free Investment Newsletter

I have read, and agree to the Terms of Use

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.