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Top Analyst Upgrades and Downgrades: Abercrombie, Cabot Oil, Dollar General, L Brands, MGM Resorts, ViacomCBS, Unity Software and More
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The futures were mixed on Monday as we get ready to start another trading week that has the potential for more volatility and possibly more big swings. While the Dow Jones industrials, the Russell 2000 and the transports closed at all-time highs Friday as the rotation trade to cyclical stocks and value continued, the S&P 500 also closed higher, with just the Nasdaq closing lower as rising interest rate fears continue to take a toll on technology stocks. The 10-year Treasury bond close at the highest yield in over a year Friday at 1.63%
Top 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 the current volatility may be here for some time.
Wall Street analysts have been examining earnings results and 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 across the board, it makes sense for investors to continue building some cash reserves into the market strength, while repositioning portfolios for the start of the second quarter and 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 Monday, March 15, 2021.
Abercrombie & Fitch Co. (NYSE: ANF) was named as the Bull of the Day at Zacks, which said that this retailer is on the rebound after impressive fourth-quarter earnings. Shares most recently closed at $34.20 but have a consensus price target of just $30.22.
American Axle & Manufacturing Holdings Inc. (NYSE: AXK) was downgraded at Citigroup from Buy to Neutral with a $13 price target. The consensus target is $10.50. The stock closed trading on Friday at $12.90, after gaining almost 8% on the day.
Cabot Oil & Gas Corp. (NYSE: COG) was downgraded from Overweight to Neutral with a $20 price target at Piper Sandler. The consensus target is $21.56. The stock closed on Friday at $18.80.
Comstock Resources Inc. (NYSE: CRK) was downgraded to Neutral from Overweight at Piper Sandler, which also lowered the price target to $6. The consensus target is $7.81, while the shares ended trading on Friday at $6.23.
Cryoport Inc. (NASDAQ: CYRX) was started at UBS with a Buy rating and an $84 price target. The consensus target is $74.43, and the shares ended trading at $57.37 on Friday.
Dollar General Corp. (NYSE: DG) was raised to Overweight from Neutral at Atlantic Equities with a $243 price target. The consensus target for the discount retailing giant is $238.08. Friday’s last trade came in at $191.96.
Domo Inc. (NASDAQ: DOMO) was upgraded to Buy from Neutral at UBS, which raised the price target to $90. The consensus target is lower at $76. The last trade Friday was reported at $62.44, down over 7%.
Frank’s International N.V. (NYSE: FI) was upgraded to Equal Weight from Underweight at Barclays, which also raised the price target to $4.50. That compares with the slightly higher consensus target of $4.90 and Friday’s final print of $4.51, which was down over 7% on the day. The shares were gaining steam in the premarket, up over 10%.
Funko Inc. (NASDAQ: FNKO) was upgraded to Neutral from Underweight at JPMorgan, which raised the price target on the shares to $20. The consensus target is set lower at $15.04, and the stock was last seen Friday at $17.77 up almost 16% after reporting strong results.
Gaming and Leisure Properties Inc. (NASDAQ: GLPI) was started with an Overweight rating and a $48 price target at Keybanc Capital Markets. The consensus target is in line at $48.02, and the last trade for Friday was reported at $42.96.
Iterum Therapeutics PLC (NASDAQ: ITRM) was raised from Neutral to Buy with a $2.50 price target at H.C. Wainwright. The consensus target is $1.50, and the stock ended Friday at $1.55 a share.
L Brands Inc. (NYSE: LB) saw its target price raised to $65 from $54 at Telsey Advisory Group after the company raised guidance. That is versus the slightly lower $62.48 consensus target and Friday’s last trade of $60.81.
MGM Resorts International (NYSE: MGM) was upgraded to Buy from Hold at Jefferies, and the firm raised the price target on the gaming giant to $50. The much lower $34.07 consensus target is also less than Friday’s close of $38.98 a share.
Molson Coors Beverage Co. (NYSE: TAP) was named as the Zacks Bear of the Day stock. The firm said that this alcoholic beverage giant is still feeling the impacts of COVID-19 and weak demand. Shares last closed at $46.63 and have a consensus price target of $48.36.
NV5 Global Inc. (NASDAQ: NVEE) was started with an Outperform rating and a $115 price target at Baird. The consensus target is slightly higher at $116.92. The stock was last seen Friday trading at $91.09.
Physicians Realty Trust (NYSE: DOC) was raised at Morgan Stanley to Overweight from Equal Weight with a $20 price target. The consensus price objective is $19.75. The closing price on Friday was $18.08 a share.
PubMatic Inc. (NASDAQ: PUBM) was started with a Neutral rating at Cannonball Research. The shares have traded in a 52-week range of $22.42 to $76.96 and have a $61 consensus price target. Friday’s close was at $57.32.
Unity Software Inc. (NYSE: U) was started at Goldman Sachs with a Buy rating and a $126 price target. The consensus target of $140.82 is much higher, and Friday’s closing price was $105.70.
ViacomCBS Inc. (NASDAQ: VIAC) was downgraded to Underperform from Market Perform at BMO Capital Markets, which has a $70 price target for the broadcast and programming leader. The consensus target is down at $51.84. The stock closed Friday at $94.94, after rising over 10% for the day, but shares were down over 3% in Monday’s premarket.
Westlake Chemical Corp. (NYSE: WLK) was downgraded at Deutsche Bank from Buy to Hold with a $102 price target. That compares with an $89.12 consensus target and Friday’s $94.64 closing trade.
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Friday’s early top analyst upgrades and downgrades included AerCap, Barclays, Denny’s, DocuSign, Intercontinental Hotels, Lennar, Luminar Technologies and Quest Diagnostics. Analyst calls seen later in the day were on Nielsen, Nordstrom, PayPal and more.
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