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Top Analyst Upgrades and Downgrades: Beyond Meat, Dun & Bradstreet, Microchip Technology, Skyworks Solutions, SunPower, Texas Instruments and More
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The futures were mixed on Tuesday after a solid start to the week on Monday, when all three of the major indexes closed higher and only the Russell 2000 finished in the red. The Dow Jones Transportation Average hit another all-time intraday high, before closing down, and last week it posted its seventh consecutive week of gains. That is the longest winning streak for the index since the week ending March 18, 2016, when the market rose for nine straight weeks. The rising transportation index bodes very well for continued economic strength.
Top strategists 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.
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 Tuesday, March 23, 2021.
Amalgamated Bank Financial Corp. (NASDAQ: AMAL) was downgraded to Neutral from Overweight at JPMorgan, which lowered the price target to $17.50. The posted consensus target is $18.13. The stock ended Monday trading at $16.44, after retreating over 6% on the day.
Ardelyx Inc. (NASDAQ: ARDX) was started with an Outperform rating and a $14 price target at Wedbush. The consensus target is $13.86, and Monday’s last trade was reported at $6.93. The shares were up over 4% in premarket action.
Azul S.A. (NYSE: AZUL) was downgraded to Underweight from Equal Weight at Morgan Stanley. The 52-week trading range is $5.50 to $25.84, and the consensus price target is $20.79. Mondays’ final trade for the Brazilian airline came in at $21.56, down almost 6% on the day.
Beyond Meat Inc. (NASDAQ: BYND) was named as the Zacks Bear of the Day stock. The firm said that this has been a meatless miracle, with shares having run far past this “trendy” stock’s true risk-weighted value. Shares last closed at $139.60 but have a consensus price target of just $128.87.
BioLife Solutions Inc. (NASDAQ: BLFS) was raised from Hold to Buy with a $54 price target at Benchmark. The consensus target is lower at $44.21. The shares were last seen Monday at $38.57. The stock was up a whopping 17% in the premarket after the release of a stronger than expected fiscal 2021 revenue outlook.
DarioHealth Corp. (NASDAQ: DRIO) was started with a Buy rating and a $30 price target at Stifel. The consensus price objective is $28.88. The stock closed Monday at $24.22, up a stunning 22% for the day.
Dun & Bradstreet Holdings Inc. (NYSE: DNB) was started with a Market Perform rating at Raymond James. The 52-week trading range is a narrow $21.34 at $29.55, and the consensus price objective is $29.64. Monday’s last trade came in at $24.55 a share.
Evoqua Water Technologies Corp. (NASDAQ: AQUA) was raised to Buy from Hold at Berenberg, which also raised the target price to $34. The consensus price target is $29.64, and the last trade for Monday hit the tap at $25.24.
Freeline Therapeutics Holdings PLC (NASDAQ: FRLN) was started at Buy with a $27 price target at Mizuho. The consensus target is $26.60, and the stock closed at $13.76 on Monday.
Legacy Housing Corp. (NASDAQ: LEGH) was raised from Neutral to Buy with a $20 price target at B. Riley Securities. The consensus price objective is $19, and the stock closed most recently at $17.79.
MDU Resources Group Inc. (NYSE: MDU) was started at BofA Securities with a Buy rating and a $36 price target. The consensus target is $32.00, and Monday’s last trade was at $29.82.
Microchip Technology Inc. (NASDAQ: MCHP) was raised to Buy from Neutral at Longbow. The semiconductor company has traded in a 52-week range of $61.62 to $166.67, and the consensus price target is $170.05. The stock closed on Monday at $154.86, after over a 3% gain for the day.
Mission Produce Inc. (NASDAQ: AVO) was downgraded to Neutral from Buy at Citigroup, though it raised the price target to $22. The consensus target is $23.20, and Monday’s closing trade was at $20.39 a share.
Score Media and Gaming Inc. (NASDAQ: SCR) was started at Credit Suisse with an Outperform rating and a $49 price target. No consensus target was available as the company had a recent initial public offering. The last trade for Monday came in at $27.29. The shares were up big in the premarket, tacking on an additional 9%.
Shoals Technologies Group Inc. (NASDAQ: SHLS) was started with a Buy rating at Johnson Rice, which also put a $43 price target on shares of the solar parts and infrastructure company. The consensus target is $42.30. The stock was last seen on Monday trading at $32.34.
Skyworks Solutions Inc. (NASDAQ: SWKS) was named as the Bull of the Day at Zacks, which pointed out that this company’s cutting-edge chip technology is critical for the ushering out of 5G devices. Shares most recently closed at $179.82 and have a consensus price target of $201.52.
So-Young International Inc. (NASDAQ: SY) saw its target price lowered to $14 from $16 at Needham. The consensus target $15.83. Disappointing results knocked the stock back almost 17% on Monday to a $10.01 close.
SunPower Corp. (NASDAQ: SPWR) was downgraded at Goldman Sachs to Neutral from Buy, and the firm lowered the price target on the solar stock to $32. The consensus target is $31.12. The shares were last seen Monday at $34.44, which was 8% higher on the day.
Sunrun Inc. (NASDAQ: RUN) was raised at Goldman Sachs from Neutral to Buy with a $77 price target. The consensus objective is up at $81.18, and the final print for Monday was reported at $57.38, after an almost 4% gain on the day. Shares followed through in Tuesday’s premarket, adding an additional 3%.
Texas Instruments Inc. (NYSE: TXN) was raised to Buy from Neutral at Longbow. The venerable tech giant has traded in a 52-week range of $96.07 to $181.80 and has a consensus price target of $182.15. The last trade for Monday came in at $180.10, which was up almost 3% for the day.
24/7 Wall St.Five top picks from the Goldman Sachs America’s Conviction List look poised for great total return potential and less potential volatility in a very overbought stock market.
Monday’s top analyst upgrades and downgrades included Dollar General, DuPont, Dynatrace, Goldfields, Kansas City Southern, Pinterest, Snap and Sunrun.
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