The futures were mixed on Tuesday morning after investors saw a massive rally Monday, sparked by the out-of-the-park jobs number that came in last Friday when the market was closed for the holiday. Both the Dow Jones industrials and the S&P 500 closed at record highs, while the Nasdaq, Russell 2000 and the Transports also posted solid gains on the day.

While top strategists on Wall Street continue pointing to “bubble” metrics, like the massive “meme” retail stock and option trading by the WallStreetBets and Robinhood crowds, some say that volume is starting to wane. Most investors now will be turning their attention to first-quarter earnings results, which start in earnest next week.

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, April 6, 2021.

Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) was downgraded to Neutral from Buy at Goldman Sachs, which lowered the price target sharply from $73 to $25. Jefferies downgraded the shares to Hold from Buy and lowered its price target to $21 from $40. The shares closed Monday at $21.18, down almost 18% after the FDA rejected the company’s new drug application for Nuplazid.

Airbnb Inc. (NASDAQ: ABNB) was started with an Outperform rating and a $245 price target at Evercore ISI. That compares with a much lower consensus target of $185.88 and Monday’s last trade of $186.69.

Allegion PLC (NYSE: ALLE) was upgraded to Overweight from Underweight at Barclays, which also raised the price target on the company to $150 from $107. That compares with a much lower Wall Street consensus target of $119.90 and Monday’s last trade of $130.03.

AllianceBernstein Holding L.P. (NYSE: AB) was downgraded to Market Perform from Outperform at Keefe Bruyette, which kept a $42 price target on the money manager. The consensus target is $39.71, and the stock closed Monday at $41.38.

Chesapeake Energy Corp. (NYSE: CHK) was started with an Outperform rating and a $58 price target at RBC Capital Markets. No consensus target was available, and the shares closed Monday at $44.66.

Chevron Inc. (NYSE: CVX) was downgraded to Neutral from Buy at Goldman Sachs, which lowered the price target on the integrated supermajor to $113 from $117. The posted consensus target is $118.82, and the shares ended Monday’s session at $104.51.

Coupang Inc. (NASDAQ: CPNG) was started at Credit Suisse with a Neutral rating and a $47 price target. JPMorgan also started it at Neutral but with a $48 price target. No consensus target was available as the company recently had an initial public offering. The last trade for Monday came in at $45.94, which was down almost 3% on the day.

Freeport-McMoRan Inc. (NYSE: FCX) was raised to Outperform from Market at Raymond James, which has a $41 price target for the mining giant. The consensus target is $36.98. The shares closed Monday at $35.36, up almost 5% for the day.

Kulicke & Soffa Industries Inc. (NASDAQ: KLIC) was named as the Bull of the Day at Zacks, which said that this small-arms dealer for chips breaks out to new highs as investors finally notice the value and growth. Shares most recently closed at $55.59 and have a consensus price target of $59.50.

Par Pacific Holdings Inc. (NYSE: PARR) was upgraded to Buy from Neutral at Goldman Sachs, which raised the price target slightly to $20 from $19. The consensus target is $18, and the stock closed trading on Monday at $14.80, after retreating almost 4% for the day.

Peloton Interactive Inc. (NASDAQ: PTON) was downgraded to In Line from Outperform at Evercore ISI, which drastically lowered the price target to $125 from $160. The consensus target is $161.35, and the last trade for Monday was reported at $109.09.
Pioneer Natural Resources Co. (NYSE: PXD) was downgraded to Neutral from Overweight at JPMorgan, which maintained a $177 price target on the Permian Basin energy leader. The consensus target is up at $190.47, and Monday’s closing price of $152.18 came after a pullback of almost 7% after the company announced yet another large shale deal.

Snap Inc. (NYSE: SNAP) was raised to Overweight from Neutral at Atlantic Equities, which has a $75 target for the popular social media stock. The consensus target is $74.03, but the stock closed Monday at $54.11.

Trade Desk Inc. (NYSE: TTD) was started with an Outperform rating and a $770 price target at Evercore ISI. The consensus target for the digital media leader is up at $848.06. The last trade on Monday came in at $653.18.

Vishay Intertechnology Inc. (NYSE: VSH) was raised to Buy from Hold at Loop Capital, which has a $30 price target. The consensus price objective is $23.40, and the stock closed Monday at $25.51.

Wynn Resorts Ltd. (NASDAQ: WYNN) was raised at Argus from Hold to Buy with a $160 price target. The consensus target is $119.92, and the final trade on Monday was at $131.07.

Yandex N.V. (NASDAQ: YNDX) was started with a Buy rating and an $81 price target at New Street. The consensus price objective is $75.26, and the shares closed Monday at $64.74.

Yelp Inc. (NYSE: YELP) was downgraded to In Line from Outperform at Evercore ISI, which has a $41 price target. The consensus target is $38.27. The last trade to hit the tape Monday was reported at $42.04. As it is trading near the 52-week high, this could be a valuation call.

Zillow Group Inc. (NASDAQ: ZG) was started with an Outperform rating and a $179 price target at Evercore ISI. The consensus target for the online digital real estate giant is higher at $205.36. The final trade for Monday was reported at $137.21.

The stock market is extremely pricey, and a BofA Securities strategist has made the case that conservative growth and income investors now need to focus on secure dividend stocks.

See which two new stocks Goldman Sachs suggests investors buy pronto.

Monday’s early top analyst upgrades and downgrades included AMC Entertainment, Caesars Entertainment, Ford, Harley-Davidson, JetBlue Airways, Microsoft, Palo Alto Networks, Spotify and Tesla. Analyst calls seen later in the day were on Charles Schwab, Chesapeake Energy, Citigroup 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.