The futures were positive on Friday, as we complete the first trading week of June. Investors were once again on a wild roller-coaster trading ride Thursday, as the meme stocks were once again front and center. AMC Entertainment Holdings Inc. (NYSE: AMC) was all over the map, at one point trading down to $33.76 and then closing at $51.34. There could be more fireworks in order as the May nonfarm payrolls will be out Friday morning. Analysts are looking for 650,000 jobs to be added, after the ADP May employment report showed an addition of 978,000 new jobs.
Despite the concerns across Wall Street about tapering of the quantitative easing program and the clear building inflationary pressures, the Federal Reserve is vowing to keep interest rates contained, which could one reason for the continued moves higher in the equity markets, even after sell-offs. Also note that money markets continue to see massive inflows, which is another big plus.
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 balance 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.
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These are the top analyst upgrades, downgrades and initiations seen on Friday June 4, 2021.
Alliance Data Systems Corp. (NYSE: ADS): BofA Securities downgraded the stock to Neutral from Buy and has a $130 price target. The consensus price target is $133.43, and the final trade for Thursday came in at $122.82.
Argenix S.E. (NASDAQ: ARGX): Baird resumed coverage with an Outperform rating and raised the price target to $346. The consensus target is slightly higher at $349.10, and the stock closed on Thursday at $266.30.
Bank OZK (NYSE: OZK): Wells Fargo upgraded the stock to Overweight from Equal Weight and also raised the target price to $55. The consensus target is just $46.40. The stock closed Thursday at $42.95.
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BioMarin Pharmaceutical Inc. (NASDAQ: BMRN | BMRN Price Prediction): Baird resumed coverage with an Outperform rating and a $101 price target. That compares with the consensus target of $107.33 and Thursday’s closing trade of $77.36 a share.
BRF S.A. (NYSE: BRFS): The BofA Securities downgrade to Neutral from Buy included a $6.40 price target. The consensus target is $5.33. The stock closed at $5.71 on Thursday.
BRP Inc. (NASDAQ: DOOO): Stifel’s upgrade was to Buy from Hold. The shares have traded in a 52-week range of $34.71 to $96.44, and no consensus price target was available. The shares closed Thursday at $77.87, which was down over 5% on the day.
Commvault Systems Inc. (NASDAQ: CVLT): This software company was named as the Zacks Bear of the Day stock. The analyst wonders why, all of a sudden, having a Zacks strong sell recommendation isn’t such a terrible thing. Or is it? Shares last closed at $75.98, and the consensus price target is $81.57.
Dick’s Sporting Goods Inc. (NYSE: DKS): Stephens upgraded shares of the popular retailer to Equal Weight from Underweight and raised its price target to $95. The posted consensus target is higher at $109.83. The final trade on Thursday was reported at $95.77.
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Extra Space Storage Inc. (NYSE: EXR): UBS started coverage with a Buy rating and a $168 price target. The consensus price target is lower at $154.75. The shares closed Thursday at $153.78 apiece.
FormFactor Inc. (NASDAQ: FORM): D.A. Davidson raised its Neutral rating to Buy. The 52-week trading range is $22.37 to $52.39, and the stock has a $53.43 consensus price objective. Shares pulled back over 4% on Thursday to close at $33.41.
Freeport-McMoRan Inc. (NYSE: FCX): Exane BNP Paribas downgraded the stock to Neutral from Outperform and has a $40.30 price target. That compares with the higher $43.39 consensus target and Thursday’s closing print of $41.87, which was down over 3% for the day.
Grocery Outlet Holding Corp. (NYSE: GO): Jefferies downgraded the shares to Hold from Buy, and the firm lowered the price target to $32. The consensus price objective is $41.14, and the stock closed Thursday at $34.43.
Mid-America Apartment Communities Inc. (NYSE: MAA): The Truist Securities upgrade to Buy from Hold included a price target hike to $178. The $161.62 consensus target is also lower than Thursday’s close at $163.77.
Northrop Grumman Corp. (NYSE: NOC): Stifel upgraded the aerospace and defense giant to Buy from Hold and also raised the target price to $475. The consensus target is just $390.80, and the stock ended Thursday’s trading at $366.51.
PDC Energy Inc. (NASDAQ: PDCE): Zacks named this Denver-based independent exploration and production company as its Bull of the Day stock. The analyst said that the stock provides energy exposure as crude prices move higher. Shares most recently closed at $46.33 and have a consensus price target of $53.31.
Penumbra Inc. (NYSE: PEN): BTIG Research raised the stock to Buy from Neutral and has a $291 price target. The consensus target is $321.50. The shares closed on Thursday at $256.66.
Simon Properties Inc. (NYSE: SPG): UBS started coverage of the commercial real estate giant with a Neutral rating and a $135 price target. The consensus target is $128.44. The stock was last seen at $134.06 on Thursday.
Sun Communities Inc. (NYSE: SUI): UBS initiated coverage with a Buy rating and a $190 price target. The consensus target is $176.88, and the stock ended trading on Thursday at $170.03.
Twist Bioscience Corp. (NASDAQ: TWST): Goldman Sachs started coverage with a Neutral rating and a $110 price target. The consensus price objective is $126.67, and the stock tumbled over 6% on Thursday and closed at $96.12 a share.
United States Steel Corp. (NYSE: X): UBS raised the venerable industrial leader from Sell to Neutral with a $30 price target. The consensus target is $24.20. The stock closed most recently at $25.89.
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Four top companies pay reliable monthly dividends and their stocks have Buy ratings from some top analysts on Wall Street. They look like great ideas for income-oriented investors seeking some upside appreciation as well.
Will AMC Entertainment have to pay the piper?
Thursday’s early top analyst upgrades and downgrades included Allstate, EOG Resources, Exact Sciences, Occidental Petroleum, SolarEdge Technologies, Sunrun, Take-Two Interactive Software and Tilray. Analyst calls seen later in the day were on APA, Bloom Energy, Enphase Energy, NetApp and more.
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