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Tuesday's Top Analyst Upgrades and Downgrades: Autodesk, Biogen, Delta Air, Facebook, Marvell Technology, QTS Realty and More
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The futures were mixed on Tuesday after Monday’s up and down day for the major indexes to start the trading week. While both the Dow Jones industrials and S&P 500 closed lower, the Nasdaq and the Russell 2000 posted solid days, which some attributed to the rise once again of the meme stocks. Interest rates across the curve closed higher as sellers returned, taking some of the gains from last week’s solid rally in Treasury and mortgage debt, while the tapering chatter seems to be back on as well.
Despite those concerns across Wall Street about tapering and a clear building of inflationary pressures, the Federal Reserve is vowing to keep interest rates contained. That could be 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 coming 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, June 8, 2021.
ArcBest Corp. (NASDAQ: ARCB): Vertical Research raised its Hold rating to Buy and has an $85 price target. The consensus target is $91.44. The stock closed trading Monday at $63, down almost 10% on the day.
Ares Management Corp. (NASDAQ: ARES): BMO Capital Markets upgraded the shares to Outperform from Market Perform and also raised the price target to $68. The consensus price objective is $64.38. The last trade on Monday came in at $57.62.
Autodesk Inc. (NASDAQ: ADSK): Rosenblatt started coverage of the stock with a Buy rating and a $320 price target. That compares with the $334.06 consensus target and Monday’s closing print of $278.89.
Biogen Inc. (NASDAQ: BIIB) was the big story on Monday as the biotech had its Alzheimer’s drug approved by the FDA. Goldman Sachs upgraded it to Neutral from Sell and raised the price target to $440. Baird raised its Underperform rating to Neutral and lifted the price target to $382. Atlantic Equities upgraded the biotech giant to Neutral from Underweight, and it has a $415 price objective. The consensus target is $321.49. The shares closed Monday at $395.85 after surging almost 39% for the day.
CACI International (NASDAQ: CACI): Goldman Sachs downgraded the stock to Buy from Conviction Buy and has a $316 price target. The consensus target is $300.10. The shares closed Monday at $257.71.
Canada Goose Holdings Inc. (NYSE: GOOS): This winter clothing manufacturer was named as the Zacks Bear of the Day. The analyst said that this type of niche retail business model lacks the reliable, consistent revenue needed for a long-term investment. The stock last closed at $39.57 a share, but the consensus price target is $32.90.
Delta Air Lines Inc. (NYSE: DAL): Jefferies raised the stock to Buy from Hold and also hiked the price target to $60. The consensus target is just $54.65. The stock was last seen on Monday at $46.08.
Ellington Financial Inc. (NYSE: EFC): While UBS downgraded the stock to Neutral from Buy, it also raised the target price to $18.50. The consensus price objective is $18.97. Monday’s closing trade came in at $19.25 a share. As it is trading just below the 52-week high, this looks like a valuation call.
Facebook Inc. (NASDAQ: FB): Zacks named this social media giant as its Bull of the Day stock. The analyst said that the stock is a more attractive investment today than ever before. Shares most recently closed at $336.58 and have a consensus price target of $386.26.
Generac Holdings Inc. (NYSE: GNRC): KeyBanc Capital Market raised the stock from Sector Weight to Overweight with a $400 price target. The consensus price objective is $403.83. The last trade to hit the tape Monday came in at $329.96 a share.
Geo Group Inc. (NYSE: GEO): Wedbush started coverage with a Neutral rating and a $7 price target. The consensus target is up at $15, and the stock retreated almost 4% on Monday to close at $6.09.
Johnson Controls International PLC (NYSE: JCI): JPMorgan raised the stock to Overweight from Neutral and has a $75 price target. The consensus target is $70.93, and the stock closed Monday at $66.20.
Lamb Weston Holdings Inc. (NYSE: LW): Jefferies upgraded the shares to Buy from Hold and also raised the price target to $100. The consensus target is $88, and the final Monday trade was reported at $83.80.
Leidos Holdings Inc. (NASDAQ: LDOS): The Goldman Sachs upgrade to Buy from Hold comes with a $122 price target. The consensus price objective is $117.91, and the stock closed Monday at $104.43.
Marvell Technology Inc. (NASDAQ: MRVL): Summit Insights raised its Hold rating on the semiconductor company to Buy. The stock has traded in a 52-week range of $32.53 to $55.70 and has a $56.54 consensus price target. Monday’s close was at $48.27 a share.
Progress Software Corporation (NASDAQ: PRGS): Guggenheim started coverage with a Buy rating, and its $56 price target is the same as the consensus target. The stock closed on Monday at $46.09 per share.
PTC Inc. (NYSE: PTC): Rosenblatt started coverage with a Buy rating and a $157 price target. The posted consensus target is $156.15. Monday’s closing trade hit the tape at $132.57.
QTS Realty Trust Inc. (NYSE: QTS): Cowen downgraded the stock to Market Perform from Outperform and has a $78 price target. The consensus target is just $75.33. The shares closed trading Monday at $78.15, which was up over 21% after the company announced a takeover offer from Blackstone.
Vera Therapeutics Inc. (NASDAQ: VERA): Jefferies started the stock with a Buy rating, and Cowen initiated coverage with an Outperform rating. The company had a recent initial public offering, and the stock has traded between $11.30 and $26.97 since the deal was priced. No consensus target was posted. Monday’s final trade came in at $13.45.
Wix.com Ltd. (NYSE: WIX): Atlantic Equities started coverage with an Overweight rating and a $300 price target. That compares with the higher $322.94 consensus target and Monday’s closing trade of $264.05.
Four top master limited partnerships offer reasonably safe and reliable distributions of 8% or more, plus are they major players in the energy infrastructure arena.
Monday’s early top analyst upgrades and downgrades included Capital One, Etsy, Fiserv, Progessive, Splunk, Ulta Beauty and Visa. Analyst calls seen later in the day were on AutoZone, Marriott Vacations, Peloton and more.
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