The futures were mixed on Wednesday as more and more we are starting to see the volume slow down across Wall Street, a sure sign that summer is almost here. The major indexes closed mostly higher Tuesday, with only the Dow Jones industrials showing no gains. The Nasdaq and Russell 2000 were the biggest winners on the day. All eyes on Wall Street are focused on Thursday’s release of the May Consumer Price Index reading. A big number could certainly spook investors and continue the inflation narrative.

Despite the resurfacing concerns across Wall Street for tapering of the quantitative easing program 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 Wednesday, June 9, 2021.

Abercrombie & Fitch Inc. (NYSE: ANF): Jefferies raised shares of the popular clothing retailer to Buy from Hold and hiked the price target to $57. The Wall Street consensus target is $50.11. The stock closed Tuesday at $41.15 per share.

Camtek Ltd. (NASDAQ: CAMT): Barclays started coverage of the stock with an Overweight rating and a $43 price target. The consensus price objective is $41.25. The stock closed Tuesday at $38.93, which was up over 5% on the day.

Carriage Services Inc. (NYSE: CSV): B. Riley Securities initiated coverage with a Buy rating and a $50 price target. The consensus price objective is slightly lower at $49.33, and the final print for Tuesday came in at $38.72.

Celanese Corp. (NYSE: CE): Goldman Sachs downgraded the stock to Neutral from Buy and has a $184 price target. The consensus price objective is $173.76. Tuesday’s last trade hit the tape at $164.99.

Chemours Co. (NYSE: CC): Goldman Sachs upgraded the stock to Buy from Neutral and also raised the price target to $47. That compares with a $35.90 consensus and Tuesday’s closing print of $36.82.

Coinbase Global Inc. (NASDAQ: COIN): Raymond James started coverage of the cryptocurrency trading platform with an Underperform rating. The shares have traded in a wide range of $208 to $429.54 since going public earlier this year in a direct listing offering. The consensus price target is $395.64, and the stock pulled back almost 5% on Tuesday to close at $220.66.

Colgate-Palmolive Co. (NYSE: CL): Credit Suisse upgraded the consumer staples giant to Outperform from Neutral and raised the price target to $95. The consensus target is just $85.49. The stock closed on Tuesday at $82.93.

Credicorp Ltd. (NYSE: BAP): Morgan Stanley downgraded the stock from Overweight to Equal Weight with a $125 price target. The consensus target is $161.49, and the shares ended Tuesday at $134.04.

Dada Nexus Ltd. (NASDAQ: DADA): JPMorgan started coverage with an Overweight rating and a $40 price target. The consensus target is up at $42.82, and the stock closed on Tuesday at $29.33 a share.

Dish Network Corp. (NASDAQ: DISH): JPMorgan downgraded the stock to Underweight from Neutral and has a $45 price target. The consensus target for shares of the satellite programming company is $49.29. The stock closed at $43.58 on Tuesday.

Fisker Inc. (NYSE: FSR): RBC Capital Markets started coverage of the electric vehicle company with an Outperform rating and a $27 price target. The consensus target is $23.22, and the last trade Tuesday came in at $18.07 per share.

Fox Corp. (NASDAQ: FOXA): Wells Fargo raised the broadcasting giant’s stock to Overweight from Equal Weight, and it lifted the price target to $47. The consensus price objective is $41.18. Tuesday’s closing trade was at $36.59 a share.
Goldman Sachs Group Inc. (NYSE: GS): Jefferies started the venerable Wall Street firm with a Buy rating and a $450 price target. The consensus price objective is just $394.06, and Tuesday’s last trade was seen at $384.70.

KLA Corp. (NASDAQ: KLAC): Deutsche Bank upgraded shares of the semiconductor capital equipment giant to Buy from Hold and has a $375 price target. The consensus target is $367.31, and the shares closed on Tuesday at $313.80 apiece.

Nexa Resources S.A. (NYSE: NEXA): Morgan Stanley downgraded the shares to Equal Weight from Overweight and has a $10.20 price target. The consensus price target is higher at $11.76, and the stock ended Tuesday trading at $11.32.

Regional Management Corp. (NYSE: RM): BMO Capital Markets downgraded it to Market Perform from Outperform. The firm’s $43 price target compares with the $43.83 consensus target. The final trade for Tuesday was recorded at $51.44. As it is trading just below a 52-week high after a solid run this year, this looks like a valuation call.

TotalEnergies S.E. (NYSE: TOT): MKM Partners started the French integrated energy giant with a Buy rating and a $70 price target. The lower $56.25 consensus is still above Tuesday’s close at $48.37 a share.

Travelzoo (NASDAQ: TZOO): Zacks selected this as its Bear of the Day stock, saying that the outlook for this online travel website is still dampened by the pandemic. Shares last closed at $15.65, and the consensus price target is $21.00.

Urban Outfitters Inc. (NASDAQ: URBN): Zacks named this as its Bull of the Day. The analyst said that renewed consumer demand is lifting this retailer, and shareholders could reap the rewards. The stock most recently closed at $38.80 and has a consensus price target of $41.60.

Wendy’s Co. (NASDAQ: WEN): Stifel downgraded one of the newest meme stocks from Buy to Hold with a $25 price target. The consensus target is $26.07, but the stock closed Tuesday at $28.87, after exploding by 26% on Tuesday. The shares were up an additional 3% in premarket action.

The good news for aggressive growth investors eyeing the semiconductor industry is the sideways trading since February could be ready to break out to the upside. Buying four solid Jefferies stock picks could very well be a great short-term and long-term strategy for those investors.

Check out Warren Buffett’s favorite stocks.

Tuesday’s early top analyst upgrades and downgrades included Autodesk, Biogen, Delta Air Lines, Facebook, Johnson Controls and Marvell Technology. Analyst calls seen later in the day were on Cabot Oil, Rocket Companies, Target and more.

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