Thursday's Top Analyst Upgrades and Downgrades: Analog Devices, Activision Blizzard, BP, Clorox, EA, MGM PayPal, Square, and More

Investing

Published: June 24, 2021 9:03 am

Last Updated: June 24, 2021 9:09 am

Thursday’s futures were fairly positive. This comes after new weekly jobless claims numbers came out suggesting that the recovery was taking place but was choppy at best. Initial jobless claims for the week ending June 19 came in at 411,000 compared with the estimate of 380,000, and the previous week’s number was revised to 418,000. Note that these numbers are still above the pandemic-era low of around 375,000.

Wall Street is concerned about tapering of the quantitative easing program, but despite 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. Another big plus is the continued massive inflows into money markets.

With major Wall Street firms still warning of the potential for an 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 for Thursday, June 24, 2021.

Analog Devices Inc. (NASDAQ: ADI): Needham initiated coverage with a Buy rating and a $195 price target. Shares closed Wednesday near $164 apiece, in a 52-week range of $110.47 to $168.93. The consensus price target is $183.35.

Affirm Holdings, Inc. (NASDAQ: AFRM): DA Davidson started with a Buy rating and an $80 price target. The stock was last traded near $65, in a 52-week range of $46.50 to $146.90. The consensus price target is $76.46.

Activision Blizzard Inc. (NASDAQ: ATVI): MoffettNathanson initiated coverage with a Buy rating and a $124 price target. The stock closed near $91, in a 52-week range of $71.19 to $104.53. Analysts have a consensus price target of $116.41 for the stock.

Bed Bath & Beyond Inc. (NASDAQ: BBBY): BofA Securities resumed coverage with a Buy rating and a $38 price target. The consensus price target is $26.23, and the stock closed Wednesday at around $29 per share. The 52-week trading range is $7.39 to $53.90.

BP PLC (NYSE: BP): HSBC Securities downgraded to a Hold rating from Buy. The stock closed near $27, in a 52-week range of $14.74 to $28.49.

The Clorox Co. (NYSE: CLX): UBS initiated coverage with a Sell rating and a $166 price target. The shares last closed near $173, and the consensus price target is $191.58.

Credit Suisse Group AG (NYSE: CS): Berenberg upgraded to a Buy rating from Hold. The stock most recently closed at $10 and has a consensus price target of $10.05.

Denbury Inc. (NYSE: DEN): Stifel initiated coverage with a Buy rating and a $93 price target. Shares last closed near $77 and have a consensus price target of $80.20.

Dollar Tree, Inc. (NASDAQ: DLTR): Piper Sandler downgraded to a Neutral rating from Overweight and cut the price target to $102 from $117. The stock was last trading near $101. The consensus target is $118.42. The 52-week trading range is $84.41 to $120.37.

Electronic Arts Inc. (NASDAQ: EA): MoffettNathanson initiated coverage with a Neutral rating and a $151 price target. Shares last closed at $139, and the consensus price target is $162.97.

The Estee Lauder Companies PLC (NYSE: EL): UBS initiated coverage with a Neutral rating and a $323 price target. The consensus price target is $335.75. The stock has a 52-week range of $183.22 to $318.34 and recently closed near $302 a share.

GlaxoSmithKline PLC (NYSE: GSK): Deutsche Bank upgraded to a Hold rating from Sell. Shares last closed at $39.85, and the consensus price target is $49.17.

Kimberly-Clark Corp. (NYSE: KMB): UBS initiated coverage with a Neutral rating and a $135 price target. The stock was last traded near $130, in a 52-week range of $128.02 to $160.16. The consensus price target is $142.16.

MGM Resorts International (NYSE: MGM): Deutsche Bank upgraded to a Buy rating from Hold and raised the price target to $54 from $42. The stock closed near $43, in a 52-week range of $14.65 to $44.40. Analysts have a consensus price target of $44.28 for the stock.

Newell Brands Inc. (NASDAQ: NWL): UBS initiated coverage with a Buy rating and a $33 price target. The stock closed near $26, in a 52-week range of $14.81 to $30.10.

Okta, Inc. (NASDAQ: OKTA) Daiwa Securities started with a Buy rating and a $282 price target. The shares last closed near $242, and the consensus price target is $276.19.

The Procter & Gamble Co. (NYSE: PG): UBS started with a Neutral rating and a $138 price target. The stock most recently closed at $132.93 and has a 52-week range of $115.04 to $146.92.

PLBY Group, Inc. (NASDAQ: PLBY): Stifel initiated coverage with a Buy rating and a $52 price target. Shares last closed near $37 and have a consensus price target of $47.25.

PayPal Holdings, Inc. (NASDAQ: PYPL): DA Davidson started with a Buy rating and a $325 price target. The stock was last trading near $288. The consensus target is $312.17. The 52-week trading range is $164.33 to $309.14.

The Scotts Miracle-Gro Co. (NYSE: SMG): UBS started with a Buy rating and a $225 price target. Shares last closed at $191.68, and the consensus price target is $277.50.

Square Inc. (NYSE: SQ): DA Davidson initiated coverage with a Buy rating and a $275 price target. The stock has a 52-week range of $101.22 to $283.19 and recently closed near $239 a share.

SeaGate Technology Holdings PLC (NASDAQ: STX): Northland Capital upgraded to an Outperform rating from Market Perform with a $98 price target. The stock most recently closed at $85 and has a consensus price target of $89.35.

YETI Holdings, Inc. (NYSE: YETI): UBS initiatied coverage with a Neutral rating and a $95 price target. Shares last closed at $89, and the consensus price target is $98.73.

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