Tuesday’s futures were somewhat mixed, after the S&P 500 and Nasdaq each hit record highs in the previous session. There are some questions about whether the rotation trade may be shifting back to value stocks after growth stocks have made a run recently. However, the biggest question seems to be what will happen in the June unemployment report that comes out on Friday.
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.
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These are the top analyst upgrades, downgrades and initiations for Tuesday, June 29, 2021.
Antero Resources Corp. (NYSE: AR | AR Price Prediction): TD Securities upgraded the stock to a Buy rating from Hold, and the firm raised the price target to $18.50 from $12. Shares last closed near $14, and the consensus price target is $14.63.
Carvana Co. (NYSE: CVNA): Piper Sandler downgraded it to Neutral from Overweight and raised the price target to $306 from $303. The consensus price target is $324.67, and the stock closed at around $305 per share. The 52-week trading range is $118.64 to $323.39.
Coursera Inc. (NYSE: COUR): D.A. Davidson resumed coverage with a Buy rating but cut the price target to $52 from $55. The stock last traded near $42, in a 52-week range of $32.59 to $62.53.
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CSX Corp. (NASDAQ: CSX): Citigroup’s upgrade to Buy from Neutral included a price target raise to $116 from $35. The stock last closed near $95, in a 52-week range of $67.16 to $104.87. Analysts have a consensus price target of $106.17 for the stock.
FedEx Corp. (NYSE: FDX): BofA Securities reiterated a Buy rating with a $372 price target. The stock closed near $294, in a 52-week range of $134.92 to $319.90.
Fortinet Inc. (NASDAQ: FTNT): Monness Crespi & Hardt downgraded the shares to Neutral from Buy. The stock most recently closed at $247 and has a consensus price target of $221.54.
Fox Corp. (NASDAQ: FOXA): The Guggenheim downgrade to Neutral from Buy came with a $41 price target. The shares last closed near $38, and the consensus price target is $41.17.
Herbalife Nutrition Ltd. (NYSE: HLF): B. Riley initiated coverage with a Buy rating and a $70 price target. Shares last closed near $53 and have a consensus price target of $69.25.
Kansas City Southern (NYSE: KSU): Though Citigroup downgraded it to Neutral from Buy, the analyst raised the price target to $305 from $275. Shares closed near $284 apiece, in a 52-week range of $142.03 to $315.39. The consensus price target is $290.13.
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Keurig Dr Pepper Inc. (NASDAQ: KDP): Wells Fargo raised its Equal Weight rating to Overweight and lifted the price target to $42 from $36. The stock was last seen near $35 a share. The consensus target is $38.59. The 52-week trading range is $26.67 to $37.11.
Magenta Therapeutics Inc. (NASDAQ: MGTA): Cantor Fitzgerald initiated coverage with an Overweight rating and a $20 price target. The consensus price target is $19.40. The stock has a 52-week trading range of $6.03 to $14.20 and recently closed near $10 a share.
Marathon Petroleum Corp. (NYSE: MPC): Barclays started coverage at Overweight with and a $71 price target. Shares last closed at $60 or so, and the 52-week range is $26.56 to $64.84.
PetroChina Co. Ltd. (NYSE: PTR): UBS downgraded it to a Neutral rating from Buy. The stock closed near $49, in a 52-week range of $27.68 to $50.89. Analysts have a consensus price target of $59.13.
Planet Fitness Inc. (NYSE: PLNT): Stifel initiated coverage with a Hold rating and an $82 price target. The stock last traded near $75 a share, in a 52-week range of 49.42 to $90.34. The consensus price target is $84.69.
Rackspace Technology Inc. (NASDAQ: RXT): Citigroup resumed coverage with a Buy rating and a $28 price target. Shares closed near $20 apiece, in a 52-week range of $15.25 to $26.43. The consensus price target is $26.50.
Regeneron Pharmaceuticals Inc. (NASDAQ: REGN): H.C. Wainwright initiated coverage with a Buy rating and a $703 price target. The shares last closed near $543, and the consensus price target is $629.73.
Sensei Biotherapeutics Inc. (NASDAQ: SNSE): The Oppenheimer downgrade to Perform from Outperform included a price target cut to $14 from $30. Shares last closed at about $11, and their 52-week range is $9.05 to $26.50.
Smart Sand Inc. (NASDAQ: SND): Evercore ISI upgraded the stock to In Line from Underperform and has a $4 price target. The consensus price target is $3.00. The stock has a 52-week range of $1.04 to $4.16 and recently closed near $3 a share.
Twist Bioscience Corp. (NASDAQ: TWST): William Blair initiated coverage with an Outperform rating. The stock was last traded near $126.34, in a 52-week range of $42.08 to $214.07. The consensus price target is $124.29.
Ultragenyx Pharmaceuticals Inc. (NASDAQ: RARE): BofA upgraded it to Buy rating Neutral with a $162 price target. The stock closed near $96, in a 52-week range of $72.43 to $179.65.
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Monday’s early top analyst upgrades and downgrades included GoDaddy, Groupon, Resmed, Salesforce, Shopify, Squarespace and Yelp. Analyst calls seen later in the day were on Macerich, Toll Brothers, Virgin Galactic and more.
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