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Tuesday's Top Analyst Upgrades and Downgrades: Edison International, Electronic Arts, First Solar, Okta, PACCAR, Yeti and More
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The futures were mixed on Tuesday as the second-quarter earnings reports will start to come in hot and heavy today and over the next three weeks. The market proved to be another rollercoaster ride following Friday’s big rally with the S&P 500 and the Nasdaq both printing yet another new intra-day high, and the Dow Jones industrials posting a gain, while the Russell 2000 and the transports both ended the day in the red. Most across Wall Street are reasonably optimistic that investors will see very positive second-quarter earnings come in across many sectors.
Despite the added concerns across Wall Street about 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 among the reasons 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 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, July 13, 2021.
AGCO Corp. (NASDAQ: AGCO): JPMorgan upgraded the stock to Overweight from Neutral and has set a $162 price target. The posted consensus target is higher at $171.23. The stock closed trading at $131.36 a share on Monday.
Allegiant Travel Co. (NASDAQ: ALGT): Susquehanna started coverage on the stock with a Positive rating and a $245 price target. The consensus price objective is higher at $277.17. The final trade for Monday hit the tape at $193.24.
24/7 Wall St.Bilibili Inc. (NASDAQ: BILI): China Renaissance resumed coverage with a Buy rating but lowered its price target to $175 from $184. The consensus price target is $146.24. The stock was last seen on Monday at $106.98.
Duck Creek Technologies Inc. (NASDAQ: DCT): JPMorgan upgraded the stock to Overweight from Neutral and has set a $62 price target. The consensus target is just $49.82. The shares ended trading on Monday at $40.72.
Edison International (NYSE: EIX): BofA Securities downgraded the utility to Neutral from Buy and has a $59 price target. The consensus price objective is up at $71.50. Monday’s last trade was reported at $58.20.
Electronic Arts Inc. (NASDAQ: EA): BMO Capital Markets raised the shares of the computer gaming giant to Outperform from Market Perform and also lifted the price target to $168 from $150. The consensus target is $163.18. The stock was last seen at $141.39 on Monday.
First Solar Inc. (NASDAQ: FSLR): Citigroup downgraded its Buy rating to Neutral with a $100 price target. That compares with the $86.90 consensus target and Monday’s close at $94.29 a share.
Guidewire Software Inc. (NASDAQ: GWRE): JPMorgan resumed coverage with an Overweight rating and a $145 price target. The posted consensus target is much lower at $114.25. The shares ended trading on Monday at $110.75.
Hanesbrands Inc. (NYSE: HBI): Wells Fargo’s upgrade to Overweight from Equal Weight included a price target hike to $23 from $20. The consensus target is $21.18. The shares closed Monday at $18.12.
24/7 Wall St.Okta Inc. (NASDAQ: OKTA): Goldman Sachs started coverage with a $312 price target and a Buy rating. The consensus price objective is just $277.91. The stock pulled back almost 3% on Monday and closed at $245.55 a share.
PACCAR Inc. (NASDAQ: PCAR): JPMorgan raised the stock to Overweight from Neutral and has a $112 price target. The lower consensus target is $100.56, and Monday’s last trade was at $88.31 per share.
Poshmark Inc. (NASDAQ: POSH): Stifel upgraded the stock to Buy from Hold and has set a $50 price target. The consensus figure is up at $54.25, and Monday’s closing print of $41.96 followed an almost 7% gain on the day.
Radware Ltd. (NASDAQ: RDWR): Needham raised the stock to Buy from Hold, and the firm has a $40 price target. The consensus target is down at $32.70, and the final trade for Monday came in at $31.04.
Roblox Corp. (NASDAQ: RBLX): Benchmark started coverage with a Sell rating and a $75 price target. The consensus target is much higher at $92.50, and the stock ended trading Monday at $86.54.
SmileDirectClub Inc. (NASDAQ: SDC): This was named as the Zacks Bear of the Day stock. The analyst pointed out that it has largely struggled since its September 2019 IPO, and its EPS revisions have trended in the wrong direction. Shares last closed at $7.71, and the consensus price target is $10.95.
Southwestern Energy Co. (NYSE: SWN): Mizuho upgraded it to Buy from Neutral and also lifted the price target to $7 from $6. The consensus target for the natural-gas-focused energy company is $6.08. The stock closed Monday at $5.35.
Squarespace Inc. (NASDAQ: SQSP): Atlantic Equities started coverage with an Overweight rating and a $70 price target. The consensus price objective is $72. Monday’s last trade was reported at $55.21.
Sun Country Airlines Holdings Inc. (NASDAQ: SNCY): Susquehanna started coverage on the regional carrier with a Positive rating and a $42 price target. The consensus target is $45.60. The shares closed Monday at $34.74.
Tencent Music Entertainment Group (NYSE: TME): China Renaissance resumed coverage with a Buy rating and $22 price target. The consensus target is $22.75, and the stock closed Monday at $12.34 down over 4%.
Terex Corp. (NYSE: TEX): JPMorgan upgraded the shares to Overweight from Neutral and have a $61 price target. The consensus target is $57. The shares were last seen Monday at $47.54.
YETI Holdings Inc. (NYSE: YETI): Zacks named this stock as its Bull of the Day. The firm said that it is in the midst of an impressive run, as the high-end cooler company diversifies its portfolio. Shares most recently closed at $93.09 and have a consensus price target of $98.50.
BofA Securities has added a leading insurance company to its US 1 List of high-conviction stock picks. Plus, the three highest-yielding stocks on the list have better payouts than the puny 30-year Treasury bond or the S&P 500 average dividend.
Monday’s early top analyst upgrades and downgrades included Best Buy, Brinker International, Chevron, Exxon Mobil, Ingersoll Rand, Invesco, Philip Morris International and Rocket Companies. Analyst calls seen later in the day were on Comcast, CSX, Snowflake, United Airlines and more.
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