The futures were trading mostly higher Wednesday after investors watched a solid start to the second-quarter earnings season on Tuesday. Both Goldman Sachs and Pepsi blew away expectations, reporting results that were way above analyst estimates. Tuesday’s reversal on all the major indexes, after the S&P 500 and the Nasdaq once again posted intraday all-time highs, shows the concerns for many investors over troubling inflation data that continues to come in.

Tuesday, the labor department reported that consumer prices increased 5.4% in June from a year earlier, the biggest monthly gain since August 2008. Excluding food and energy, inflation increased 4.5%, the largest move since September 1991. Interestingly, but not surprising if you are shopping for a vehicle, used car and truck prices comprised about one-third of the total CPI increase.

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 Wednesday, July 14, 2021.

Adapt Health Corp. (NASDAQ: AHCO): Baird upgraded the shares to Outperform from Neutral and also raised the price target to $36 from $30. The consensus target is higher at $42.22. The shares closed Tuesday at $26.27.

Array Technologies Inc. (NASDAQ: ARRY): Credit Suisse resumed coverage of the solar tracking company with an Outperform rating and a $31 price target. The consensus target is $27.70. The stock closed Tuesday at $15.56.

Bloom Energy Corp. (NYSE: BE): Credit Suisse resumed coverage with an Outperform rating and a $35 price target. The consensus target is $32.40, and Tuesday’s final print of $22.05 was down almost 4% for the day.

Cal-Maine Foods Inc. (NASDAQ: CALM): This fresh egg producer was named as the Zacks Bear of the Day stock. The analyst said that estimates have dropped and investors are maybe looking for a different breakfast staple. Shares last closed at $35.13, and the consensus price target is $41.67.

Canada Goose Holdings Inc. (NASDAQ: GOOS): Goldman Sachs started coverage with a Neutral rating and a $46 price target. The consensus target is $32.90. The stock ended Tuesday’s trading at $41.72.

Carnival Corp. & PLC (NYSE: CUK): Berenberg raised its Sell rating on the popular cruise line to Hold. The shares have traded between $10.38 and $27.31 over the past 52 weeks, and no consensus target was available. The stock closed on Tuesday $20.63, after pulling back almost 4% on the day.

Casper Sleep Inc. (NASDAQ: CSPR): Goldman Sachs started coverage with a Sell rating and a $7 price target. The consensus target is $11.11. The shares retreated almost 3% on Tuesday to close at $7.66.

Conagra Brands Inc. (NYSE: CAG): BofA Securities downgraded the food giant to Neutral from Buy and lowered the price target to $36 from $44. Stifel’s downgrade to Hold from Buy included the price target trimmed to $35 from $39. The consensus target is $39.19. The stock closed on Tuesday at $33.98, which was down over 5% after the company posted solid results but offered very disappointing forward guidance.

Duke Energy Corp. (NYSE: DUK): Credit Suisse resumed coverage on the utility giant with a Neutral rating and a $105 price target. The consensus target is in line at $105.72. Tuesday’s closing trade was reported at $101.53 a share.

Estee Lauder Companies Inc. (NYSE: EL): Raymond James raised the venerable perfume and fragrance company to Strong Buy from Market Perform and has a $355 price target. The posted consensus target is $336.81. The shares were last seen Tuesday at $320.63.

Gap Inc. (NYSE: GPS): Goldman Sachs started coverage on the popular clothing retailer with a Neutral rating and a $35 price target. The consensus target is $36.80. The stock closed on Tuesday at $31.49 per share.

HollyFrontier Corp. (NYSE: HFC): Wolfe Research downgraded the refiner to Underperform from Peer Perform and has a $31 price target. That is less than the $39.18 consensus target and near Tuesday’s final trade of $31.20 a share.
Icon PLC. (NASDAQ: ICLR): Citigroup started coverage with a Neutral rating and a $220 price target. That compares with a higher $251.42 consensus target and Tuesday’s close at $210.01.

Juniper Networks Inc. (NASDAQ: JNPR): When Wolfe Research upgraded the shares to Outperform from Peer Perform it also raised the price target to $34 from $26. The $26.06 consensus price target is less than Tuesday’s close at $27.45. Shares were up over 2% in premarket action.

Levi Strauss & Co. (NYSE: LEVI): Goldman Sachs started coverage on the venerable jeans and clothing maker with a Buy rating and a $36 price target. The consensus target is $34.88. The shares were last seen trading at $28.70 on Tuesday.

Lululemon Athletica Inc. (NASDAQ: LULU): Goldman Sachs started the yoga clothing and accessories giant with a Buy rating and a $447 price target. The consensus target for the popular company is $390.20. Tuesday’s final trade hit the tape at $370.77.

Melco Resorts & Entertainment Ltd. (NASDAQ: MLCO): CLSA’s upgrade to Buy from Outperform comes with a $19.96 price target. The consensus target is $21.38. The last trade to hit the tape Tuesday was reported at $15.89.

Nokia Corp. (NYSE: NOK): JPMorgan upgraded the former cellphone giant to Overweight from Neutral. The firm also raised the target price on the shares to $7.80 from $4.30. The stock recently has been embraced by the meme stock traders, and it has a $6.03 consensus target. It ended trading Tuesday at $5.88, up almost 10% on the day.

Tesla Inc. (NYSE: TSLA): Zacks named this stock as its Bull of the Day. The analyst points out that this is so much more than just a car company. Shares most recently closed at $668.54 but have a consensus price target of just $655.12.

The good news for investors in the telecom infrastructure arena is that the demand and growth should continue for years. The top Goldman Sachs tower and data center picks look attractive for long-term growth investors seeking dependable ideas.

Note that short sellers have been exiting meme stocks and electric vehicle stocks but are piling on one FAANG stock. Also, see which stocks Jim Cramer believes will stand up to inflation.

Tuesday’s early top analyst upgrades and downgrades included Edison International, Electronic Arts, First Solar, Okta, PACCAR, Southwestern Energy and Yeti. Analyst calls seen later in the day were on Airbnb, Boeing, Cloudflare, United Airlines and more.

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