The futures were mixed Thursday as investors witnessed a very divergent trading day Wednesday. While the Nasdaq shot higher on the strength of some strong technology earnings, the Dow Jones industrials slumped. Some investors shuddered as the U.S. Centers for Disease Control and Prevention recommended that vaccinated citizens wear a mask when inside crowded areas and that children returning to school should wear a mask. Fears of a mask return and the potential for lockdowns have started to weigh on reopening optimism.
While the Federal Reserve did not raise rates Wednesday, many across Wall Street remain leery of the beginning of the tapering of the quantitative easing program after the clear building of inflationary pressures, despite the fact 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 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 seen on Thursday, July 29, 2021.
Altice USA Inc. (NYSE: ATUS): Raymond James downgraded the shares to Outperform from Strong Buy and lowered the price target to $38 from $40. The consensus target is $42.20. The shares closed trading on Wednesday at $34.11.
Boeing Co. (NYSE: BA | BA Price Prediction): Goldman Sachs reiterated a Buy rating on the aerospace giant, noting that the company delivered near breakeven free cash flow in the quarter despite a still substantially disrupted overall aerospace ecosystem and disrupted Boeing aircraft production cadence. The stock is on the Conviction List of top stocks to buy and has a $304 price target. The consensus target is $267.52. The stock closed Wednesday at $231.57, which was up over 4% on the day.
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Campbell Soup Co. (NYSE: CPB): This consumer staples giant was named as the Zacks Bear of the Day. The analyst points out that inflation and lingering pandemic factors are weighing on this stock. Shares last closed at $44.10, and the consensus price target is $49.48.
ChargePoint Holdings Inc. (NASDAQ: CHPT): D.A. Davidson started coverage with a Buy rating and a $30 price target. The consensus target is $37.50. The stock popped over 7% on Wednesday to close at $24.37.
CyrusOne Inc. (NASDAQ: CONE): Raymond James raised the stock to Outperform from Underperform and has an $82 price target. The consensus target is $80.55. The final trade for Wednesday came in at $74.56.
Dick’s Sporting Goods Inc. (NYSE: DKS): Zacks named this sportswear and outdoor retailer as its Bull of the Day stock. The analyst said that the company continues to prove it can operate in any market environment. Shares most recently closed at $102.73 and have a consensus price target of $113.06.
DTE Energy Co. (NYSE: DTE): Goldman Sachs reiterated a Buy rating on the utility, which is also on the firm’s Conviction List. The firm has a $137 price target, which is well above the $129.56 consensus target. Wednesday’s final trade came in at $117.69.
Extreme Networks Inc. (NASDAQ: EXTR): Needham upgraded the stock to Buy from Hold and has a $13 price target, which is the same as the consensus target. The stock closed at $10.43 on Wednesday.
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FormFactor Inc. (NASDAQ: FORM): D.A. Davidson downgraded the stock from Buy to Neutral with a $50 price target. The consensus target is $52. The shares closed on Wednesday at $36.30.
Hess Corp. (NYSE: HES): Goldman Sachs reiterated its Buy rating on the energy giant. The analysts believe the company is uniquely positioned to benefit from long-term oil growth from its position in Guyana. The firm’s price objective is $102, which compares with a $97.20 consensus target and Wednesday’s closing print of $77.49.
iRobot Corp. (NASDAQ: IRBT): JPMorgan downgraded the stock to Neutral from Overweight and has a $103 price target. The consensus target for the Roomba maker is up at $116.33. The shares closed Wednesday at $88.83 but were down almost 11% in the premarket after a disappointing earnings report.
Latch Inc. (NASDAQ: LTCH): Goldman Sachs started coverage with a Buy rating and an $18 price target. The posted consensus target is $16.33. The last trade for Wednesday was reported at $12.29.
Nabors Industries Ltd. (NYSE: NBR): Evercore ISI raised its Underperform rating to In Line and has a $101 price target. The consensus target is $96.38. Wednesday’s closing share price was $90.04, after more than a 3% gain for the day.
Raytheon Technologies Corp. (NYSE: RTX): Argus upgraded shares of the defense giant to Buy from Hold and has a $100 price target. The consensus target is $98.59, and the stock closed on Wednesday at $87.20.
Robinhood Markets Inc. (NASDAQ: HOOD): Atlantic Equities started the maverick brokerage firm with a Buy rating and a $65 price target. There is no consensus target yet, as the shares begin trading Wednesday, and the IPO was priced at $38 a share.
Spotify Technology S.A. (NYSE: SPOT): Guggenheim’s upgrade to Buy from Neutral included a price target hike to $265 from $245. The consensus target is up at $323.18. The shares were last seen on Wednesday at $223.32, after retreating almost 6% on the day.
Sysco Corp. (NYSE: SYY): UBS started coverage with a Buy rating and an $89 price target. The consensus target is $89.50. The last trade on Wednesday came in at $73.65.
Teradyne Inc. (NYSE: TER): Susquehanna raised its Neutral rating to Positive and hiked the $148 price target to $165. The consensus target is $146.79. The final trade for Wednesday was reported at $122.08.
Tesla Inc. (NASDAQ: TSLA): DZ Bank raised the electric vehicle giant to Buy from Sell and has a $750 price target. The $655.12 consensus price target is much closer to Wednesday’s closing price of $646.98 a share.
Zoom Video Communications Inc. (NYSE: ZM): KeyBanc Capital Markets upgraded the stock to Overweight from Sector Weight and has a $428 price target. The consensus price objective is $415.48. The shares were last seen on Wednesday at $369.49.
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The technology sector continues to provide much of the growth in the U.S. markets and around the world. Five tech companies that Wall Street loves pay big and dependable dividends, and their stocks have solid growth prospects for the rest of 2021 and beyond.
Wednesday’s early top analyst upgrades and downgrades included Advanced Micro Devices, Chewy, Juniper Networks, MGM Resorts, Microsoft, Salesforce.com, Sony, Teladoc and Virgin Galactic. Analyst calls seen later in the day were on Alphabet, Apple, Starbucks, Visa and more.
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