August 26, 2021, 8:53 a.m.
Last updated: August 26, 2021 9:01 am
The futures were mixed on Thursday morning. With the Jackson Hole Symposium this weekend, it’s uncertain where the markets will go from here. The preparation for this weekend has been pretty strong, with rallies on both Monday and Tuesday, although Wednesday was a bit subdued. As it stands now, the S&P 500 and Nasdaq are once again holding near new all-time highs.
Everywhere on Wall Street this week, the focus is on commentary from Federal Reserve Chairman Jerome Powell, who will videoconference Friday at the annual economic policy symposium in Jackson Hole, Wyoming.
Despite the worries and potential for a “taper tantrum” we saw in 2013, the Federal Reserve promises to keep interest rates low. Recent Fed comments indicated that the $ 120 billion reduction in monthly government and mortgage debt purchases could be in the works by the end of the year, and purchases could be completed by the end of 2022.
With big Wall Street firms still warning of the potential for an impending 5% to 10% correction across the board, which may have occurred since last week, it makes sense for investors to continue building some cash reserves for any market strength while maintaining portfolios for the balance sheet 2021.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with the aim of discovering new ideas for investors and traders alike. Some of these daily analyst calls relate to stocks to be bought. Other calls concern stocks to be sold or avoided. Remember, no single analyst call should ever be used as a basis for buying or selling a stock. The target data of the consensus analysts come from Refinitiv.
These are the top upgrades, downgrades, and analyst initiations that were seen on Thursday, August 26th, 2021.
AFC Gamma Inc. (NASDAQ: AFCG): Jefferies started coverage with a buy rating and a target price of USD 24. The consensus target is $ 26.70. The stock closed at $ 21.11 on Wednesday.
Allakos Inc. (NASDAQ: ALLK): Morgan Stanley started coverage with an equal weight rating and a target price of USD 88. The consensus target is higher at $ 149.22. The last trade on Wednesday was reported at $ 84.52.
Blade Air Mobility Inc. (NASDAQ: BLDE): Credit Suisse started coverage with an outperform rating and a price target of USD 14. The consensus price target is $ 16.00 and the stock closed at $ 7.95 on Wednesday.
CVR Energy Inc. (NYSE: CVI): Citigroup downgraded the stock to neutral and lowered its price target to $ 15. Its shares traded between $ 9.81 and $ 27.02 last year. The last trade on Wednesday was reported at $ 13.62.
Dick’s Sporting Goods Inc. (NYSE: DKS): Raymond James upgraded it from underperform to market performance. The consensus target is $ 115.33. The last trade on Wednesday was reported at USD 129.60.
Fate Therapeutics Inc. (NASDAQ: FATE): Morgan Stanley started reporting with an equal weight rating and a price target of $ 77. That compares with a consensus target of $ 108.24 and Wednesday’s closing price at $ 72.94.
Kimberly-Clark Corp. (NYSE: KMB): Zacks voted this stock bear of the day. The analyst pointed out that after the pandemic catapulted sales, growth is now slowing much faster than the maker of Kleenex expected. The share last closed at $ 135.72 with a consensus price target of $ 139.96.
Mirati Therapeutics Inc. (NASDAQ: MRTX): Morgan Stanley started coverage with an equal weight rating and a price target of USD 160. Its shares traded between $ 130.60 and $ 249.42 last year, closing at $ 155.88 on Wednesday.
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