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Top Analyst Upgrades and Downgrades: Apple, Celgene, GE, Micron, Nike, ONEOK, Darden, Delphi and Many More
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Stocks were indicated higher on Wednesday going into a lighter trading volume pre-Christmas session. The stock market is still fighting for a positive December and 2015. Still, the one trend that has been seen for four years is that investors have bought every single market pullback. The reason for buying each pullback varies, but the outcome remains the same.
24/7 Wall St. reviews dozens of analyst research reports each morning to find new investing and trading ideas for our readers. Some analyst reports cover stocks to buy. Other reports cover stocks to sell or avoid. These are this Wednesday’s top analyst upgrades, downgrades and initiations.
Apple Inc. (NASDAQ: AAPL) was maintained as Buy at FBR Capital Markets, but the firm lowered its price target to $150 from $175, based on lower estimates ahead. Stifel lowered its price target to $140 from $150 as well. Just on Tuesday, 24/7 Wall St. showed why Apple investors should brace for more downgrades. Apple closed at $107.23, with a consensus analyst price target of $148.61 and a 52-week trading range of $92.00 to $134.53.
Celgene Corp. (NASDAQ: CELG) was last seen up 6% at $118.00 or so after news of Revlimid patent settlements. Cantor Fitzgerald reiterated its Buy rating, and William Blair reiterated its Outperform rating. Celgene has a consensus price target of $142.75 and a 52-week range of $92.98 to $140.72.
General Electric Co. (NYSE: GE) was reiterated as Buy at Argus, but the price target was raised to $36 from $34. GE shares closed up 0.3% at $30.49 on Tuesday, and the consensus analyst price target is $31.77. The 52-week range is $19.37 to $31.23. What really stands out about this call is that this among the highest price targets for GE.
Micron Technology Inc. (NASDAQ: MU) was indicated lower after earnings and forecasting a loss. Some analysts have maintained ratings, but Raymond James downgraded it to Outperform from Strong Buy and slashed its target to $17 from $26. Credit Suisse kept an Outperform rating but lowered its price target from $25 to $20 in its call.
Nike Inc. (NYSE: NKE) was reiterated as Hold with a $132 price target at Canaccord Genuity. Most firms have been more positive on Nike than this. Canaccord Genuity said that an incredible futures growth trumped a revenue shortfall and an earnings beat. Credit Suisse reiterated its Outperform rating and raised its target price to $134 from $126.
ONEOK Inc. (NYSE: OKE) was raised to Outperform from Perform with a $27.00 price target (versus a $23.12 prior close) at Oppenheimer. ONEOK was up 5.8% on Tuesday, it has a consensus price target that is supposed to be all the way up at $35.00 and it has a 52-week range of $18.84 to $51.53.
Other key analyst upgrades, downgrades and initiations on Wednesday were seen in the following:
Adaptimmune Therapeutics PLC (NASDAQ: ADAP) was started as Buy with a $16 price target (versus a $10.06 close) at SunTrust Robinson Humphrey.
ConAgra Foods Inc. (NYSE: CAG) was reiterated as Neutral at Credit Suisse, and the firm raised its estimates and target price to $43 from $42.
Darden Restaurants Inc. (NYSE: DRI) was reiterated as Outperform at Credit Suisse. The firm raised its estimates, as well as its price target to $68 from $64, based on Darden’s better execution and aggressive cost savings.
Delphi Automotive PLC (NYSE: DLPH) was raised to Buy from Neutral with a $102 price target (versus an $84.71 close) at Sterne Agee.
Finish Line (NASDAQ: FINL) was raised to Buy from Hold with a $23 price target (versus an $18.39 close) at Brean Capital. This call is just a day after Merrill Lynch upgraded Finish Line.
Intrawest Resort Holdings Inc. (NYSE: SNOW) was maintained as Outperform at Credit Suisse, but given the warm weather concerns its estimates were lowered and its price target was cut to $13 from $15.
Newfield Exploration Co. (NYSE: NFX) was started as Buy with a $42 price target (versus a $30.63 close) at Cantor Fitzgerald.
New Residential Investment Corp. (NYSE: NRZ) was started as Outperform at JMP Securities.
Oncothyreon Inc. (NASDAQ: ONTY) was started as Buy with a $4 price target (versus a $2.37 close) at Jefferies.
QEP Resources Inc. (NYSE: QEP) was started as Buy with a price target of $20 (versus a $12.48 close) at Cantor Fitzgerald.
Siliconware Precision Industries Co. Ltd. (NASDAQ: SPIL) was raised to Neutral from Sell at Goldman Sachs.
Spark Therapeutics Inc. (NASDAQ: ONCE) was started as Neutral at the boutique firm Chardan Capital.
Sun Life Financial Inc. (NYSE: SLF) was raised to Buy from Hold at Argus, and the firm assigned a $37 price target (versus a $31.06 close). Argus has an upbeat outlook for Sun Life and said that its shares are cheap at eight times expected 2016 EPS (versus 14.2 times for its universe of peers).
In case you missed out on Tuesday’s top analyst upgrades and downgrades, they included Alcoa, Apple, Box, Chipotle Mexican Grill, CyberArk Software, Encana, NetApp, Whiting Petroleum and over a dozen more.
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