Top Analyst Upgrades and Downgrades: Broadcom, Flex, Genworth, Micron, Salesforce, UBS, Wal-Mart and More

October 5, 2016 by Jon C. Ogg

Stocks were indicated marginally higher on Wednesday morning after recent losses and another down day for the stock market indexes on Tuesday. Investors have proven each and every sell-off is an opportunity to buy, despite all the hurdles of the economy and high valuations. Investors also are looking for new ideas to generate income or gains ahead.

24/7 Wall St. reviews dozens of analyst research reports each morning. The goal is to find new investing and trading ideas for our readers. Some analyst research reports cover stocks to buy, and some reports feature stocks to sell or to avoid.

These are the top analyst upgrades, downgrades and initiations seen on Wednesday morning:

Broadcom Ltd. (NASDAQ: AVGO) was started as Outperform with a $215 price target (versus a $169.05 prior close) at Bernstein. This is after a Barron’s article said it has 20% more upside. Broadcom has a 52-week trading range of $112.38 to $179.42, and it has a consensus analyst price target of $201.55.

Flex Ltd. (NASDAQ: FLEX), formerly Flextronics, was already rated as Buy at Goldman Sachs. Now it was moved on to the prized Conviction Buy list with a $16 price target (versus a $13.62 close), which is after being upgraded to Buy from Neutral at the firm back on September 20. Flex has a 52-week range of $8.85 to $13.81 and a consensus price target of $14.54.

Genworth Financial Inc. (NYSE: GNW) was downgraded to Neutral from Buy at BTIG. The stock has a 52-week range of $1.57 to $5.75 and a consensus price target of $3.95.

Micron Technology Inc. (NASDAQ: MU) was last seen down 2.2% at $17.43 after mixed earnings, in a 52-week range of $9.31 to $19.30 and with a consensus analyst price target of $18.90. Mizuho maintained its Buy rating but lowered its price target to $20 from $22, while Merrill Lynch maintained an Underweight rating with a $9 price objective.

Salesforce.com Inc. (NYSE: CRM) was reiterated as Buy with a $100 price objective (versus a $70.52 close) at Merrill Lynch. The firm sees a Twitter acquisition having a low probability, and it still sees 20% growth without a large deal. Salesforce has a 52-week range of $52.60 to $84.48.

UBS Group A.G. (NYSE: UBS) was raised to Sector Perform from Underperform at RBC Capital Markets. The stock closed up 2.3% at $13.83 on Tuesday and was indicated up at $13.94 on Wednesday. The consensus price target is $13.34, and the 52-week range is $11.93 to $20.70.

Wal-Mart Stores Inc. (NYSE: WMT) was reiterated as Outperform with an $80 price target (versus a $71.75 close) at Credit Suisse. The company is seen as being a more clear risk for staples retail companies again. Its 52-week range is $56.30 to $75.19, and it has a consensus price target of $76.03.

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Other key analyst upgrades and downgrades were seen as follows:

58.com Inc. (NYSE: WUBA) was started with a Buy rating and given a $65 price target (versus a $47.52 close) at Deutsche Bank.

Antero Midstream Partners L.P. (NYSE: AM) was raised to Outperform from Market Perform at Wells Fargo.

Bank of Montreal (NYSE: BMO) was downgraded to Underperform from Neutral at Credit Suisse. Shares closed down 2.4% at $63.90 on Tuesday, in a 52-week range of $47.54 to $67.69. The consensus price target is $66.19.

Catalyst Pharmaceutical Inc. (NASDAQ: CPRX) was raised to Overweight from Neutral and the price target was raised to $4 from $1 (versus a $1.12 close) at Piper Jaffray.

CONE Midstream Partners L.P. (NYSE: CNNX) was raised to Outperform from Market Perform at Wells Fargo.

Easterly Government Properties Inc. (NYSE: DEA) was started with a Buy rating and given a $22 price target (versus an $18.40 close) at Jefferies.

Education Realty Trust Inc. (NYSE: EDR) was raised to Buy from Neutral at Citigroup.

Gigamon Inc. (NYSE: GIMO) was downgraded to Market Perform from Outperform at Raymond James. It was also cut to Neutral from Buy at D.A. Davidson.

Parker-Hannifin Corp. (NYSE: PH) was raised to Buy from Hold with a $141 price target (versus a $123.65 close) at Stifel.

State Street Corp. (NYSE: STT) was raised to Market Perform from Underperform and the price target was raised to $69 from $58 (versus a $71.35 close) at Keefe Bruyette & Woods.

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