Top Analyst Upgrades and Downgrades: Brocade, Facebook, First Solar, Fitbit, ONEOK Partners, Sunrun and More

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Stocks were indicated higher on Thursday after the Brexit theme has now switched to a softer Brexit path. This is also the first day of serious gains this week. Investors may use a different set of reasoning each time, but they have proven over and over that they will buy each pullback. High valuations and a seven-and-a-half-year bull market just do not matter, and neither does an earnings recession. Investors are also looking for new ideas to generate gains or income ahead.

24/7 Wall St. reviews dozens of analyst research reports each morning of the week to find new investing and trading ideas for our readers. Some of these analyst research reports cover stocks to buy, and other calls cover stocks to sell or avoid.

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

Brocade Communications Systems Inc. (NASDAQ: BRCD) was last seen up 9.6% at $12.32 on Wednesday after its buyout from Broadcom was confirmed. D.A. Davidson cut its rating to Neutral, and RBC Capital Markets cut it to Sector Perform. Brocade has a 52-week trading range of $7.40 to $12.42, and it was routinely a member of our analyst stocks under $10 with massive upside feature.

Facebook Inc. (NASDAQ: FB) closed down 1.7% at $127.26 ahead of earnings and was indicated down 4.7% at $121.15 on Thursday morning. It was reiterated as Outperform with a $170 price target at Credit Suisse. Merrill Lynch reiterated its Buy rating and $150 price objective. The 52-week range is $89.37 to $133.50.

First Solar Inc. (NASDAQ: FSLR) was downgraded to Neutral from Buy and the fair value estimate was cut to $48 from $68 (versus a $40.58 close) at Janney. The firm sees its outlook diminished with pricing trends and other issues. First Solar was downgraded to Perform from Outperform at Oppenheimer. Shares were down 1.1% at $40.58 ahead of earnings and down 6.3% at $38.01 on Thursday morning post-earnings.

Fitbit Inc. (NYSE: FIT) closed down 1.9% at $12.81 ahead of earnings but was down a sharp 29% to $9.05 afterward for a new 52-week low. Citigroup downgraded it to Neutral from Buy, and Merrill Lynch downgraded it to Underperform from Buy with a $9 price objective. Wedbush Securities downgraded Fitbit to Neutral from Outperform due to demand softness and limited long-term visibility, slashing the target to $10 from $18. Morgan Stanley cut its rating to Equal Weight with an $11 target. The prior 52-week range was $11.65 to $38.15, and the old consensus price target was $20.88.

ONEOK Partners L.P. (NYSE: OKS) was downgraded to Hold from Buy with a $40 price target (versus a $39.09 close) at Stifel. The 52-week range is $21.86 to $42.49, and the consensus price target is $41.94.

Sunrun Inc. (NASDAQ: RUN) was started as Outperform at Credit Suisse. Shares closed down 4.7% at $4.63 on Wednesday but were indicated up almost 8% at $5.00 on Thursday. The 52-week range is $4.59 to $7.34.

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Other key analyst upgrades and downgrades were seen as follows: