Stocks were higher on Thursday due to earnings, despite Greece failing to reach a deal with the European Union. News that Russia and Ukraine have reached a ceasefire is dominating. What investors keep proving is that they will buy stocks on every pullback, a trend that is now more than two years old. 24/7 Wall St. reviews dozens of analyst reports each morning to find new investment and trading ideas for its readers. While some analyst reports cover stocks to buy, others cover stocks to sell or avoid.
These are this Thursday’s top analyst upgrades, downgrades and initiations.
Ally Financial Inc. (NYSE: ALLY) was raised to Outperform from Market Perform and the price target was raised to $29 from $23 (versus a $21.11 close) at Bernstein. The consensus price target was $26.53, and the highest listed analyst price target out there is $32.
Baidu Inc. (NASDAQ: BIDU) shares were indicated down almost 7% around $200 in early trading after earnings. The Chinese online search giant was downgraded to Hold from Buy at Stifel. Oppenheimer maintained its Outperform rating but cut the price target to $230 from $280.
NetApp Inc. (NASDAQ: NTAP) was indicated 6% lower to around $37.50 after its forecast was short of estimates. The storage player was downgraded to Hold from Buy at Brean Capital. Sterne Agee lowered its price target to $36 from $37.
Tesla Motors Inc. (NASDAQ: TSLA) was down 8% at $195 or so in early trading indications after it botched its earnings report. The stock was downgraded to Underweight from Neutral at J.P. Morgan, and the price target was cut to $175 from $180. Credit Suisse maintained its Outperform rating but cut the target price to $290 from $325.
Zulily Inc. (NASDAQ: ZU) was down roughly 25% and trading around $15 in early trading, after missing fourth-quarter earnings. We have seen multiple downgrades: to Hold from Buy at Canaccord, to Neutral from Overweight at Piper Jaffray, to Sector Perform from Outperform at RBC Capital Markets and to Neutral from Outperform at Baird. Most price targets were cut in half or more, generally to under $20.
Other key analyst upgrades and downgrades this Thursday were as follows: