Top Analyst Upgrades and Downgrades: Garmin, IMAX, Micron, Kimberly-Clark, P&G and More
Stocks were looking for direction on Thursday morning ahead of the three-day weekend. The six-year-old bull market may have stalled in the first quarter, but the one trend that has held true for three years now is that investors relentlessly have bought their favorite stocks every time the market sells off. 24/7 Wall St. reviews dozens of analyst research reports daily to find new trading and investment ideas for its readers. Some analyst calls cover stocks to buy, but other reports cover stocks to sell or avoid.
These are this Thursday’s top analyst upgrades and downgrades.
Garmin Ltd. (NASDAQ: GRMN) was downgraded to Neutral from Buy and the price target was cut to $54 from $63 (versus a $47.07 close) at Goldman Sachs. Garmin’s consensus price target remains above $57, but one analyst still has a street-high price target up at $68, as of last look. Also, Garmin hit a 52-week low on Wednesday, so the trend is not a friend right now.
IMAX Corp. (NYSE: IMAX) was started as Outperform with a $39 price target (versus a $33.53 close) at Macquarie. The consensus price target is $37.58, but one analyst has IMAX’s target price all the way up at $43.50.
Micron Technology Inc. (NASDAQ: MU) has been up and down after earnings, and it closed at $27.13. The chip-maker was maintained as Hold but the target was cut to $30 from $33 at Topeka Capital Markets. Credit Suisse maintained its Outperform rating and $50 target, but lowered its earnings estimates. Needham maintained its Strong Buy rating but lowered the target to $50 from $60 in the call.
Kimberly-Clark Co. (NYSE: KMB) was downgraded to Market Perform from Outperform and the price target was cut to $112 from $125 (versus a $106.85 close) at BMO Capital Markets. The consensus price target was $115 on last look, but sadly this means that the $125 target is no longer the street-high target.
Procter & Gamble Co. (NYSE: PG) was downgraded to Market Perform from Outperform and the price target was cut all the way down to $84 from $100 (versus a $82.32 close) at BMO Capital Markets. The consensus target is $92.68, and the street-high analyst price target is still up at $105, versus a 52-week high of $93.89.
TrovaGene Inc. (NASDAQ: TROV) was started as Buy with a $11 fair value estimate (versus a $6.75 close) at Janney Capital Markets, based on the company being poised to transform how doctors detect cancer and monitor treatment. The prior high call from the three analysts who cover TroveGene was $10.