Top Analyst Upgrades and Downgrades: Amazon, Best Buy, Cisco, Microsoft, Nike, Target, Weatherford and More

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Stocks were indicated slightly higher on Friday and the week is looking solid with new highs having been challenged in the S&P and Nasdaq. The trend that has been in place for almost four years now is that investors line up and buy stocks on weakness. 24/7 Wall St. reviews dozens of research reports from analysts each day in order to get new trading and investment ideas for its readers. Some analyst reports cover stocks to buy, while others cover stocks to sell or to avoid.

These are this Friday’s top analyst upgrades, downgrades and initiations.

Amazon.com Inc. (NASDAQ: AMZN) was raised to Overweight from Neutral at JPMorgan. The price target was set at $535, up from the close of $389.99 and after a 12% gain to $438.50 or so. Amazon showed that it is still willing to lose money, but the Amazon Web Services is growing faster than expected. Janney Capital Markets also raised its rating to Buy from Neutral with a $488 fair value target. Credit Suisse maintained its Outperform rating and raised its target price to $480 from $412.

Best Buy Co. Inc. (NYSE: JPM) was downgraded to Neutral from Overweight with a price target of $40 from $45 (versus a $36.13 close) at JPMorgan.

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Callaway Golf Co. (NYSE: ELY) was downgraded to Outperform from Strong Buy at Raymond James. This was after earnings, but we would also remind readers that Jefferies just gave Callaway a huge price target that implies almost 60% upside if they are right.

Cisco Systems Inc. (NASDAQ: CSCO) was maintained as Buy at Goldman Sachs, but the networking and communications technology maker was added to the prized Conviction Buy List.

Microsoft Corp. (NASDAQ: MSFT) was raised to Buy from Neutral at Nomura after earnings, and the price target was set at $50 (versus a $43.34 close and $45.50 in early trading). Credit Suisse reiterated its Outperform rating and kept a $55 price target. Bank of America Merrill Lynch said that at $45 it is inclined to take profits — the firm has an Underperform rating with a $39 price objective.

Nike Inc. (NYSE: NKE) was downgraded to Hold from Overweight and the price target was cut to $104 from $107 in the call (versus a $101.11 close) at HSBC.

Target Corp. (NYSE: TGT) was raised to Buy from Neutral and the price objective was raised to $92 from $86 (versus a $81.93 close) at Merrill Lynch. The firm indicated that target should benefit from an improving mid-cycle consumer backdrop and that Target is in the midst of a turnaround under its new CEO.

Weatherford International PLC (NYSE: WFT) was downgraded to Neutral from Buy with a $15 price target (versus a $14.21 close) at Sterne Agee. The firm is concerned about valuation, a lack of free cash flow generation, limited visibility on earnings in the current downturn and a more formidable competitor from the Halliburton and Baker Hughes merger.

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Other key analyst upgrades, downgrades and initiations seen this Friday were as follows: