Stocks traded higher early Wednesday, a show that yet again investors are buyers after every stock market dip. That trend is now almost four years old, although the reason for buying the dip seems to differ each time. 24/7 Wall St. reviews dozens of analyst reports each day to find new trading and investing ideas for its readers. Some of the analyst reports cover stocks to buy, while other calls cover stocks to sell or to avoid.
We have already seen some overlap on analyst calls from the top six earnings stocks on the move. These are this Wednesday’s top analyst upgrades, downgrades and initiations.
Apple Inc. (NASDAQ: AAPL) already has been having key difficulties on a severe stock chart violation, but now we have seen Bank of America Merrill Lynch downgrade Apple to Neutral from Buy, and the firm cut its $142 price objective to $130 in the call (versus a $114.64 close).
Cheniere Energy Inc. (NYSEMKT: LNG) was started as Outperform with a $86 price target (versus a $66.34 close) at Credit Suisse. The firm sees all three Cheniere entities as Outperform now. Cheniere has a consensus price target of $85.55 and a 52-week trading range of $58.10 to $85.00.
First Solar Inc. (NASDAQ: FSLR) managed to blow out earnings expectations and was among the top earnings movers for Wednesday. The solar giant was raised to Outperform from Neutral and the price target was raised to $65 from $62 at Cowen.
Hilton Worldwide Holdings Inc. (NYSE: HLT) was downgraded to Neutral from Buy and the price target was cut to $28 from $31.50 (versus a $26.16 close) at Goldman Sachs. Evercore ISI raised its rating to Buy from Hold and raised its target to $31 from $30 in its call. Hilton has a $33.45 consensus objective and a 52-week range of $20.72 to $31.60.
National Oilwell Varco Inc. (NYSE: NOV) was downgraded to Hold from Buy at Argus, based on the expectations that customers are likely to reduce capital spending during a low-price oil environment that is expected to last 12 to 18 months. The consensus price target is now down to $45.10 (versus a $40.65 closing price) and it has a 52-week range of $40.30 to $86.55.
Walt Disney Co. (NYSE: DIS) was down handily after beating earnings. With soft revenues, Bob Iger was less robust in his longer-term views. Now we have seen BMO Capital Markets lower its rating to Market Perform from Outperform and cut the target to $110 from $125. Jefferies downgraded Disney to Hold from Buy with a price target cut to $112 from $125.
Other key analyst upgrades, downgrades and initiations this Tuesday were seen in the following: