Stocks were broadly sold off early Monday, following Friday’s sell-off — and for mostly the same reasons. Shanghai was down another 8.5% on top of Friday’s tank, sending Dow Jones Industrial Average futures down over 500 points.
The trend that had been in place for almost four years is that investors bought every dip to find value. The Dow is now down over 10% for the first time in over three years and the S&P 500 is challenging the 10% decline as well. That “buy the dip” trend has not been the case in this sell-off, but some investors will be looking for places to hide and looking for value.
24/7 Wall St. reviews dozens of analyst research reports each morning to find new trading ideas and investing ideas for its readers. Some analyst calls cover stocks to buy, and others cover stocks to sell or avoid. These are this Monday’s top analyst upgrades, downgrades and initiations. Even if stocks have analyst upgrades, it is only smart to assume that the share prices are lower rather than higher — major market pressure will outweigh analyst opinions almost every day where there is a huge change in the market.
Bank of America Corp. (NYSE: BAC) was raised to Outperform from Market Perform at Keefe Bruyette & Woods with a $20 price target. It has a consensus price target of $19.26 and a 52-week trading range of $14.97 to $18.48. The stock closed down 3.7% at $16.10 on Friday, and shares were indicated around $15.20 or so in early Monday trading.
Chevron Corp. (NYSE: CVX) was raised to Neutral from Underperform at Bank of America Merrill Lynch, although the price objective was cut to $1000 from $104 in the call. Chevron closed at $75.76, and the consensus target price is $104.22, with a 52-week range of $75.71 to $129.53.
ConocoPhillips (NYSE: COP) was maintained as Buy at Merrill Lynch, but the price objective was lowered to $74 from $85. The firm is now replacing Occidental Petroleum with ConocoPhillips as its top sector pick.
Comerica Inc. (NYSE: CMA) was raised to Neutral from Underperform at Robert W. Baird, but the firm’s $44 price target was maintained (versus a $43.14 close). The consensus target price is $50.15, and the 52-week range is $40.09 to $53.45.
Nike Inc. (NYSE: NKE) was raised to Outperform from Market Perform at Telsey Advisory Group, and the price target was raised to $122 from $115 (versus a $106.87 close). Nike’s consensus target is $119.33, and the 52-week range is $78.27 to $117.72.
Vital Therapies Inc. (NASDAQ: VTL) was last seen trading down 80% at $3.41 (versus a $17.68 close) after it said that its Phase 3 trial in alcohol-induced liver decompensation had failed. Vital Therapies was downgraded to Underperform from Buy and the price objective was slashed to $5 from $40 at Merrill Lynch. Canaccord Genuity maintained its Buy rating but lowered its price target to $8 from $35. Credit Suisse cut the rating to Neutral with a $9 price target.
Other key analyst upgrades and downgrades from this Monday were seen in the following:
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