Stocks were looking for a serious comeback on Tuesday after news broke that China’s central bank cut interest rates and lowered reserve requirements. As we have seen repeatedly for almost four years, the reason each time is different, but investors have searched for value and bought the dips. The difference this time was that the Dow and the S&P 500 both corrected more than 10% from their highs.
24/7 Wall St. reviews dozens of analyst research reports each morning to find new trading and investing ideas for its readers. Some of the analyst calls cover stocks to buy, and others cover stocks to sell. These are this Tuesday’s top analyst upgrades, downgrades and initiations.
Apple Inc. (NASDAQ: AAPL) was raised to Outperform from Market Perform at Wells Fargo, and the firm’s valuation range was set up at $125 to $135 (versus a $23.84 close). The firm said that Apple’s correction is overdone, and while its concerns remain, the share price justifies a higher rating.
Bank of America Corp. (NYSE: BAC) was raised to Outperform from Neutral with an $18 price target at R.W. Baird. Sanford Bernstein raised its rating to Outperform from Market Perform with a $19 price target. This is just a day after Keefe Bruyette & Woods raised its rating to Outperform with a $20 target price.
Canadian Solar Inc. (NASDAQ: CSIQ) was started as Outperform at Cowen, which set a $28.50 price target. This is after shares fell 6.4% to $16.28 the prior day, and shares were indicated around $17.80 in early trading. Canadian Solar has a consensus price target of $41.79 and a 52-week range of $14.16 to $41.12.
Garmin Ltd. (NASDAQ: GRMN) was raised to Outperform from Market Perform with a $43 price target (versus a $37.01 close) at Raymond James.
Regions Financial Corp. (NYSE: RF) was raised to Strong Buy from Outperform with an $11.50 price target (versus an $8.98 close) at Raymond James. Regions has a consensus price target of $11.38 and a 52-week range of $8.59 to $10.87.
Euronav N.V. (NYSE: EURN) was started as Outperform at Wells Fargo, with a valuation range set at $15.00 to $17.00. This is after a 6.8% drop to $12.14 on Monday.
Other key analyst upgrades and downgrades from this Tuesday were seen in the following: