Top Analyst Upgrades and Downgrades: BP, Chevron, Lululemon, Petrobras, Motorola, Shake Shack, Under Armour and Many More

Lululemon Athletica Inc. (NASDAQ: LULU) was raised to Outperform from Neutral and has a $69.00 price target at R.W. Baird. Lululemon closed down 16% at $53.54 on Thursday, with a consensus analyst target price of almost $67.00 and a 52-week trading range of $37.86 to $70.00.

Motorola Solutions Inc. (NYSE: MSI) was downgraded to Underperform from Market Perform at Wells Fargo. Motorola Solutions closed at $68.75. It has a consensus target lower than the share price of $61.67, and it has a 52-week range of $56.40 to $70.26.

Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, was downgraded to Neutral from Buy at Merrill Lynch. Petrobras ADSs closed down 4.7% at $4.85 in New York on Thursday, within a 52-week trading range of $4.68 to $18.09. Merrill Lynch expects that deterioration in key underlying macro fundamentals ahead could slow its restructuring program, while they prefer the non-voting shares given more positive dividend expectations.

Rio Tinto PLC (NYSE: RIO) was raised to Buy from Neutral at UBS. Rio Tinto’s ADSs closed at $36.38 on Thursday, and it has a 52-week range of $33.25 to $56.82.

Shake Shack Inc. (NYSE: SHAK) was started as Market Perform at Cowen, although it was given a price target down at $42.00, versus a prior $48.56 close. Shake Shack has a $1.75 billion market cap, a $46.50 consensus analyst target price and a 52-week range of $38.64 to $96.75.

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Toll Brothers Inc. (NYSE: TOL) was reinstated as Buy with a $46.00 price objective at Merrill Lynch. The largest luxury homebuilder was said to have high competitive barriers, attractive positions in its demo-markets, and margin upside.

Total S.A. (NYSE: TOT) was raised to the prized Conviction Buy list from a prior Neutral rating at Goldman Sachs. Its ADSs closed at $45.13 on Thursday, against a 52-week range of $40.93 to $65.42.

Under Armour Inc. (NYSE: UA) was started as Neutral with a $100.00 price target (versus a $96.17 close) at B. Riley. Despite the note on valuation here, Under Armour shares are still only about 5% shy of their 52-week and all-time highs.

Goldman Sachs lowered its forecast for oil, cut the rating on many key master limited partnerships (MLPs). It said that the storage nearing capacity and oversupply pose a risk to the point that could even send oil into the $20s.

In case you missed Thursday’s top analyst upgrades and downgrades, they included Apple, Ban of America, BP, First Solar, Fitbit, Seagate Technology, SunEdison, Western Digital and over a dozen more companies. Other key analyst calls were as follows:

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