Stocks were indicated mixed on Thursday after a sharp rally on Wednesday. This is a shortened trading day due to Christmas coming tomorrow, and investors and traders who are around should expect much lighter trading volumes. The stock market is still fighting for a positive 2015. The trend that has prevailed for over four years now is that investors have bought every single market pullback.
24/7 Wall St. reviews dozens of analyst research reports each morning of the week to find new investing and trading ideas for its readers. Some of these analyst reports cover stocks to buy. Others cover stocks to sell or avoid. These are the top analyst calls for Thursday, December 24, 2015.
Bed Bath & Beyond
Credit Suisse maintained a Neutral rating on Bed Bath & Beyond Inc. (NASDAQ: BBBY), but the firm lowered its estimates and cut the price target to $51 from $53. Many analysts lowered ratings or target prices on Wednesday after its warning.
Bed Bath & Beyond closed down 4.6% at $48.97 Wednesday, after its sales and earnings warning, and it put in a new 52-week low of $47.98.
Celgene Corp. (NASDAQ: CELG) was reiterated as Buy with a price target of $155 (versus a $122.07 prior close, after a gain of 9.8%) at Argus. The firm said that Celgene’s patent settlement news should bring unfettered patent protection for the drug Revlimid through 2022 and strengthens its revenue prospects.
Celgene has a consensus analyst price target of $142.75 and a 52-week trading range of $92.98 to $140.72.
Jefferies maintained a Buy rating on DigitalGlobe Inc. (NYSE: DGI), but the firm lowered its price target to $30 from $36 on lower revenue forecasts. Just keep in mind that Digital Globe was last seen at $14.47.
DigitalGlobe reached an agreement with its banks to permit the repurchase of additional shares. It has a 52-week trading range of $12.41 to $35.91.
After its earnings results, Micron Technology Inc. (NASDAQ: MU) was maintained as Buy at Argus, but the firm cut the price target to $22 from $26. Argus thinks that Micron has positioned itself for a better 2016 despite early challenges, and the Buy rating is really meant for risk-tolerant (aggressive) investors who are aware of the risks of investing in a beaten-down stock.
Micron shares closed down over 2% lower at $14.30 on Wednesday. Its 52-week range is $13.50 to $35.74, and the consensus price target is now closer to $18, after the analysts have continually dropped its price targets.
Paychex Inc. (NASDAQ: PAYX) was reiterated as Buy and the price target was raised to $59 from $56 (versus a $53.95 close) at Argus. The firm noted specifically that Paychex should benefit from the implementation of the Affordable Care Act as it launches solutions to help companies be compliant and account properly for the increasingly complex health care mandates.
Paychex has a consensus analyst price target of $49.75 and a 52-week trading range of $41.59 to $54.78.
Other Key Analyst Calls
Other key analyst calls were seen in the following companies on Thursday morning: