Stocks were getting bruised on Wednesday with overseas pressure and oil sending Dow (-250) and S&P (-29) futures down yet again. Investors have to be thinking that 2016 is becoming the year of the sucker’s rally now that the 10% drop has been breached, but they have a history of more than four years of successfully buying every stock market pullback.
24/7 Wall St. reviews dozens of analyst reports each morning of the week to find new investing and trading ideas for its readers. Some analyst reports cover stocks to buy, while others cover stocks to sell or avoid.
We recently ran a downside projection using the most bearish analyst targets on Wall Street, and several fresh price targets lowered that DJIA downside to 14,961 from 15,076 for what may be a potential floor versus the old prior bullish upside target for Dow 19,700.
These are this Wednesday’s top analyst calls.
Advanced Micro Devices Inc. (NASDAQ: AMD) fell after earnings guidance, but Jefferies maintained its Buy rating and $3.50 price target. Canaccord Genuity maintained its Hold rating and a $2.40 price target. AMD closed most recently down 3.9% at $1.95, but shares were indicated down 6% or so at $1.83 early Wednesday.
Amazon.com Inc. (NASDAQ: AMZN) was reiterated as Outperform with an $800 price target (versus a $574.48 prior close) at Credit Suisse. This is actually an update to a pretty recent call talking up Amazon Web Services. Amazon has a consensus analyst target of $746.67 and a 52-week trading range of $287.26 to $696.44.
Celgene Corp. (NASDAQ: CELG) was started as Outperform with a $149.00 price target (versus a $102.99 close) at Credit Suisse. Celgene was called its best in class for near-term and long-term growth.
Bearish DJIA Case in 2016 Drops to 14,961 From 15,076: Chevron, Goldman Sachs, Intel, IBM, JPMorgan, Disney
(NYSE: CMA) was raised to Outperform from Market Perform with a $48.00 price target (versus a $34.72 close) at FBR Capital Markets. Jefferies maintained its Hold rating and $46.00 price target.
Fortinet Inc. (NASDAQ: FTNT) was downgraded to Neutral from Overweight and the price target was slashed to $30.00 from $50.00 (versus a $26.46 close after a 6.4% drop) at Piper Jaffray.
Gilead Sciences Inc. (NASDAQ: GILD) was started as Outperform at Credit Suisse with a $125.00 price target (versus an $89.90 close). The firm stated that Gilead is a real value stock rather than a value trap.
Lennar Corp. (NYSE: LEN) was raised to Positive from Neutral with a price target of $53.00 (versus a $40.98 close) at Susquehanna.
Netflix Inc. (NASDAQ: NFLX) was maintained as Hold at Jefferies, but the price target was raised to $120.00 from $105.00. JPMorgan maintained its Overweight rating and raised its target to $141.00 from $137.00 in its call. Shares rose 3.7% to $107.89 ahead of earnings and were indicated more or less flat on a down day after earnings.
Voya Financial Inc. (NYSE: VOYA) was raised to Buy from Neutral with a $41.00 price objective (versus a $30.17 close) at Bank of America Merrill Lynch. Voya has a consensus target price of $44.97 and a 52-week range of $29.52 to $48.30.
Wayfair Inc. (NYSE: W) was raised to Buy from Hold at Citigroup. Wayfair closed at $38.40, has a consensus analyst target of $56.60 and has a 52-week range of $18.12 to $56.84.
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Other key analyst upgrades and downgrades seen on Tuesday included the following: