Stocks were looking for direction on Thursday, but the market is effectively at the 2016 highs. Investors have clearly reverted back to the trend of buying pullbacks that prevailed from 2011 to 2015.
24/7 Wall St. reviews dozens of analyst research reports each morning with an aim to find new investing and trading ideas for our readers. Some of these analyst reports cover stocks to buy, while other reports cover stocks to sell or to avoid.
These are top analyst upgrades, downgrades and initiations seen Thursday morning:
Abbott Laboratories (NYSE: ABT) beat earnings but saw an unenthusiastic response. Cowen raised its price target to $48 from $44 while reiterating an Outperform rating. Goldman Sachs has a Neutral rating but raised its target to $46 from $44. Stifel raised its target price to $49 from $47. Shares closed at $43.47 and have a 52-week trading range of $36.00 to $51.74.
American Express Co. (NYSE: AXP) managed to beat earnings. It was reiterated as Hold at Jefferies and the price target was raised to $60 from $58 (versus a $65.02 prior close). Merrill Lynch reiterated its Underperform rating and $56 price objective.
Apple Inc. (NASDAQ: AAPL) was maintained as Outperform with a $120 price target at Oppenheimer ahead of next week’s earnings report. The firm did lower earnings estimates and said the supply chain news is negative, but the firm believes the focus will shift to the iPhone 7.
Citrix Systems Inc.
(NASDAQ: CTXS) was last seen up almost 8% at $86.80 after beating earnings expectations, versus a 52-week range of $60.91 to $84.17. Citrix has seen multiple target prices raised: R.W. Baird to $90 from $85, Barclays to $90 from $88, Goldman Sachs to $83 from $73, Jefferies to $80 from $67 and RBC Capital Markets to $90 from $80.
ConocoPhillips (NYSE: COP) was downgraded to Underperform from Hold at Jefferies. The firm said that ConocoPhillips is now trading 27% above the firm’s target price of $37 and has a three-turn premium to the sector’s average P/E by 2018, and it believes that its growth is dependent on a significant oil price recovery.
Kinder Morgan Inc. (NYSE: KMI) was last seen down just over 1% at $18.74 after earnings, as well as suspending its New England natural gas pipeline plans. Merrill Lynch maintained its Neutral rating and $19 price objective. RBC Capital Markets raised its target price to $18 from $17, and Stifel raised its target price to $21 from $19. Credit Suisse maintained its Neutral rating. Kinder Morgan has a 52-week range of $11.20 to $44.71.
Qualcomm Inc. (NASDAQ: QCOM) was indicated down 2% at $51.04 after mixed earnings, versus a 52-week range of $42.24 to $71.32. BMO Capital Markets has a Market Perform rating but raised its target price to $47 from $46. Pacific Crest has an Overweight rating but cut its target to $61 from $63. Goldman Sachs reiterated its Buy rating and raised its price target to $64 from $56.
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