24/7 Wall St.

Stocks were looking for direction on Thursday morning, but the VIX is challenging multiyear lows and the market has risen up and away to new highs. Brexit just feels so long ago, and stock valuations being high might not matter in a low-rate climate for longer than ever expected. Investors have proven over and over that they will buy their favorite stocks on pullbacks.

24/7 Wall St. reviews dozens of analyst research reports each morning in an effort to find new investing and trading ideas for its readers. Some of these analyst reports cover stocks to buy, while others feature stocks to sell or avoid.

These are the top analyst upgrades, downgrades and initiations seen on Thursday morning:

American Express Co. (NYSE: AXP) was up 0.5% at $64.48 ahead of earnings and was trading down 1.5% at $63.50 afterward. The 52-week trading range is $50.27 to $81.66. American Express was reiterated as Underperform at Credit Suisse with a $62 price target, and Merrill Lynch maintained its Underperform rating with a $51 price objective.

AT&T Inc. (NYSE: T) was maintained as Buy with a $44 price target at Jefferies, but the firm removed it from the Franchise Picks List. The stock is up 25% so far this year on improving wireless trends, as well as on the DirecTV benefits and on investors hunting for yield. Jefferies believes that AT&T is well positioned among its peers with solid metrics. It closed most recently at $42.77.

eBay Inc. (NASDAQ: EBAY) closed up almost 2% at $26.99 ahead of earnings and was last seen up 6% at $28.56 in the earnings reaction, in a 52-week range of $21.52 to $29.83. eBay was reiterated as Buy at Merrill Lynch, and the price objective was raised to $35 from $30 in the call. Credit Suisse maintained its Neutral rating but raised the price target to $31 from $28.

Intel Corp. (NASDAQ: INTC) was last seen down over 2% at $34.85 despite beating earnings and giving slight upside on guidance. Intel was reiterated as Buy at Jefferies, and the price target was raised to $44 from $42, with the firm seeing gross margin expansion and lower unit costs. Merrill Lynch reiterated its Buy rating and raised its price objective to $42 from $40.

Qualcomm Inc. (NASDAQ: QCOM) was last seen trading up over 8% at $60.60 after beating earnings expectations. The stock was already rated as Buy at Goldman Sachs, but the firm added it to the prized Conviction Buy List with a $70 price target. Cowen reiterated its Outperform rating and raised its price target to $62 from $60. Merrill Lynch reiterated its Buy rating and $65 price objective. Credit Suisse reiterated its Outperform rating and raised its price target to $70 from $67.

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Other top analyst upgrades and downgrades were seen as follows:

ARM Holdings PLC (NASDAQ: ARMH) was raised to Market Perform from Underperform at Bernstein, but this is after Softbank is buying the company.

Cameco Corp. (NYSE: CCJ) was reinstated as Underperform at Merrill Lynch. The U.S. price objective was $10, versus a $10.61 close.

F5 Networks Inc. (NASDAQ: FFIV) was downgraded to Neutral from Outperform with a $125 price target (versus a $121.47 close) at Credit Suisse. Merrill Lynch maintained its Neutral rating and $132 price objective.

Mattel Inc. (NASDAQ: MAT) was reiterated as Buy and its price target was raised to $36 from $35 (versus a $32.83 close) at Jefferies after beating earnings.

New Oriental Education & Technology Group Inc. (NYSE: EDU) was started with a Buy rating and was assigned a $52 price target (versus a $44.57 close) at Brean Capital.

Teradyne Inc. (NYSE: TER) was downgraded to Hold from Buy at Stifel. Shares closed at $21.33, after a 2.5% gain, and they have a 52-week range of $16.06 to $21.84. The consensus price target is $22.69.

Texas Capital Bancshares Inc. (NASDAQ: TCBI) was downgraded to Outperform from Strong Buy and the price target was raised to $54 from $52 (versus a $50.18 close) at Raymond James.

XO Group Inc. (NYSE: XOXO) was downgraded to Neutral from Buy with a $19.50 price target (versus an $18.98 close) at B. Riley.

Wednesday’s top analyst upgrades and downgrades included Johnson & Johnson, Lockheed Martin, MGIC Investment, TransCanada, Verizon and a dozen or so more.

Argus has addressed the awakened bullish sentiment of late. Stronger U.S. economic growth expectations, a delay in Fed tightening, quarterly earnings basing out or improving and stocks actually not looking overvalued should allow the S&P 500 to finish 2016 with at least a 10% gain before dividends.