Stocks may have pulled back from the start of the year and may be off their highs, but the theme around the post-election rally continues to give investors hope for better prices ahead. Stocks were higher on Friday morning just hours before Donald Trump’s inauguration. Now the real work and effort will have to be seen, and if one trend seems likely it is that both sides of the political aisle will fight each other in Washington, D.C.
Investors have proven over and over that they want to keep buying any real pullback. The fact that this bull market is now almost eight years old and that valuations remain high has not mattered. There is still a clear path to DJIA 21,422 by late 2017 or early 2018.
24/7 Wall St. reviews dozens of analyst reports each day of the week. The goal is to find new investing and trading ideas for our readers. Some of these analyst research reports cover stocks to buy, while others cover stocks to sell or to avoid. We have included some color where appropriate, and Thomson Reuters was used for consensus analyst price target data.
These are the top analyst upgrades, downgrades and initiations seen on Friday:
Alphabet Inc. (NASDAQ: GOOGL) was started with an Overweight rating and assigned a $1,030 price target (versus an $824.37 close) at Pacific Crest. Alphabet has a consensus analyst price target of $965.81 and a 52-week range of $672.66 to $839.00.
Amazon.com Inc. (NASDAQ: AMZN) was started with a Buy rating and assigned a $953 price target (versus an $809.04 close) at Aegis. Amazon has a 52-week range of $474.00 to $847.21 and a consensus analyst price target of $928.53.
Bristol-Myers Squibb Co. (NYSE: BMY) was downgraded to Market Perform from Outperform at Cowen. Shares have a 52-week range of $49.03 to $77.12 and a consensus analyst price target of $62.34. Bristol-Myers Squibb shares were last seen down about 7.5% at $51.27 on Friday on news that the company will not pursue an accelerated approval for a lung cancer combination treatment.
CSX Corp. (NYSE: CSX) was downgraded to Hold from Buy with a $42 price target (versus a $45.51 prior close) at Deutsche Bank. CSX has a 52-week range of $21.64 to $45.61 and has a consensus analyst price target of $39.08. One of the issues here is valuation because CSX rose 23% the prior day, and the good news from consolidation and activists may have been reflected overnight.
Facebook Inc. (NASDAQ: FB) was started with an Overweight rating assigned a $150 price target (versus a $127.55 close) at Pacific Crest. Facebook’s consensus price target is $153.67 and its 52-week range is $94.23 to $133.50.
PayPal Holdings Inc. (NASDAQ: PYPL) was started with an Outperform rating and assigned a $54 price target (versus a $41.27 close) at Wedbush Securities. PayPal has a 52-week range of $31.35 to $44.52 and a consensus analyst price target of $46.60.
CBS Corp. (NYSE: CBS) was reinstated as Outperform with a $75 price target (versus a $62.63 close) at Credit Suisse. CBS has a 52-week range of $41.36 to $66.88 and a consensus analyst price target of $67.38.
Check Point Software Technologies Ltd. (NASDAQ: CHKP) was raised to Overweight from Neutral with a $115 price target (versus a $96.34 close) at JPMorgan. Check Point has a 52-week range of $73.28 to $97.92 and a consensus analyst price target of $93.90.
International Paper Co. (NYSE: IP) was raised to Buy from Hold and the price target was raised to $65 from $55 (versus a $52.68 closing price) at Jefferies. International Paper has a 52-week range of $32.50 to $54.68 and a consensus analyst price target of $53.00.
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Thursday’s top analyst upgrades and downgrades included Apple, Netflix, Nike, Tesla, Coca-Cola, Comcast, CSX and over a dozen more.