Stocks started the week off on a weak note with a handy drop, but a much stronger than expected ADP payrolls report is driving stocks higher on Wednesday. Despite this bull market being almost eight years old, investors still find reasons to buy every sell-off, and they are still looking for new and overlooked opportunities.
24/7 Wall St. reviews dozens of analyst reports each day of the week to find new investing and trading ideas for our readers. Some of these analyst reports cover stocks to buy and others cover stocks to sell or avoid. Most of the following analyst calls include some color, and Thomson Reuters was used for consensus analyst price target data.
The Dow has hit 20,000 and there is a path for Dow 21,422 later in 2017 or in early 2018.
These are the top analyst upgrades, downgrades and initiations seen on Wednesday, February 1, 2017:
Amgen Inc. (NASDAQ: AMGN) was raised to Buy from Neutral with a $192 price objective (versus a $156.68 prior close) at Merrill Lynch. It closed up 1.5% on Tuesday and was up another 0.9% at $158.05 on Wednesday, in a 52-week trading range of $133.64 to $176.85. The consensus analyst price target is $181.78.
Apple Inc. (NASDAQ: AAPL) was down 0.2% at $121.35 ahead of earnings and was indicated up over 4.5% at $127.00 on Wednesday morning after beating earnings. Apple’s target was raised to $142 from $135 at BMO and was raised to $140 from $125 at RBC. Its 52-week range is $89.47 to $122.44 and its consensus price target was $133.54 ahead of the hikes.
Corning Inc. (NYSE: GLW) was downgraded to Market Perform from Outperform with a $26 price target (versus a $26.49 prior close) at Bernstein. Corning has a 52-week range of $17.61 to $26.99 and a consensus price target of $26.38.
Mobileye N.V. (NYSE: MBLY) was downgraded to Equal Weight from Overweight with a $44 price target (versus a prior closing price of $42.96) at Morgan Stanley. Mobileye was indicated down another 3.6% at $41.40 on Wednesday, in a 52-week range of $23.57 to $51.15 and with a consensus target price of $55.70.
Under Armour Inc. (NYSE: UA) closed down 25.7% at $21.49 on Tuesday, and the new multiyear low is now $20.80. Buckingham Research downgraded Under Armour to Underperform from Buy, and FBR Capital Markets downgraded it to Market Perform from Outperform. B. Riley also downgraded it to Neutral from Buy.
Electronic Arts Inc. (NASDAQ: EA) was reiterated as Buy and the price target was raised to $110 from $105 (versus an $83.43 prior close) at Jefferies. The call is after a solid earnings beat and raised guidance, as Battlefield 1 is driving record quarterly revenues and earnings. Wedbush Securities reiterated its Outperform rating and $95 price target.
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Other key analyst calls were seen in the following:
CDW Corp. (NASDAQ: CDW) was rated as Buy at Goldman Sachs, but it was added to the prized Conviction Buy list with a target price of $61 (versus a $51.51 close) at Goldman Sachs. CDW has a $51.44 consensus target price and a 52-week range of $30.40 to $55.47.