Top Analyst Upgrades and Downgrades: Canadian Solar, Constellation Brands, Eli Lilly, Incyte, McDonald's, Snap and More
Stocks were indicated up about 0.1% in Dow and S&P futures on Monday, with light market participation from some European markets after Easter. The bull market may be more than eight years old, but investors have shown for more than five years now that they will buy all market pullbacks. Investors are also still looking for new trading and investing ideas.
24/7 Wall St. reviews dozens of analyst research reports each day of the week in an effort to find new ideas for our readers. Some analyst reports cover stocks to buy, and some cover stocks to sell or to avoid. Color has been added on many of the following calls, and the consensus analyst price targets referenced are from Thomson Reuters.
These are the top analyst upgrades, downgrades and initiations seen on Monday, April 17, 2017:
Canadian Solar Inc. (NASDAQ: CSIQ) was started with a Buy rating and assigned an $18 price target (versus a $12.72 prior close) at a firm named Axiom Capital. Canadian Solar was indicated up 6% at $13.49 on Monday morning, versus a 52-week trading range of $10.25 to $19.65.
Constellation Brands Inc. (NYSE: STZ) was already rated as Buy at Goldman Sachs but the firm added it to the prized Conviction Buy list with a $200 price target (versus a $168.95 prior close). Constellation Brands has a 52-week range of $144.00 to $175.43 and a consensus analyst target price of $190.29.
Eli Lilly & Co. (NYSE: ELY) was downgraded to Equal Weight from Overweight at Morgan Stanley. Eli Lilly’s arthritis drug was rejected by the FDA over safety concerns in treatment arms will require more data. Shares were indicated down 5% at $80.93, in a 52-week range of $64.18 to $86.72.
Incyte Corp. (NASDAQ: INCY) was maintained as Buy at Jefferies, but the firm cut its target price to $148 from $165 (versus a $140.84 close). They expect downside after a complete response letter requires more Olumiant data, but also see the cancer franchise remaining attractive. Piper Jaffray downgraded Incyte to Neutral from Overweight.
McDonald’s Corp. (NYSE: MCD) was raised to Outperform from Market Perform at Wells Fargo. The stock closed down 0.4% at $130.76 on Friday but was indicated up 0.7% at $131.70 on Monday. McDonald’s has a 52-week range of $110.33 to $131.96 and a consensus target price of $134.35.
Snap Inc. (NYSE: SNAP) was reiterated with a Buy rating and $30 target price (versus a $20.22 close) at Jefferies. The firm updated a survey on 1,000 Facebook and Snapchat users and found that both Instagram and Snapchat are seeing further user growth. Snap’s recent improvements are expected to drive revenue higher over time, and firm thinks there could be upside to Snap’s first-quarter earnings results.
Other key analyst calls were seen in the following:
Ability Inc. (NASDAQ: ABIL) was downgraded to Market Perform from Outperform at FBR Capital Markets.
Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY) was started with an Outperform rating and assigned a $73 price target (versus a $49.85 close) at BMO Capital Markets.
Circor International Inc. (NYSE: CIR) was raised to Buy from Hold with a $68 price target (versus a $56.14 close) at Stifel.
Everbridge Inc. (NASDAQ: EVBG) was started with a Buy rating and assigned a $25 price target (versus a $20.74 close) at Needham.
Himax Technologies Inc. (NASDAQ: HIMX) was started with an Outperform rating and assigned a $12 price target (versus an $8.40 close) at Macquarie.
KKR & Co. L.P. (NYSE: KKR) was downgraded to Neutral from Buy with a $19 price target (versus a $17.27 close) at Citigroup. It has a 52-week range of $11.63 to $18.52 and had a consensus target price of $20.59.
KLA-Tencor Corp. (NASDAQ: KLAC) was downgraded to Negative from Neutral with a $65 price target (versus a $95.33 close) at Susquehanna.
Knight Transportation Inc. (NYSE: KNX) was raised to Outperform from Neutral at Robert W. Baird.
S&P Global Inc. (NYSE: SPGI) was raised to Outperform from Market Perform with a $143 price target (versus a $128.28 close) at Raymond James.
Sociedad Química y Minera de Chile S.A. (NYSE: SQM) was downgraded to Hold from Buy with a $36 price target (versus a $36.99 close) at Deutsche Bank.
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