Top Analyst Upgrades and Downgrades: AMD, ConocoPhillips, Etsy, Marathon Oil, Square, Disney, Windstream and More
Acceleron Pharma (NASDAQ: XLRN) was started with a Sell rating and assigned a $20 price target (versus a $30.30 close) at Goldman Sachs.
AvalonBay Communities Inc. (NYSE: AVB) was downgraded to Hold from Buy at Deutsche Bank.
BioDelivery Sciences International Inc. (NASDAQ: BDSI) was raised to Overweight from Neutral at Cantor Fitzgerald.
Cardinal Health Inc. (NYSE: CAH) was started with a Hold rating and assigned a $77 price target (versus a $72.63 close) at Jefferies. The firm’s caution here is that Cardinal’s recent and unexpected guide-down for earnings and growth has put Cardinal’s stock in the investor penalty box.
Clovis Oncology Inc. (NASDAQ: CLVS) was raised to Overweight from Neutral with a $72 price target (versus a $49.56 close) at JPMorgan. The stock closed up 2.1% at $49.56 on Tuesday and was indicated up 3.4% at $51.25 on Wednesday.
Concho Resources Inc. (NYSE: CXO) was started with an Overweight rating and assigned a $172 price target (versus a $133.08 close) at Piper Jaffray.
Digital Realty Trust Inc. (NYSE: DLR) was downgraded to Market Perform from Outperform at Wells Fargo.
McKesson Corp. (NYSE: MCK) was started as Hold with a $153 price target (versus a $144.92 close) at Jefferies. The firm feels that McKesson’s valuation is already fair and that secular headwinds around generic drug price deflation will be hard to avoid.
QVC Group (NASDAQ: QVCA) was reiterated as Outperform and the price target was raised to $26 from $24 (versus a $23.55 close) at FBR Capital Markets.
Red Robin Gourmet Burgers Inc. (NASDAQ: RRGB) was raised to Buy from Neutral with an $80 price objective at Merrill Lynch. Maxim Group has a Buy rating and raised its target price to $80 from $75. The shares were down 2.1% at $58.00 ahead of earnings and were indicated up over 17% at $68.30 on Wednesday morning after earnings.
Stratasys Ltd. (NASDAQ: SSYS) was downgraded to Hold from Buy at Needham, while FBR Capital Markets reiterated its Outperform rating.
TJX Companies Inc. (NYSE: TJX) was raised to Overweight from Equal Weight with an $86 price target (versus a $73.76 close) at Morgan Stanley. RBC lowered its price target to $79 from $82 but maintained an Outperform rating.
Wolverine World Wide Inc. (NYSE: WWW) was raised to Outperform from Neutral at Robert W. Baird.
Mizuho started several home builder stocks with new ratings on Wednesday. Toll Brothers Inc. (NYSE: TOL) and Lennar Corp. (NYSE: LEN) were both started with Buy ratings. KB Home (NYSE: KBH) and DR Horton Inc. (NYSE: DHI) were both started with Neutral ratings.
Jefferies analysts said that they are bullish on the outlook for oil prices, but not as bullish as they were earlier in the year, and they have lowered the oil price forecast between 3% in the second half of 2017 and 22% for 2019. The firm has revised its longer term oil price forecast lower to $70 from $85 per barrel on a quicker and more pronounced recovery in U.S. supply.
In case you missed Tuesday’s top analyst calls, they included AIG, Exact Sciences, MercadoLibre, Whole Foods, Valero Energy, Yum Brands and about man more.