Top Analyst Upgrades and Downgrades: Bed Bath & Beyond, BlackBerry, ConocoPhillips, JPMorgan, Micron, PGE, Wells Fargo and More

Discovery Communications Inc. (NASDAQ: DISCA) was raised to Buy from Neutral at Merrill Lynch, with a new $30 price objective that implies an upside of 38% if the call proves true. The firm thinks it is poised to outperform as greater-than-expected SNI synergies and deleveraging potential come into focus.

General Mills Inc. (NYSE: GIS) was reiterated as Neutral and the price target was raised to $60 from $53 at Credit Suisse, with the firm noting that its stabilization was less costly than had been feared in the United States. Merrill Lynch maintained its Neutral rating and $60 price objective. General Mills shares closed up almost 2% at $58.76 on Wednesday.

JPMorgan Chase & Co. (NYSE: JPM) was raised to Buy from Neutral with a $135 price objective at Buckingham Research.

Micron Technology Inc. (NASDAQ: MU) saw numerous price target hikes on Wednesday after solid earnings and guidance. also Argus has joined in on the target hikes, reiterating its Buy rating and raising its target price to $55 from $45. Micron shares closed up 4% at $45.75 on Wednesday.

New York Community Bancorp Inc. (NYSE: NYCB) was started as Sector Perform and assigned a $13 price target (versus a $13.26 close) at RBC Capital Markets.

PG&E Corp. (NYSE: PCG) was downgraded to Sector Perform from Outperform at RBC Capital Markets.

Regions Financial Corp. (NYSE: RF) was raised to Outperform from Neutral and the price target was raised to $20 from $16 at Wedbush. Regions previously closed at $17.25. The firm sees several levers that should drive above-average earnings growth over the next two years: balance sheet and capital optimization; pulling forward expenses saves earmarked for 2019 into 2018; being well positioned for rising rates; and lower deposit issues than peers.

Regis Corp. (NYSE: RGS) was started with a Sector Weight rating KeyBanc Capital Markets.

Spirit Airlines Inc. (NASDAQ: SAVE) was raised to Buy from Hold at Deutsche Bank. The stock closed up 0.6% at $44.49 on Wednesday and shares were indicated up 3.4% at $45.99 on Thursday morning.

SunTrust Banks Inc. (NYSE: STI) was downgraded to Neutral at Wedbush in a valuation call. The firm actually raised its price target to $71 from $63 to reflect the increase to its higher earnings estimates from a lower tax rate. SunTrust closed previously at $65.45.

Texas Capital Bancshares (NASDAQ: TCBI) was raised to Outperform from Neutral and the price target was raised to $108 from $87 (versus a $91.10 close) at Wedbush. The firm sees it having several drivers for higher earnings: its highly asset sensitive balance sheet; rising rates; lower corporate tax rates; and above-average loan growth.

Valley National Bancorp (NYSE: VLY) was started as Outperform and assigned a $14 price target (versus an $11.43 close) at RBC Capital Markets.

Wells Fargo & Co. (NYSE: WFC) was raised to Buy from Neutral with a $75 price target at Buckingham Research.

Zimmer Biomet Holdings Inc. (NYSE: ZBH) was reiterated as Buy with a $140 price target (versus a $121.18 close) at Argus.

Credit Suisse’s U.S. equity strategy team raised its 2018 targets on the S&P 500 and EPS to 3,000 based on $155 in EPS from a prior level of 2,875 and $139 in EPS.

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Wednesday’s top analyst calls included Alcoa, Extreme Networks, Gilead Sciences, MGIC, Micron, Noble Energy, Twitter, U.S. Steel, Wendy’s and many more.

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