Top Analyst Upgrades and Downgrades: Altria, Amex, Apple, Chipotle, IBM, Netflix, Nike, Sirius XM, Switch and More

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Cummins Inc. (NYSE: CMI) was raised to Buy from Neutral with a $215 price target (versus a $183.72 close) at Merrill Lynch.

International Business Machines Corp. (NYSE: IBM) was last seen down 3.3% at $153.50 after beating revenue expectations and despite breaking a more than five year streak of negative year-on-year revenue trends. Wedbush maintained its Neutral rating and $18 price target, calling the report a low-quality beat where its legacy IT service exposure is negative impacting its margins.

Kraft Heinz Co. (NASDAQ: KHC) was started as Buy with a $95 price target (versus a $79.27 close) at Jefferies. Kraft Heinz has a 52-week range of $75.21 to $97.77 and a consensus target price of $90.29. Its shares were indicated up 0.4% at $79.60 on Friday after the call.

La Quinta Holdings Inc. (NYSE: LQ) was raised to Neutral from Sell with a $19 price target (versus a $20.18 close) at Goldman Sachs.

Monster Beverage Corp. (NASDAQ: MNST) was reiterated as Outperform and was maintained as a Top Pick at Credit Suisse, following the company’s Investor Day presentations.

Netflix Inc. (NASDAQ: NFLX) was maintained as Underperform with a $93 price target (versus a $220.33 close) at Wedbush Securities. The firm maintains that the company’s content library has grown at a steep pace, with a clear disconnect between consumption and amortization. Wedbush also noted that Amazon, Apple, Facebook and others should drive up costs as they bid against Netflix and other media companies.

Nike Inc. (NYSE: NKE) was raised to Outperform from Neutral with a $74 price target (versus a $64.11 close) at Wedbush. The upgrade is based on confidence for an inflection in margins and a return to growth in North America in 2019, with guidance suggesting the building blocks should become more evident during the fourth quarter ending in May.

Philip Morris International Inc. (NYSE: PM) was raised to Buy from Hold with a $124 price target (versus a $105.07 close) at Jefferies.

PLx Pharma Inc. (NASDAQ: PLXP) was started as Buy with a $14 fair value estimate (versus a $6.10 close) at Janney. The firm noted that the company is creating a branded OTC health care franchise with a better aspirin for use as an antiplatelet agent.

Sirius XM Holdings Inc. (NASDAQ: SIRI) was raised to Buy from Hold with a $6.50 price target (versus a $5.47 close) at Deutsche Bank, and the underlying Liberty Media Sirius XM (NASDAQ: LSXMA) was also raised to Buy from Hold at the same time. Sirius XM was indicated up 2.2% at $5.59 on Friday morning, in a 52-week range of $4.57 to $5.89.

Sunoco L.P. (NYSE: SUN) was started as Neutral with a $33 fair value estimate (versus a $31.43 close) at Janney.

Switch Inc. (NYSE: SWCH) was started as Underperform with a $15 price target (versus a $17.02 close) at Cowen. Switch closed down 1.45% on Thursday and down 1.65% at $16.74 on Friday. The colocation and hosting company has a 52-week range of $15.77 to $24.90 and a consensus target price of $20.75.

Thursday’s top analyst calls were in CarMax, Caterpillar, Chipotle Mexican Grill, Comcast, First Solar, Juno Therapeutics, UnitedHealth, Walmart and about two dozen more companies.

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