Investors have been reminded that the stock market can sell off after a near 666-point drop in the Dow on Friday, and the gap down was less than 1% after the major futures selling pressure abated some on Monday morning.
This bull market is now almost nine years old, and there has not been a 5% market correction in nearly two years. The trend that has proven itself the right trend over and over for the past five years or so has been for investors to buy the pullbacks. Investors are also still looking at how they should position their portfolios for this year and beyond into rising interest rates, tax reform, accelerated earnings and stronger GDP growth.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. The goal is to find new ideas for investors and traders alike. Some of these analyst reports and research reports cover stocks to buy. Other reports cover stocks to sell or to avoid.
Additional color and commentary has been added on most of the daily analyst reports. The consensus analyst price targets mentioned and other valuation metrics are from the Thomson Reuters sell-side research service.
These were the top analyst upgrades, downgrades and other research calls from Monday, February 5, 2018.
Accenture PLC (NYSE: ACN) was raised to Overweight from Equal Weight and the price target was raised to $180 from $159 (versus a $156.90 prior close) at Morgan Stanley.
Amgen Inc. (NASDAQ: AMGN) was downgraded to Neutral from Overweight at Atlantic Equities. Amgen closed up 0.8% at $187.01 on Friday.
Biogen Inc. (NASDAQ: BIIB) was reiterated as Buy and the price target was raised to $433 from $400 at Mizuho.
Boeing Co. (NYSE: BA) was reiterated as Buy at Jefferies and the price target was raised to $400 from $339. Berenberg reiterated its Buy rating on Boeing and raised its target to $415 from $395. Shares closed down 2.25% at $348.91 on Friday, and they were indicated down 1.2% at $344.75 on Monday morning.
Charter Communications Inc. (NASDAQ: CHTR) was raised to Outperform from Market Perform with a $460 price target (versus a $387.50 close) at Wells Fargo.
Chevron Corp. (NYSE: CVX) was down 5.57% at $118.58 on Friday after poor earnings and many price target cuts were on Monday. Wells Fargo maintained its Outperform rating and cut the target to $125 from $129, and Jefferies maintained its Buy rating but cut its target down to $149 from $152. Goldman Sachs maintained its Buy rating on Chevron but removed it from the Conviction Buy list. The stock was indicated down 1.15% at $117.25 on Monday.
CIT Group Inc. (NYSE: CIT) was raised to Market Perform from Underperform with a $49 price target (versus a $50.62 close) at BMO Capital Markets. CIT was maintained as Neutral at Credit Suisse, but the price target was raised to $54 from $50.
Dick’s Sporting Goods Inc. (NYSE: DKS) was downgraded to Underweight from Equal Weight and the price target was cut to $25 from $33 at Barclays.
Exxon Mobil Corp. (NYSE: XOM) was down 5.1% at $84.53 on Friday after poor earnings, and the stock was indicated down 1.3% at $83.26 on Monday. Credit Suisse maintained its Neutral rating but lowered its target to $80 from $84, noting that it was cutting earnings and production forecasts. Wells Fargo lowered its target to $87 from $88, and Jefferies lowered its target price down to $87 from $90.
FirstCash Inc. (NYSE: FCFS) was reiterated as Outperform with an $83 price target (versus a $73.95 close) at Wedbush Securities. The firm believes that Latin America is going to continue offer the potential of 15% to 20% revenue growth and slightly higher earnings and EBITDA.
Foot Locker Inc. (NYSE: FL) was reiterated as Outperform but was added to the Best Ideas List at Wedbush. The firm’s channel checks point to fourth-quarter numbers tracking at the high end of guidance and that downward pressures should abate in 2018.
GrubHub Inc. (NYSE: GRUB) was downgraded to Market Perform from Outperform at Raymond James. GrubHub closed down 3% at $70.65 on Friday and was indicated down 3.1% more at $68.50 on Monday.
Illumina Inc. (NASDAQ: ILMN) was raised to Buy from Neutral and the price target was raised to $275 from $260 at Citigroup. Shares closed down 4.4% at $220.18 on Friday and were barely negative on Monday’s early indications.
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