Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) was downgraded to Hold from Buy with a $356 price target (versus a $323.04 close) at Canaccord Genuity.
Six Flags Entertainment Corp. (NYSE: SIX) was reiterated as Outperform with a $76 price target (versus a $66.18 close) at Wedbush. Janney maintained its Buy rating and $77 price target.
Spark Therapeutics Inc. (NASDAQ: ONCE) was down 7.8% at $50.23 on Tuesday after an earnings and progress update. Spark Therapeutics was maintained as Buy but the price target was cut to $64 from $73 at Stifel. Wedbush maintained its Underperform rating and $40 price target.
Tyson Foods Inc. (NYSE: TSN) was started with a Neutral rating and assigned an $82 price target (versus a $76.13 close) at Buckingham Research.
Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) was maintained as Buy but the price target was cut to $74 from $85 (versus a $48.18 close) at Stifel. Wedbush maintained its Outperform rating and $64 price target.
United States Steel Corp. (NYSE: X) was reiterated as Buy and the price target was raised to $52 from $41 at Argus.
Viper Energy Partners L.P. (NASDAQ: VNOM) was downgraded to Neutral from Buy with a $24 price target (versus a $23.34 close) at Citigroup.
Walmart Inc. (NYSE: WMT) shares fell 10.2% to $94.11 on Tuesday after weak e-commerce sales and guidance. The stock was maintained as Outperform but the price target was cut to $110 from $120 at Telsey Advisory. It was maintained as Hold but the target price was cut to $99 from $104 at Stifel. Walmart was maintained as Buy at Merrill Lynch in a flash note after earnings on Tuesday. The 52-week range is $69.33 to $109.98.
Merrill Lynch was one of the first big firms at the end of July to basically issue a technical and tactical sell on the market due to massive inflows and sentiment reaching historic highs. In the RIC Report last week they switched to a “Down but Not Out” call for the bull market. Now the technical team has issued more positive views on the S&P 500 noting an encouraging rally off the 200-day moving average and 2016 uptrend. The next resistance levels are seen as 2,670 and 2,800 or more, and the support ranges are now 2,701 to 2,649 and then 2,593 to 2,580. The firm’s view is that the global equity market breadth remains solid, and they noted that tactical put/call ratios are generally more fearful, oversold and contrarian bullish. Yes, it’s true: technicians do not speak the same language as fundamental investors.
Tuesday’s top analyst calls included those in Chipotle Mexican Grill, Etsy, Home Depot, PagSeguro, Snap, Walmart, Wingstop and many more.
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