Top Analyst Upgrades and Downgrades: Celgene, Chevron, Exxon, Frontier Communications, JPMorgan, Lam Research, P&G, Square, Workday and More

The stock market may have sold off on Tuesday after Jerome Powell gave his first testimony as Federal Reserve chair to Congress, but much of the move was just a giveback of the prior day’s gains. Stocks were indicated marginally higher on Wednesday morning after fourth-quarter gross domestic product was revised to 2.5% from 2.6%. The bull market is now about a week away from being nine years old. The one trend that keeps proving to be right for investors has been to buy the dips after every sell-off. Investors still have to decide how they want to be positioned for 2018 and beyond.

24/7 Wall St. reviews dozens of analyst research reports each day of the week to find new ideas for investors and traders alike. Some analyst reports and research reports cover stocks to buy. Others 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 and other valuation metrics are from the Thomson Reuters sell-side research service.

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The following are the top analyst upgrades, downgrades and other research calls from Wednesday, February 28, 2018.

Agnico Eagle Mines Ltd. (NYSE: AEM) was raised to Buy from Hold with a $53 price target (versus a $38.60 prior close) at TD Securities.

Allete Inc. (NYSE: ALE) was started with a Buy rating and assigned a $71.50 price target (versus a $68.25 close) at Mizuho.

Archer Daniels Midland Co. (NYSE: ADM) was raised to Buy from Neutral with a $47 price target (versus a $41.64 close) at Buckingham Research.

Celgene Corp. (NASDAQ: CELG) was last seen down 6% at $90.00 after an FDA application was deemed to be insufficient. Credit Suisse maintained its Outperform rating but lowered its target price to $129 from $130. SunTrust Robinson Humphrey downgraded Celgene to Hold from Buy with a new $106 target price. Stifel maintained its Buy rating but trimmed its target to $128 from $130.

Chevron Corp. (NYSE: CVX) was raised to Buy from Neutral at Merrill Lynch, but the $138 price target (versus a $113.61 close) is unchanged. This is ahead of its analysts day.

Enphase Energy Inc. (NASDAQ: ENPH) was up 4% at $2.79 on Tuesday and was up another 11% at $3.10 on Wednesday morning. The 52-week trading range is $0.65 to $3.45.

Exxon Mobil Corp. (NYSE: XOM) was reiterated as Buy with a $102 price target at Merrill Lynch, noting that similar shale growth and an overlooked outlook make it more attractive with more upside than Chevron.

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