Investing

Top Analyst Upgrades and Downgrades: Alcoa, Cemex, Comerica, Facebook, GM, Incyte, Proofpoint, Regeneron and More

General Motors Co. (NYSE: GM) was raised to Overweight from Equal Weight and the price target was raised to $48 from $45 (versus a $37.68 close) at Morgan Stanley. GM shares were up 2.2% at $38.50 in early Monday indications, in a 52-week range of $31.92 to $46.76 and with a prior consensus target price of $47.83.

Imax Corp. (NASDAQ: IMAX) was reiterated as Outperform with a $32 price target (versus a $22.10 close) at Wedbush. The firm saw a better-than-expected first quarter and sees a heavy slate of summer movies.

Incyte Corp. (NASDAQ: INCY) was down 23% at $64.02 on Friday after its cancer drug failed in a trial with Merck’s Keytruda. Credit Suisse maintained its Outperform rating but lowered its price target to $78 from $145, and Oppenheimer maintained its Outperform rating but lowered its price target to $65 from $110.

Menlo Therapeutics Inc. (NASDAQ: MNLO) was downgraded to Hold from Buy and the price target was slashed to $20 from $41 (versus a $35.22 close) at Jefferies. Unfortunately, the shares were last seen down almost 55% at $16.00 after news that its Phase 2 study on atopic dermatitis did not meet its primary or key secondary efficacy endpoints.

NewLink Genetics Corp. (NASDAQ: NLNK) was down almost 43% at $4.20 on Friday after a Merck/Incyte cancer drug failed to meet study endpoints. Baird downgraded NewLink to Neutral from Outperform and SunTrust Robinson Humphrey downgraded it to Hold from Buy.

Plains All American Pipeline L.P. (NYSE: PAA) was raised to Buy from Hold and the target price was raised to $27 from $24 (versus a $22.98 close) at SunTrust Robinson Humphrey. The stock was indicated up 1% at $23.20 on Monday.

Proofpoint Inc. (NASDAQ: PFPT) was reiterated as Outperform with a $130 price target (versus a $117.19 close) at Wedbush. The firm noted that Proofpoint continues to increase its span of products and value and that it expects continued momentum in the coming quarters and years.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) was downgraded to Market Perform from Outperform at Raymond James. Shares closed down 2.7% at $319.61 on Friday and were indicated down 0.2% at $319.00 on Monday.

Spectra Energy Partners L.P. (NYSE: SEP) was downgraded to Sector Perform from Outperform at RBC Capital Markets.

Credit Suisse has issued preliminary views on first-quarter earnings, which are starting to be released this week. The firm estimates that earnings will be the first under tax reform and will show earnings up about 11.5%, excluding tax benefits. With a typical pace of beats, that would come in closer to 15.5% growth, and Credit Suisse sees winners in energy, technology, materials and financials showing the biggest earnings gains.

There are eight Credit Suisse picks screened out from its 86 Top Picks and with implied upside of 50% or more.

Friday’s top analyst calls included Archer Daniels Midland, Boeing, Hess, LogMeIn, NetApp, Sunrun, United Continental, Valeant Pharmaceuticals, XPO Logistics and many more.