Stocks were looking for direction on Wednesday after the second-quarter gross domestic product estimate was raised to 4.2% from the first look of 4.1%. The markets have been hitting all-time highs, and it has been more than just a strong earnings season. Still, most investors have seen lower rewards for buying the dips in 2018 than in prior years. Investors also are trying to decide how they want their investments positioned for the rest of 2018.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. The goal is to find new investing and trading ideas for our readers. Some of the daily analyst reports cover stocks to buy, and some reports cover stocks to sell or to avoid.
Additional commentary has been added on most of the daily analyst reports, along with trading history. The consensus analyst price targets and other valuation metrics are from the Thomson Reuters sell-side research service.
These are the top analyst upgrades, downgrades and initiations seen on Wednesday, August 29, 2018.
Advanced Micro Devices Inc. (NASDAQ: AMD) was maintained as Neutral but the price target was raised to $20 from $13.50 at MKM Partners. The stock closed down 0.8% at $25.05 on Tuesday, and it was indicated down 1.5% at 24.66 on Wednesday. AMD has a 52-week trading range of $9.04 to $27.30 and a consensus price target of $18.41.
Alphabet Inc. (NASDAQ: GOOGL) was reiterated as Overweight and the price target was raised to $1,515 from $1,325 at Morgan Stanley. Alphabet closed down 0.8% at $1,245.86 and was indicated up 0.7% at $1254 on Wednesday, and it has a 52-week range of $924.51 to $1,291.44 and a consensus price target of $1,379.40.
Amazon.com Inc. (NASDAQ: AMZN) was reiterated as Overweight and the price target was raised to $2,500 from $1,850 at Morgan Stanley. Amazon closed up 0.2% at $1,932.82 on Tuesday and was indicated up 1% at $1,950 on Wednesday. Its all-time high was $1,941.78, and the consensus analyst target was $2,111.69 ahead of this target hike.
Anadarko Petroleum Corp. (NYSE: APC) was started as Overweight and the target price was set at $77 (versus a $64.87 prior close) at Barclays.
Barrick Gold Corp. (NYSE: ABX) was raised to Neutral from Sell but the price target was raised to $11 versus a prior price target of $12 (versus a $10.62 close) at Citigroup. The consensus target price was $14.37 ahead of this call.
Best Buy Co. Inc. (NYSE: BBY) was down 5% to $77.57 on Tuesday despite what looked like good earnings as investors took profits. Analysts have been making changes after the report. JPMorgan maintained it as Neutral and raised the price target to $79 from $76, while Deutsche Bank maintained its Hold rating and raised its target to $76 from $75. Morgan Stanley maintained its Equal Weight rating and raised its price target to $78 from $74.
Deciphera Pharmaceuticals Inc. (NASDAQ: DCPH) was started as Outperform and the target price was set at $47 (versus a $38.31 close) at Raymond James.
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