Top Analyst Upgrades and Downgrades: AMD, Amazon, Ciena, DexCom, eBay, Home Depot, Lowe’s, Micron, NXP, Seagate and More

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Stocks were getting hammered on Tuesday morning on the heels of disappointing earnings from some key Dow Jones industrials stocks. This is after Monday’s early gains failed to hold by the close. Investors have seen lower upside after buying immediately after the big market pullbacks in 2018 than in prior years, and now the major bank stocks are already seeming to reflect their own bear market.

The investing community needs to consider how to position their investments for the rest of the year and into 2019.

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 cover stocks to buy, but some 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 Tuesday, October 23, 2018.

AcelRx Corp. (NASDAQ: ACRX) was started with a Buy rating and assigned a $9 price target (versus a $3.75 prior close) at B. Riley. The shares were up 3.3% on Monday and were indicated up 2.9% at $3.86 on Tuesday.

Advanced Micro Devices Inc. (NASDAQ: AMD) was raised to Equal Weight from Underweight with a $25 price target at Barclays. AMD shares were up almost 5.8% at $25.03 on Monday, and they were indicated up almost 4% at $24.35 on Tuesday.

Amazon.com Inc. (NASDAQ: AMZN) was reiterated as Outperform with a $2,100 target price (versus a $1,789.30 close) at Wedbush Securities. The call is ahead of this Thursday’s earnings report, and Wedbush expects that Amazon will guide below the Street for the fourth quarter as it opts for conservatism.

Applied Materials Inc. (NASDAQ: AMAT) was downgraded to Neutral from Positive and the price target was slashed to $38 from $60 at Susquehanna. The stock closed down 2.2% at $33.53 on Monday and was indicated down over 4% at $32.10 on Tuesday. The prior consensus target price was $57.50.

Ciena Corp. (NASDAQ: CIEN) was started with a Buy rating and assigned a $35 price target at Stifel. Ciena closed up 0.7% at $30.96 on Monday and was indicated marginally higher at $31.00 on Tuesday. The consensus target price was $34.25 ahead of this call.

DexCom Inc. (NASDAQ: DXCM) was reiterated as Outperform and the target price was raised to $150 from $125 (versus a $131.44 close) at Raymond James.

eBay Inc. (NASDAQ: EBAY) was maintained as Outperform at Robert W. Baird, but the firm slashed its price target to $34 from $46. RBC Capital Markets also downgraded it to Sector Perform from Outperform.

Home Depot Inc. (NYSE: HD) was maintained as Overweight but the price target was cut to $200 from $225 at Morgan Stanley.

Lam Research Corp. (NASDAQ: LRCX) was downgraded to Neutral from Positive and the price target was cut to $165 from $225 at Susquehanna. Lam Research closed down 0.6% at $144.27 on Monday and was indicated down over 3% at $139.75 on Tuesday. The prior consensus target price was $203.84.

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