Stocks were indicated to open much higher on Wednesday after Tuesday’s bounce, and earnings may be saving the day, on top of a strong ADP payrolls report. Some investors have remained bullish during this most recent market panic, but many key stocks are in their own bear market with drops of 20% to 40%. Investors also have seen lower upside after buying immediately after the big market pullbacks than in prior years.
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 Wednesday, October 31, 2018.
Aetna Inc. (NYSE: AET) was downgraded to Neutral from Overweight and the target price was lowered to $206 from $212 at Piper Jaffray. Aetna shares closed up 1.3% at $197.65 ahead of this call, and the stock had a consensus target price of $206.00.
AGCO Corp. (NYSE: AGCO) was raised to Neutral from Underweight at JPMorgan.
Baker Hughes, a GE Company (NYSE: BHGE) was raised to Buy from Neutral with a $37 price target at Guggenheim, and Jefferies downgraded it to Hold from Buy with a $36 price target. Baker Hughes closed up 2.5% at $27.26 on Tuesday, and it was indicated up almost 1% at $27.50 on Wednesday. The consensus target price was $37.60.
CF Industries Holdings Inc. (NYSE: CF) was raised to Buy from Neutral at Merrill Lynch.
Chesapeake Energy Corp. (NYSE: CHK) was raised to Positive from Neutral at Susquehanna.
Clovis Oncology Inc. (NASDAQ: CLVS) was downgraded to Neutral from Overweight at JPMorgan.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH) was downgraded to Market Perform from Outperform with a $74 target price (versus a $66.52 prior close) at BMO Capital Markets.
Container Store Group Inc. (NYSE: TCS) was downgraded to Underweight from Neutral with a $6 target price (versus a $10.05 close) at JPMorgan. This stock was indicated down 19.9% at $8.05 after earnings disappointed.
Cummins Inc. (NYSE: CMI) was raised to Neutral from Underperform at Robert W. Baird, and JPMorgan raised it to Neutral from Underweight. The stock closed up 2.3% at $134.40 ahead of these calls, and it had a consensus target price of $158.14.
Eagle Pharmaceuticals Inc. (NASDAQ: EGRX) was downgraded to Neutral from Overweight and the target price was slashed to $54 from $82 at Piper Jaffray. The shares closed down 16.5% at $47.50 ahead of this call, after releasing study results on fulvestrant that failed to meet primary bioequivalence endpoints.
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