Stocks surged higher on Monday after a delay to the tariffs against China have been extended for 90 days after a G20 dinner announcement. This follows last week’s gains as the recovery from Thanksgiving. While these gains have been impressive, investors have to keep in mind that there has been less upside from buying immediately after the big market sell-offs than in prior years. Now investors have to consider how they want their investments and assets positioned for 2019.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new ideas for investors and traders alike. Some of these analyst reports cover stocks to buy, while 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 Monday, December 3, 2018.
ABB Ltd. (NYSE: ABB) was downgraded to Underweight from Neutral at JPMorgan.
AGCO Corp. (NYSE: AGCO) was raised to Neutral from Underperform with a $63 price objective at Merrill Lynch.
Alexandria Real Estate Equities Inc. (NYSE: ARE) was raised to Buy from Neutral at Citigroup.
AT&T Inc. (NYSE: T) was raised to Overweight from Neutral with a $38 price target at JPMorgan. AT&T was up 2.2% at $31.24 on Friday and was indicated up 1.6% at $31.78 on Monday. Its consensus target price is $34.36.
Azul S.A. (NYSE: AZUL) was downgraded to Neutral from Buy at Goldman Sachs.
Belden Inc. (NYSE: BDC) was downgraded to Neutral with a $55 target price (versus a $55.78 prior close) at Goldman Sachs.
Bluebird Bio Inc. (NASDAQ: BLUE) was maintained as Buy at Janney, with the firm noting that the LentiGlobin updates were consistent with before and that early data from its bb21217 is promising. Wedbush Securities maintained its Outperform rating with a $166 target price.
Broadcom Inc. (NASDAQ: AVGO) was raised to Buy from Neutral and the target price was raised to $300 from $250.00 (versus a $237.41 close) at B. Riley FBR.
Caterpillar Inc. (NYSE: CAT) was raised to Buy from Neutral and the price objective was raised to $163 from $140 (versus a $135.67 close, after a 4.2% gain) at Merrill Lynch. Caterpillar was indicated up over 4% more at $142.15 on Monday, and its consensus target price was last seen at $155.24.
Costco Wholesale Corp. (NASDAQ: COST) was downgraded to Neutral from Buy and its target was lowered to $238 from $257 (versus a $231.28 close) at Citigroup. Costco had a consensus target price of $244.61.
Del Taco Restaurants Inc. (NASDAQ: TACO) was added to the Best Ideas List at Wedbush. Correction: Obseva S.A. (NASDAQ: OBSV) was added to the Best Ideas List rather than replaced on the Best Ideas List.
Dick’s Sporting Goods Inc. (NYSE: DKS) was downgraded to Neutral from Buy with a $40 price target (versus a $35.98 close) at Citigroup.
EQT Midstream Partners L.P. (NYSE: EQM) was downgraded to Hold from Buy at Stifel.
FirstCash Inc. (NASDAQ: FCFS) was downgraded to Neutral from Outperform with a $90 target (versus an $88.29 close) at Wedbush.
First Solar Inc. (NASDAQ: FSLR) was raised to Neutral from Sell and the price target was raised to $46 from $39 (versus a $44.45 close) at Goldman Sachs. The stock was indicated up 2.5% at $45.60 on Monday, and it had a consensus analyst target of $65.28.