Top Analyst Upgrades and Downgrades: ABB, AGCO, AT&T, Broadcom, Caterpillar, Costco, First Solar, Lululemon, Roku, Verizon, Xilinx and More
Forum Energy Technologies Inc. (NYSE: FET) was downgraded to Neutral from Buy at Merrill Lynch.
GW Pharmaceuticals PLC (NASDAQ: GWPH) was maintained as Overweight but the target was lowered to $193 from $211 at Cantor Fitzgerald.
Helmerich & Payne Inc. (NYSE: HP) was raised to Neutral from Underperform at Merrill Lynch.
Huntsman Corp. (NYSE: HUN) was maintained as Overweight but the target was lowered to $32 from $36 (versus a $20.22 close) at KeyBanc Capital Markets.
Lab Corp. of America (NYSE: LH) was downgraded to Neutral from Buy at Merrill Lynch.
Lululemon Athletica Inc. (NASDAQ: LULU) was reiterated as Buy and the price target was raised to $177 from $174 (versus a $132.55 close) at MKM Partners. This is a pre-earnings call, and Lululemon had a consensus target price of $163.14 ahead of this call.
Quest Diagnostics Inc. (NYSE: DGX) was downgraded to Neutral from Buy at Merrill Lynch.
Roku Inc. (NASDAQ: ROKU) was raised to Buy from Neutral with a $49 price target at D.A. Davidson. Shares were down 0.2% at $40.75 on Friday but indicated up over 5% at $42.85 on Monday. The consensus target price is $67.67.
Senior Housing Properties Trust (NYSE: SNH) was raised to Outperform from Market Perform at Wells Fargo, and its shares were indicated up 1.7% at $14.00 on Monday, after a 2.2% gain to $13.76 on Friday. Its consensus target price was $15.93.
Steven Madden Ltd. (NASDAQ: SHOO) was downgraded to Neutral from Buy and the price target was lowered to $34 from $38 (versus a $32.23 close, after a 2.4% gain) at Citigroup.
Timken Co. (NYSE: TKR) was raised to Buy from Neutral and the price objective was raised to $50 from $45 at Merrill Lynch.
Tractor Supply Co. (NASDAQ: TSCO) was downgraded to Perform from Outperform at Oppenheimer.
Verizon Communications Inc. (NYSE: VZ) was downgraded to Neutral from Overweight with a $62 target price (versus a $60.30 close) at JPMorgan. Verizon has a 52-week range of $46.09 to $61.58 and a consensus target price of $58.29.
Workday Inc. (NASDAQ: WDAY) was reiterated as Overweight and that target price was raised to $165 from $154 at Morgan Stanley. It closed up almost 13% at $164.00 in a post-earnings trade on Friday.
Xilinx Inc. (NASDAQ: XLNX) was reiterated as Overweight and the target price was raised to $100 from $90 at KeyBanc Capital Markets. It was indicated up 2.7% at $95.00 on Monday and had a consensus target price of $86.82. This actually will make a 52-week high for Xilinx, unusual for a chip stock in the current climate.
Credit Suisse issued its Equity Strategy Navigator, noting that rates are just below the neutral level and that the markets expect two more Federal Reserve rate hikes. The synopsis said:
While many investors fret tighter monetary conditions, we believe that the successful renormalization of policy will be rewarded by the market in 2019. Stocks responded positively to soothing comments from Fed Chair Powell, but volatility remains heightened on trade concerns. We believe the recent rebound should continue into year-end.
Friday’s top analyst calls included Dollar Tree, Goldman Sachs, Palo Alto Networks, Sony, Under Armour and many more.