Top Analyst Upgrades and Downgrades: Adobe, Autodesk, BofA, Cleveland-Cliffs, Deere, Facebook, Freeport-McMoRan, Nike, Tilray and More

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Facebook Inc. (NASDAQ: FB) was reiterated as Buy with a $206 price target (versus a $142.53 close) at Argus. Despite slower revenue growth expected, Argus noted that the positives for Facebook are Instagram, Facebook Messenger and WhatsApp all having reached a critical mass of users that can continue to be monetized.

Freeport-McMoRan Inc. (NYSE: FCX) was started with a Neutral rating and assigned a $12 price target (versus an $11.20 close) at Credit Suisse. It had a $15.76 consensus target price prior to the call.

HSBC Holdings PLC (NYSE: HSBC) was downgraded to Underweight from Equal Weight at Barclays.

Mastercard Inc. (NYSE: MA) was raised to Buy from Neutral and the target price was raised to $225 from $205 at UBS.

M&T Bank Corp. (NYSE: MTB) was raised to Neutral from Sell at UBS.

Nike Inc. (NYSE: NKE) was raised to Buy from Hold at HSBC, but Robert W. Baird downgraded it to Neutral from Outperform.

Noble Energy Inc. (NYSE: NBL) was raised to Overweight from Equal Weight but the price target was lowered to $33 from $37 at Morgan Stanley.

Targa Resources Corp. (NYSE: TRGP) was raised to Outperform from Neutral at Credit Suisse. Shares recently closed at $42.70, with a consensus price target of $59.77. The stock has a 52-week trading range of $33.55 to $59.21.

Tilray Inc. (NASDAQ: TLRY) was started as Overweight and assigned a $90 target price (versus an $83.26 close, after almost a 16% gain) at Piper Jaffray.

Travelers Companies Inc. (NYSE: TRV) was raised to Overweight from Equal Weight and the target price was raised to $145 from $135 at Barclays. Shares closed at $117.84, in a 52-week range of $111.08 to $150.55. The consensus price target is $136.06.

United Continental Holdings Inc. (NYSE: UAL) was downgraded to Underperform from In-Line at Imperial Capital. Shares closed at $82.38, with a consensus price target of $105.59. The stock has a 52-week trading range of $60.44 to $97.85.

Urban Outfitters Inc. (NASDAQ: URBN) was raised to Overweight from Equal Weight at Morgan Stanley. Shares closed at $32.74, in a 52-week range of $31.20 to $52.50. The consensus price target is $45.53.

Wendy’s Co. (NASDAQ: WEN) was downgraded to Neutral from Outperform and the price target was lowered to $17.50 from $20 (versus a $16.31 close) at Wedbush Securities.

RBC has posted its top energy picks for 2019.

Tuesday’s top analyst calls included Baidu, Chipotle Mexican Grill, First Solar, Honeywell, JPMorgan, Maxar, Nokia, Nvidia, PG&A, SunPower, Xilinx and many more.

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