Dell Technologies Inc. (NYSE: DELL) was started with a Neutral rating and assigned a $48 price target (versus a $42.80 close) at UBS. Its consensus target price was last seen at $58.83.
Edison International (NYSE: EIX) was downgraded to Underperform from Neutral with a $61 price target (versus a $58.15 close) at Merrill Lynch.
Elanco Animal Health Inc. (NYSE: ELAN) was started with a Buy rating and assigned a $37 price target (versus a $31.56 close) at Argus. The firm’s report sees Elanco as likely to experience some initial growing pains as a standalone public company but it should generate strong earnings growth over time.
Newmont Mining Co. (NYSE: NEM) closed down 8.9% at $31.78 as it acquired Goldcorp to become the world’s largest pure-play gold miner. Canaccord Genuity raised the stock to Buy from Hold and boosted its price target to $42 from $37. Credit Suisse reiterated its Outperform rating with a $46 price target.
News Corp. (NASDAQ: NWSA) was raised to Buy from Neutral at Citigroup.
Oracle Corp. (NYSE: ORCL) was downgraded Equal Weight from Overweight and the target price was lowered to $53 from $57 (versus a $48.18 prior close) at Morgan Stanley. The consensus target price was $52.38 ahead of the call, and the 52-week trading range is $42.40 to $53.48.
PG&E Corp. (NYSE: PCG) was down 52% at $8.38 on Monday on word that it plans to file for bankruptcy at the end of the month. Argus downgraded it to Sell from Buy, and other analysts have slashed and burned their ratings as well.
Tencent Music Entertainment Group (NYSE: TME) was started as Equal Weight and assigned a $15 price target (versus a $12.20 close, after a 5.3% drop) at Morgan Stanley.
VF Corp. (NYSE: VFC) was reiterated as Outperform at Credit Suisse. The firm noted that the stock has pulled back 18% since the second-quarter earnings report on fears that the Vans momentum is slowing against tougher second-half comparisons. The firm expects some modest slowing in Vans but thinks there is upside potential for the North Face and Timberland brands, and it also remains positive on VF’s aggressive value creation agenda.
W.W. Grainger Inc. (NYSE: GWW) was raised to Outperform from Neutral at Macquarie. Shares closed down 1.1% at $281.21 ahead of the call, and the consensus target price was $309.81. The 52-week trading range is $223.25 to $372.06.
Raymond James believes that master limited partnerships will offer large upside in 2019 for energy infrastructure investors. There may even be some upside to the yield-equivalents ahead.
Monday’s top analyst upgrades and downgrades were in Annaly Capital Management, Alcoa, Carvana, Crown Castle, Delta Air Lines, Northrup Grumman, PG&E, Snap, Teradyne, Western Digital, XPO Logistics and many more.