Stocks were indicated to open mildly lower on Monday, but no direction seems clear because the losses were less than 0.1% on all three major index futures. The S&P 500 and the Nasdaq have challenged new all-time highs, while the Dow Jones industrials lag, with Boeing and a few other large components a drag on the market as a whole. With strong double-digit gains already seen so far in 2019, investors need to be considering how they want their portfolios positioned for the rest of the year and beyond.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new trading and investing ideas for our readers. Some of the daily analyst reports cover stocks to buy, but others cover stocks to sell or to avoid.
Additional commentary and trading data have been added on some of the daily analyst reports. The consensus analyst price targets and other valuation metrics are from the Refinitiv (Thomson Reuters) sell-side research service.
These are the top analyst upgrades, downgrades and initiations seen on Monday, April 29, 2019.
AbbVie Inc. (NYSE: ABBV) was raised to Market Perform from Underperform and the price target was raised to $79 from $71 (versus a $79.70 prior close) at BMO Capital markets. AbbVie has a 52-week trading range of $75.77 to $107.25.
Adobe Inc. (NASDAQ: ADBE) was raised to Overweight from Equal Weight and the price target was raised to $340 from $280 (versus a $281.96 close) at Morgan Stanley. Adobe closed up 1.5% on Friday and was indicated up another 1.6% at $286.50 on Monday.
Alarm.com Holdings Inc. (NASDAQ: ALRM) was downgraded to Neutral from Buy at Roth Capital. The stock closed down 0.3% at $70.59 on Friday and was indicated down 1.9% at $69.25 on Monday. The 52-week range is $36.28 to $71.46.
Alliance Data Systems Corp. (NYSE: ADS) was raised to Equal Weight from Underweight with a $160 price target (versus a $156.78 close) at Stephens. It has a $189.45 consensus target price.
American Express Co. (NYSE: AXP) was downgraded to Neutral from Buy at UBS. After shares rose 1.5% to $117.60 on Friday, its consensus target price was last seen at $120.62.
Colgate-Palmolive Co. (NYSE: CL) was raised to Neutral from Underweight and the target price was raised to $70 from $62 (versus a $71.30 close) at JPMorgan. Colgate has a consensus target price of $65.55.
Franklin Resources Inc. (NYSE: BEN) was downgraded to Underperform from Market Perform and the target price was trimmed to $33 from $34 (versus a $35.11 close) at Keefe Bruyette & Woods.
Intel Corp. (NASDAQ: INTC) was downgraded to Hold from Buy at Argus, with the independent research firm souring on Intel’s weaker data center chip sales outlook. The stock closed down 9% at $52.43 on Friday, in a 52-week range of $42.36 to $59.59.
3M Co. (NYSE: MMM) was downgraded to Hold from Buy at a boutique firm called Gordon Haskett after last week’s earnings debacle.
Microsoft Corp. (NASDAQ: MSFT) was reiterated as Buy and the price target was raised to $145 at Argus, with the independent research firm citing strong earnings results. This joins about 10 more analyst target hikes from last week’s earnings report. Microsoft now has a $995 billion market cap after crossing the $1 trillion market cap mark last week after earnings.
NGM Biopharmaceuticals Inc. (NASDAQ: NGM) closed up 0.8% at $15.69 on Friday, in a post-IPO range of $14.50 to $18.75. Goldman Sachs started it with a Buy rating and a $22 price target. Cowen started it as Outperform as well.