Investing
Top Analyst Upgrades and Downgrades: American Water, Arconic, Cree, Dell, Humana, Merck, Qualcomm, Square, Tesla, Zynga and More
May 2, 2019 9:00 am
Last Updated: January 30, 2020 9:15 pm
Qualcomm Inc. (NASDAQ: QCOM) was maintained as Neutral at Citigroup, but the firm did raise its target to $85 from $55. Raymond James raised it to Strong Buy from Outperform and raised its target price to $115 from $85, while Merrill Lynch raised Qualcomm to Buy from Neutral and raised its price objective to $105 from $90. The consensus target price was $89.36, and shares were last seen trading at $86.37, in a 52-week range of $49.10 to $88.63.
Qualys Inc. (NASDAQ: QLYS) was reiterated as Outperform and the price target was raised to $102 from $95 (versus a $90.51 close) at Wedbush. The firm has been consistently positive on Qualys and pointed out a solid March quarter earnings beat, better than expected bookings and a large operating margin leverage.
Royal Caribbean Cruises Ltd. (NYSE: RCL) was reiterated as Buy and the target price was raised to $158 from $148 at Buckingham Research. Also, Wedbush reiterated it as Outperform and raised the price target to $145 from $140. The stock closed up 6.7% at $129.03 ahead of these calls.
Scotts Miracle-Gro Co. (NYSE: SMG) was downgraded to Underperform from Neutral at Merrill Lynch, but that is after its stock hit a 52-week high and closed up 6.3% at $90.42 the prior day. The consensus target price is $87.33.
Square Inc. (NYSE: SQ) was last seen trading down 4.7% at $70.17 after earnings contained some softer sales figures than some had expected. Wedbush maintained its Neutral rating with a $75 target price.
Tesla Inc. (NASDAQ: TSLA) was last seen trading up 5% after announcing that it would have a $2 billion or so capital raise after Elon Musk had denied it needed capital throughout 2018. A firm called Wolfe Research has downgraded Tesla to Peer Perform from Outperform, but no price target details were seen.
Zynga Inc. (NASDAQ: ZNGA) was reiterated as Outperform and the price target was raised to $7.50 from $6.40 (versus a $5.51 close) at Wedbush. The firm noted that new acquisitions are not appearing to act as a drag on emerging profitability after first-quarter results handily beat guidance and expectations with strength across its core franchises. Also, Robert W. Baird raised it to Outperform with a new $8 price target. Zynga was indicated up 12% at $6.17, above the prior 52-week high of $5.78.
There some real-life reasons that the seasonal threat of “Sell in May and Go Away!” could be much louder in 2019.
The SunTrust analysts have raised price targets on three technology, media and telecom stocks that are posted very solid earnings results.
Credit Suisse’s equity strategy team has noted that, while the economic data has been relatively uninspiring, the market has continued to grind higher across regions, size and style, and growth and small caps have led within the U.S. international benchmarks but have lagged their domestic peers. The firm further noted that the results from earnings season suggest that those endless recession concerns are overdone.
Wednesday’s top analyst calls included Alkermes, Alphabet, Apple, ConocoPhillips, FireEye, Lyft, McDonald’s, Royal Bank of Scotland, Seagate Technology, Shopify and many more.
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