Investing

Top Analyst Upgrades and Downgrades: Alphabet, Applied Materials, Bluebird Bio, JD.com, Marvell, Rambus, Tilray, Zillow and More

Packaging Corp. of America (NYSE: PKG) was started with a Buy rating and assigned a $109 target price (versus a $97.18 close) at UBS. The consensus target price was $106.55.

Rambus Inc. (NASDAQ: RMBS) was started with an Outperform rating at Wells Fargo, after closing up 3.1% at $11.35, and with a consensus target price of $14.22.

Signature Bank (NASDAQ: SBNY) was removed from the Best Ideas List at Wedbush, and the firm also downgraded the stock to Neutral from Outperform following strong performance since December. The firm sees a risk of onerous new laws related to multifamily housing potentially being passed in New York ahead of the June 15 expiration and also noted that the recent decline in the five-year Treasury yield could pressure multifamily loan pricing.

Semtech Corp. (NASDAQ: SMTC) was started as Outperform at Wells Fargo, after closing up 1.7% at $48.03. The consensus target price is $58.18.

SJW Group (NYSE: SJW) was started as Neutral at UBS. Shares closed at $62.71, in a 52-week range of $51.82 to $68.42, and with a consensus price target of $67.33.

Synopsys Inc. (NASDAQ: SNPS) was started with an Outperform rating at Wells Fargo, after closing up 1.6% at $117.74. The consensus target price is $124.36.

Tilray Inc. (NASDAQ: TLRY) was raised to Market Perform from Underperform at BMO Capital Markets. The stock closed up almost 5% at $48.74, and it was indicated up 1.7% at $49.60 on Wednesday morning. Its 52-week trading range is $20.10 to $300.00.

Westlake Chemical (NYSE: WLK) was raised to Buy from Neutral at Goldman Sachs. Shares closed at $59.82, in a 52-week range of $57.39 to $124.30, and with a consensus price target of $77.16.

WestRock Co. (NYSE: WRK) was started with a Buy rating and assigned a $47 target price at UBS. Shares closed up 3% at $37.19, and the consensus target price was $49.08.

Zayo Group Holdings Inc. (NYSE: ZAYO) was downgraded to Market Perform from Outperform at Cowen. Shares closed at $32.85, in a 52-week range of $20.27 to $39.66, and with a consensus price target of $34.85.

Zillow Group Inc. (NASDAQ: ZG) was raised to Buy from Neutral with a $45 target price (versus a $36.54 close, after a 3% gain) at Guggenheim. It was indicated up 3.5% at $37.80 after revenue rose 51%, and the 52-week trading range is $26.20 to $65.42. Zillow had a consensus target price of $41.13 ahead of the news.

Credit Suisse’s equity strategy team has released a report on the global emerging markets, basically pondering whether the run-up in Chinese equities was already dead and over in 2019 after this last recovery and more recent pullback. Their interpretation of events in the middle of trade war news with tit-for-tat tariffs in the past two weeks is to not capitulate on its overweight stance on Chinese equities. That said, its economic team pointed out that uncertainties in U.S.-China trade negotiations will be an additional drag on manufacturing investment numbers in China. The firm’s team views China as still being in the cyclical and partial upturn as its fiscal stimulus will materialize throughout the second quarter and will fade toward the end of the third quarter.

Top semiconductor stocks have been under pressure and trade woes don’t help, but the analysts at SunTrust remain positive on three Buy-rated stocks.

Tuesday’s top analyst calls were in included Broadcom, Coca-Cola, Conagra Brands, Deere, Jumia Technologies, MannKind, Shopify, Take-Two Interactive Software, TJX Companies, Tyson Foods, Valero Energy and many more.