Investing

Top Analyst Upgrades and Downgrades: Adobe, Energizer, Marvell, MongoDB, Royal Gold, Six Flags, State Street, SunPower, TripAdvisor and More

Royal Gold, Inc. (NASDAQ: RGLD) was downgraded to Hold from Buy at Canaccord Genuity. After closing up 1.3% at $96.57, it had a consensus analyst target price of $96.25.

Sabre Corporation (NASDAQ: SABR) was downgraded to Sell from Neutral at Goldman Sachs. Sabre closed up 1.6% at $22.79 and its prior consensus analyst target price was $24.57.

Six Flags Entertainment (NYSE: SIX) was raised to Outperform from Neutral and the price target was raised to $62 from $51 (versus $51.63 prior close) at Wedbush Securities, with the firm calling out a number of potential catalysts lining up nicely for Six Flags’ investors.

State Street Corporation (NYSE: STT) was maintained at Sector Perform but the target price was lowered down to $65 from $80 at RBC Capital Markets. State Street closed up 2.5% at $46.70 and had a consensus analyst target price of $54.06.

STMicroelectronics N.V. (NYSE: STM) was started as Overweight at Morgan Stanley.

Summit Midstream Partners, LP (NYSE: SMLP) was downgraded to Neutral from Buy at Citigroup.

SunPower Corporation (NASDAQ: SPWR) was up over 22% at $10.15 on Tuesday after Goldman Sachs raised its rating to Buy and was gave a positive view on domestic residential solar players. Now SunPower shares were last seen down about 3% at $9.85 on Wednesday as Raymond James downgraded its rating to Market Perform from Outperform. SunPower hit a 52-week high of $11.01 the prior day and the prior consensus analyst target price was $6.76.

TripAdvisor, Inc. (NASDAQ: TRIP) was raised to Buy from Hold with a $60 target price (versus $46.31 close) at SunTrust Robinson Humphrey. TripAdvisor has a consensus analyst target price of $52.86 and a 52-week range of $42.01 to $69.00.

Goldman Sachs thinks technology stocks by and large are in trouble, but it still has several it sees as having big upside.

Goldman Sachs also gave a thumbs up for residential solar players in the U.S.

Ahead of the FOMC decision to cut rates or not — Credit Suisse has published extensively on the direct relationships between interest rates and stock prices. It sees higher rates generating higher valuations and sees lower rates generating lower valuations, and it feels there is no reason to believe that this relationship will be different going forward. The view is that central bank actions actually do little to address the structural causes of falling rates, inflation expectations and growth. Throughout the recovery, lower yields have also encouraged frugality via higher saving rates and have done little to spur capital spending.

Societe Generale was the latest to join in with the calls for a recession ahead. The firm’s second-half of 2019 views are based on the expectation of a slowdown in growth and ultimately a recession in 2020. It sees continued softness in core inflation and persistently low global yields. Their synopsis aid:

We believe these factors will lead to an upcoming Fed easing cycle, which over the medium term should result in lower yields and a modestly steeper curve, with the market anticipating both rate cuts and possible renewed QE afterwards. Swap spreads should generally continue to narrow, with front-end spreads being the exception due to their sensitivity to credit widening in an economic downturn. While implied vols will experience bouts of spikes on increased uncertainties, a sustained breakout from the low-vol regime is unlikely given the lack of rebuild in market term premiums, as reflected by the flat rate curvature.

Tuesday’s top analyst calls were in shares of Array Bio, Bank of America, Oracle, Pinterest, RingCentral, Snap, SunPower, Twilio, Xilinx and many more.

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