Top Analyst Upgrades and Downgrades: AbbVie, ADM, Conoco, FedEx, Fox, Kinder Morgan, Lennar, Micron, Slack, Virtu and More
Fox Corp. (NASDAQ: FOX) was started with a Buy rating and assigned a $46 target price (versus a $35.19 close) at Goldman Sachs. Fox has a 52-week range of $33.32 to $50.96 and a consensus target price of $51.50.
Gold Fields Ltd. (NYSE: GFI) was downgraded to Sector Perform from Outperform at RBC Capital Markets. The stock closed down 1.25% at $5.55 and had a consensus target price of $4.23. Its shares were indicated down 4% at $5.32 on Wednesday.
Kinder Morgan Inc. (NYSE: KMI) was downgraded to Market Perform from Outperform at Raymond James. The stock closed down 2.7% at $20.58 on Tuesday, in a 52-week range of $14.62 to $21.50 and with a consensus target price of $21.65.
Lennar Corp. (NYSE: LEN) was down 6.2% at $48.22 on Tuesday after a weaker outlook overshadowed its earnings beat. JPMorgan maintained an Overweight rating but lowered its target to $54 from $57. Merrill Lynch maintained its Buy rating but lowered its price objective to $55 from $57. Wedbush Securities said the sell-off was overdone, and the firm reiterated its Outperform rating and maintained its $62 price target on Lennar.
Micron Technology Inc. (NASDAQ: MU) traded down 1.5% at $32.68 before earnings on Tuesday but was trading up 8.75% at $35.54 on Wednesday after the report. It was raised to Buy from Hold with a $50 target price at Needham. Morgan Stanley maintained its Underweight rating and cut its target to $31 from $32, and KeyBanc Capital Markets maintained an Overweight rating but lowered its target to $45 from $48.
Mueller Water Products Inc. (NYSE: MWA) was downgraded to Sell from Neutral and the target price was cut to $8 from $10 (versus a $9.83 close) at Goldman Sachs. The consensus target price is $11.50. The 52-week trading range is $8.47 to $12.59.
Parsons Corp. (NYSE: PSN) was downgraded to Market Perform from Outperform at Wells Fargo.
Slack Technologies Inc. (NYSE: WORK) was started with an Outperform rating and assigned a $44 price target at Robert W. Baird. Shares closed down 1.57% at $35.20 on Tuesday and were indicated up 2.2% at $35.97. The post-IPO trading range was $34.81 to $42.00, and it has no quiet period, so analysts will be dribbling recommendations (unknown ratings) at any time if they choose to cover the stock. The direct IPO had no traditional underwriting syndicate.
State Street Corp. (NYSE: STT) was downgraded to Neutral from Buy at UBS. It closed up 0.5% at $56.00, in a 52-week range of $53.53 to $96.50 and with a consensus target price of $68.42.
Virtu Financial Inc. (NASDAQ: VIRT) was started with a Buy rating and assigned a $29 target price (versus a $21.00 close) at Rosenblatt Securities. The 52-week range is $19.65 to $29.17, and the consensus target price is $27.75.
Williams Companies Inc. (NYSE: WMB) was raised to Strong Buy from Outperform at Raymond James. The stock closed down 1.3% at $26.79 on Tuesday. It has a 52-week range of $20.36 to $32.22 and a consensus target price of $31.95.
Despite the volatility and markets still remaining close to all-time highs, Merrill Lynch has four tech picks with high dividends it thinks are still attractive for investors to buy.
Tuesday’s top analyst calls included Caesars, Chipotle Mexican Grill, Host Hotels, Kellogg, McDonald’s, Shopify, Starbucks, Tiffany and many more.