Stocks were expected to take a breather on Tuesday after Monday’s post-trade and post-OPEC gains. The S&P 500 and Nasdaq are right at all-time highs again, and there are warnings that earnings and guidance are likely to take a hit this summer after May and June weakness spread during the trade spat with China. Investors need to be considering how they want their portfolios and assets positioned for the second half of 2019 and beyond.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new ideas for traders and long-term investors alike. Some of the daily analyst calls cover stocks to buy. Other calls cover stocks to sell or to avoid.
We have provided these calls in a quick-hit summary for easy reading, and additional comments and trading data have been added on some of the calls. 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 on Tuesday, July 2, 2019.
Arrow Electronics Inc. (NYSE: ARW) was downgraded to Outperform from Strong Buy and the target price was cut to $80 from $88 (versus a $72.02 prior close) at Raymond James.
Bio-Techne Corp. (NASDAQ: TECH) was started as Buy and assigned a $270 target price (versus a $209.26 close) at Janney.
BlackLine Inc. (NYSE: BL) was downgraded to Sell from Buy with a $41 target price (versus a $53.24 close) at Goldman Sachs. It had a consensus target price of $55.00 and was trading down over 5% at $50.22 ahead of Tuesday’s opening bell.
Cars.com Inc. (NYSE: CARS) was raised to Buy from Neutral at Citigroup. After closing up 0.7% at $19.86, the stock was up almost 3% on Tuesday in early-bird indications, and it had a consensus target price of $27.31 and a 52-week trading range of $19.81 to $20.36.
Coty Inc. (NYSE: COTY) was downgraded to Sell from Neutral at Citigroup.
CenterPoint Energy Inc. (NYSE: CNP) was already rated as Buy at Goldman Sachs, but the firm added it to the prized Conviction Buy list with a $32 price target (versus a $28.49 close) at Goldman Sachs.
Comerica Inc. (NYSE: CMA) was downgraded to Sell from Neutral with a $70 target price (versus a $73.01 close) at Goldman Sachs.
Cummins Inc. (NYSE: CMI) was downgraded to Sell from Hold and the target price was lowered to $145 from $168 (versus a $172.86 close) at Loop Capital. The stock was indicated down 1.6% at $170.05 on Tuesday, and its consensus target price had been $168.14.
Enbridge Inc. (NYSE: ENB) was downgraded to Neutral from Buy at Merrill Lynch.
FTS International Inc. (NYSE: FTSI) was downgraded to Neutral from Buy and the price target was lowered to $6 from $8 (versus a $5.54 close) at Citigroup.
Genesee & Wyoming Inc. (NYSE: GWR) was up 8.85% at $108.85 on Monday after the announcement that it was being acquired. Credit Suisse raised it to Neutral from Underperform after the move.
Ingersoll-Rand PLC (NYSE: IR) was downgraded to Hold from Buy with a $140 price target (versus a $127.69 close) at Jefferies.
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