Top Analyst Upgrades and Downgrades: AT&T, Caterpillar, Dollar General, EA, Etsy, Facebook, Spirit Airlines, Tesla, Xilinx and More

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Earnings season has brought a very mixed bag, with some key companies having big wins and others bad misses. The markets have dealt with the Mueller testimony and have just seen the European Central Bank maintain interest rates despite some weakness. With the markets basically at all-time highs, investors have many reasons to remain cautious but also should be considering how they want their assets positioned for the rest 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 investors and traders alike. Some of these analyst reports cover stocks to buy, while others cover stocks to sell or to avoid.

Additional commentary has been added on most of the daily analyst reports, along with trading history. The consensus analyst price targets and other valuation metrics are from the Refinitiv (Thomson Reuters) sell-side research service.

These were the top analyst upgrades, downgrades and initiations seen on Thursday, July 25, 2019.

Activision Blizzard Inc. (NASDAQ: ATVI) was raised to Buy from Neutral at Merrill Lynch. Shares closed up 2.1% at $46.86, in a 52-week range of $39.85 to $84.68. The consensus target price is $52.36.

Align Technology Inc. (NASDAQ: ALGN) was downgraded to In-Line from Outperform and the target price was lowered to $220 from $340 at Evercore ISI.

AT&T Inc. (NYSE: T) was reiterated as Outperform and the price target was raised to $35 from $34 at Raymond James. Credit Suisse upgraded it to Neutral from Underperform. Shares closed up 3.6% at $33.24, in a 52-week range of $26.80 to $34.37. The consensus target price is $34.38.

Caterpillar Inc. (NYSE: CAT) was downgraded to Neutral from Buy at Buckingham Research. Shares closed down 4.5% at $131.91. The 52-week range is $112.06 to $159.37, and the consensus target price is $146.39.

Dollar General Corp. (NYSE: DG) was downgraded to Market Perform from Outperform at Wells Fargo. Shares closed up 1.4% at $139.15, in a 52-week range of $96.37 to $145.06. The consensus target price is $140.24.

Electronic Arts Inc. (NASDAQ: EA) was downgraded to Neutral from Buy at Merrill Lynch. Shares closed up 1.8% at $89.78, in a 52-week range of $73.91 to $148.00. The consensus analyst target is $111.79.

Etsy Inc. (NASDAQ: ETSY) was raised to Buy from Neutral with a $79 target price at BTIG.

Facebook Inc. (NASDAQ: FB) was reiterated as Buy and the target price was raised to $235 from $225 at Nomura/Instinet. Jefferies reiterated its Buy rating and raised its target to $250 from $230. Citigroup and Deutsche Bank each reiterated its Buy rating, with the target raised to $240 from $212 at the former and to $234 from $230 at the latter. KeyBanc reiterated its Overweight rating and raised its target to $240 from $220. Shares closed up 1.1% at $204.66, in a 52-week range of $123.02 to $205.47. The consensus target price is $223.19.

Freeport-McMoRan Inc. (NYSE: FCX) was upgraded to Sector Perform from Underperform and the target price was raised to $14 from $12 at RBC Capital Markets. Shares closed up 2.5% at $11.94, in a 52-week range of $9.47 to $16.62. The consensus target price is $13.64.