Stocks have been volatile all week, but much of the losses from earlier in the week have been recovered. Stocks were indicated to open lower on Friday ahead of the weekend. What is important to keep in context in a 5% quick correction is that the major indexes just hit all-time highs two weeks ago. Also worth considering is that this bull market is well over 10 years old. Investors need to be considering exactly 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 analyst 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 Friday, August 9, 2019.
Activision Blizzard Inc. (NASDAQ: ATVI) was reiterated as Outperform with a $60 target price (versus a $49.33 prior close) at Wedbush Securities, with the firm noting that it has many arrows that can drive upside while Wall Street has tempered expectations. Activision Blizzard had a $52.76 consensus target price.
ANGI Home Services Inc. (NASDAQ: ANGI) was downgraded to Neutral from Outperform with a $10 target price (versus a $9.41 close) at Wedbush. Nomura/Instinet maintained its Neutral rating and cut its target to $9 from $17.
Azul S.A. (NYSE: AZUL) was up 4% at $41.66 on Thursday, and Friday’s analyst calls showed it reiterated as Buy and a target hike to $48 from $43 at Deutsche Bank. Raymond James also reiterated its Outperform rating and raised its target to $47 from $40.
Baidu Inc. (NASDAQ: BIDU) was maintained as Overweight but the price target was cut to $148 from $160 at KeyBanc Capital Markets. Baidu was indicated down almost 1% at $99.00 on Friday, in a 52-week range of $97.77 to $234.88.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) was raised to In-Line from Underperform at Evercore ISI. Shares closed up almost 3% at $9.00 on Thursday and were indicated up about 2% at $9.18 on Friday. The consensus target price is $14.23.
Chemours Co. (NYSE: CC) was downgraded to Sector Perform from Outperform at RBC Capital Markets.
Cincinnati Bell Inc. (NYSE: CBB) was raised to Buy from Neutral but the price target was cut to $7 from $10 at UBS. Shares closed up 12% at $4.00 the prior day, with a prior consensus target price of $7.75.
Coeur Mining Inc. (NYSE: CDE) was downgraded to Hold from Buy at Canaccord Genuity.
CommScope Holding Co. Inc. (NASDAQ: COMM) was maintained as Outperform at Credit Suisse, but the firm again lowered its price target to $23 from $27 (versus a $12.95 close) as some of the bullish thesis it had earlier in 2019 has become less likely. The consensus target price was $23.71.
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