Stocks may have staged a strong snapback recovery on Tuesday as many tariffs were delayed by 90 days, but the markets were giving back most or all those gains on Wednesday on more yield curve inversion concerns. The markets hit all-time highs in late in July, and the bull market is now about 10 and a half 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 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 for Wednesday, August 14, 2019.
Advance Auto Parts Inc. (NYSE: AAP) was reiterated as Neutral but the target price was cut to $156 from $182 at Citigroup, and Guggenheim downgraded the stock to Neutral from Buy. The shares were indicated down 3.7% at $137.00 on Wednesday, after closing at $142.23 on Tuesday.
Acorda Therapeutics Inc. (NASDAQ: ACOR) was downgraded to Neutral from Buy and its target price was slashed to $6 from $31 (versus a $2.73 prior close, after a 3.5% loss) at H.C. Wainwright. The stock was indicated down 4% at $2.62 on Wednesday, and it has a 52-week trading range of $2.51 to $29.75.
Activision Blizzard Inc. (NASDAQ: ATVI) was reiterated as Market Perform but the target price was raised to $43 from $40 (versus a $48.13 close, after a 2.2% gain) at BMO Capital Markets. The stock was indicated down 1.4% at $47.44 ahead of Wednesday’s open. It has a 52-week trading range of $39.85 to $84.68 and a consensus price target of $53.52.
AstraZeneca PLC (NYSE: AZN) was reiterated as Buy and the target price was raised to $50 (versus a $44.86 close) at Argus. It has a 52-week trading range of $35.30 to $45.28 and a consensus price target of $46.14.
Bloom Energy Corp. (NYSE: BE) was down 42% at $4.60, a post-IPO low, on Tuesday as earnings disappointed and as natural gas systems are competing with adoption of the company’s systems. KeyBanc Capital Markets maintained Bloom Energy as Overweight but slashed the price target to $15 from $27. Shares closed at $4.60, in a 52-week trading range of $4.54 to $38.00 and with a consensus price target of $21.63.
Care.com Inc. (NYSE: CARE) was raised to Buy from Neutral with a $13 target price (versus a $9.33 close) at BTIG.
CBS Corp. (NYSE: CBS) is finally merging back into Viacom, or vice versa. CBS shares closed up 1.3% at $48.70 on Tuesday. BMO Capital Markets downgraded the media company to Market Perform from Outperform. On the other side of the coin, Merrill Lynch raised its rating to Buy from Neutral and has a $63 price objective.
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