Wednesday’s gains effectively erased that huge one-day drop last week, and the Federal Open Market Committee (FOMC) minutes did not offer enough vinegar to upset the markets late in the day, despite a small inversion in the yield curve that briefly took place. The Dow Jones industrials, S&P 500 and Nasdaq futures were all higher again on Thursday, but the 0.1% to 0.2% gains being seen were not strong enough to indicate any set bias or outcome for the day. It is important to keep in mind that the stock market hit all-time highs late in July and that the bull market is still well over 10 years old. Investors need to be giving strong consideration to how they want their portfolios and assets positioned as the end 2019 and the start of 2020 approaches.
24/7 Wall St. reviews dozens of analyst research reports each day of the week to find new ideas for traders and long-term investors alike. Some of the daily analyst calls cover stocks to buy, while some 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 Thursday, August 22, 2019.
Alibaba Group Holding Ltd. (NYSE: BABA) was named as the Bull of the Day at Zacks, which said that the stock looks strong as it prepares to enter a new era. Shares closed down 1.1% at $175.24, and they have a 52-week range of $129.77 to $195.72. The consensus price target is $221.38.
Cedar Fair L.P. (NYSE: FUN) was raised to Buy from Hold at SunTrust Robinson Humphrey.
Cerner Corp. (NASDAQ: CERN) was raised to Buy from Hold at Argus.
Dillard’s Inc. (NYSE: DDS) was named as the Zacks Bear of the Day stock. The firm said that this retailer posted worse-than-expected results recently, and it is struggling to adapt to the e-commerce and delivery age.
Fluor Corp. (NYSE: FLR) was raised to Buy from Hold at Canaccord Genuity.
Home Depot Inc. (NYSE: HD) was reiterated as Overweight at Morgan Stanley, which raised its target to $225 from $210 after the earnings beat. Home Depot saw many analyst target hikes a day earlier, and its shares were up 1.5% at $220.40 on Wednesday, after having risen to $217.09 from $207.95 in the earnings reaction this week.
Jumia Technologies A.G. (NYSE: JMIA) was maintained as Outperform at Raymond James, but the firm did cut its target to $23 from $36 in the call. RBC Capital Markets raised it to Outperform from Sector Perform but cut its target price to $30 from $40. Shares closed down almost 17% at $12.27 on Wednesday’s post-earnings reaction. The stock has a post-IPO range of $11.30 to $49.77, and its consensus target price was $31 or so prior to calls like this.
Lowe’s Companies Inc. (NYSE: LOW) was reiterated as Overweight and its target was raised to $130 from $123 after earnings (shares up 10.3% at $108.00 on Wednesday) at Morgan Stanley. KeyBanc Capital Markets raised its target to $125 from $120 and reiterated its Overweight rating.