Top Analyst Upgrades and Downgrades: Ally, Altria, AT&T, Ford, Micron, Shopify, Valero, Wells Fargo, Whiting Petroleum, Zscaler and More
International Flavors & Fragrances Inc. (NYSE: IFF) was started with a Buy rating and assigned a $140 target price at Societe Generale. IFF closed up 1.7% at $119.93, with a 52-week range of $104.86 to $152.95 and a consensus analyst target of $135.83.
Marathon Petroleum Corp. (NYSE: MPC) was maintained as Overweight but the target price was lowered to $62 from $74 at JPMorgan.
Micron Technology Inc. (NASDAQ: MU) was reiterated as Overweight and its target price was raised to $58 from $45 (versus a $49.13 close) at KeyBanc Capital Markets. The consensus target price was $48.74 ahead of this call, and the 52-week trading range is $28.39 to $50.00.
Palo Alto Networks Inc. (NYSE: PANW) was started as Neutral with a $220 target price (versus a $211.18 close) at Rosenblatt. It had a consensus target price of $263.44.
Phillips 66 (NYSE: PSX) was maintained as Overweight but the target price was lowered to $115 from $126 at JPMorgan.
Qualys Inc. (NASDAQ: QLYS) was started as Neutral with an $85 target price (versus a $79.35 close) at Rosenblatt. The consensus target price was $95.29.
Shopify Inc. (NYSE: SHOP) was reiterated as Neutral with a $325 price target at Wedbush Securities, but the firm did note that the acquisition of 6 River Systems will help with warehouse fulfillment automation. Shares closed down 5.7% at $358.67 on Monday.
Turning Point Therapeutics Inc. (NASDAQ: TPTX) was started with an Outperform rating and assigned a $63 target price (versus a $42.75 close) at Wedbush. The firm called the shares undervalued as it believes the company’s portfolio of selective TKIs for cancers (driven by alterations in ROS1, NTRK, ALK, MET and RET, which in aggregate affect about 45,000 new patients each year in the United States) offers blockbuster and best-in-class potential over current and emerging alternatives.
Valero Energy Corp. (NYSE: VLO) was maintained as Overweight but the target price was lowered to $83 from $96 at JPMorgan.
Wabtec Corp. (NYSE: WAB) was started as Equal Weight with a $73 target price (versus a $70.38 close) at Morgan Stanley.
Wells Fargo & Co. (NYSE: WFC) was downgraded to Neutral from Buy with a $49 target price (versus a $48.41 close, after a 2.6% gain) at UBS. It has a consensus target price of $48.50 and a 52-week trading range of $43.02 to $57.56.
Whiting Petroleum Corp. (NYSE: WLL) was downgraded to Neutral from Buy and the price objective was slashed to $11 from $19 (versus an $8.04 close, after a 10.6% one-day gain) at Merrill Lynch. The stock was indicated down 1%, and its consensus target price was $19.20. The 52-week trading range is $6.00 to $55.17.
Zscaler Inc. (NASDAQ: ZS) was started as Neutral with a $65 target price (versus a $62.02 close) at Rosenblatt. It had a consensus target price of $80.56, and its 52-week trading range is $30.72 to $89.54.
With the endless media calls for a recession, we have compiled a list of the calls from economists and market pundits and have received some direct commentary after requests from some economists as well. Here are the actual developments rather than the overused blank “recession” call the media is using to show an expected timing and how deep the next recession actually might be.
Small business confidence from the National Federation of Independent Business also eroded in the last look.
Monday’s top analyst upgrades and downgrades included Apple, Caterpillar, Costco, Chipotle Mexican Grill, eBay, Groupon, Honeywell, Mastercard, Newmont Goldcorp, Roku, Zoetis and more.