Top Analyst Upgrades and Downgrades: Caterpillar, Chipotle, Constellation, Domino’s, Fannie Mae, FedEx, Harley-Davidson, IBM, Netflix, Peloton, Wingstop and More

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Stocks were indicated to open higher on Wednesday on news that China is open to a partial trade deal, but this is said to be if the United States ends tariffs and would not include intellectual property issues. The bull market is now well over 10 years old, and volatility has been elevated despite strong double-digit percentage gains in 2019. Now is a time when investors need to be considering what changes they should make for their portfolios and assets heading into late 2019 and as 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 others cover stocks to sell or 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 sell-side research service.

These are the top analyst upgrades, downgrades and initiations for Wednesday, October 9, 2019.

ABM Industries Inc. (NYSE: ABM) was named as the Zacks Bear of the Day stock. The firm said that this building products name has seen its Zacks rank fall to the lowest level. Shares last closed at $34.30, with a consensus price target of $44.33.

Boot Barn Holdings Inc. (NYSE: BOOT) was started with an Overweight rating and assigned a $46 target price (versus a $32.78 prior close) at Stephens.

Caterpillar Inc. (NYSE: CAT) was maintained as Overweight but its target price was cut to $150 from $155 (versus a $117.97 close, after a 1.9% drop) at Morgan Stanley. Shares have a 52-week range of $111.75 to $149.17 and a consensus target price of $141.04.

Chipotle Mexican Grill Inc. (NYSE: CMG) was raised to Hold from Underperform and the price target was raised to $740 from $620 at Gordon Haskett. Chipotle closed down 1% at $805.88 on Tuesday, and the consensus target price was $788.23.

CNX Resources Corp. (NYSE: CNX) was initiated with a Sector Weight rating at KeyBanc Capital Markets. Shares previously closed down almost 3% at $7.11, and its consensus target price was $11.00.

Constellation Brands Inc. (NYSE: STZ) was reiterated as Outperform with a $228 price target (versus a $199.52 close) at Credit Suisse.

Deere & Co. (NYSE: DE) was reiterated as Overweight and the price target was raised to $180 from $177 (versus a $164.97 close) at Morgan Stanley. Shares have a 52-week range of $128.32 to $171.22 and a consensus target price of $169.05.

Domino’s Pizza Inc. (NYSE: DPZ) was reiterated as Outperform with a $280 price target at Wedbush Securities, with the firm noting that the company’s growth was good enough and that the revised long-term targets set more realistic market expectations. Independent research firm Argus downgraded Domino’s to Hold from Buy. Shares closed up 4.6% at $253.48 on Tuesday.

FedEx Corp. (NYSE: FDX) was downgraded to Market Perform from Outperform with a $153 price target at Bernstein. The stock closed down 2.6% at $138.39 on Tuesday and was indicated to open flat on Wednesday, with a prior consensus target price of $166.38.

Harley-Davidson Inc. (NYSE: HOG) was reiterated as Neutral and the target price was lowered to $33 from $35 (versus a $33.17 close) at Wedbush.

International Business Machines Corp. (NYSE: IBM) was reiterated as Outperform with a $173 price target (versus a $138.38 close) at Credit Suisse, but this is after the firm had it on its top five contrarian-buy picks earlier in the week. Shares have a 52-week range of $105.94 to $152.95 and a consensus target price of $153.05.