Top Analyst Upgrades and Downgrades: Caterpillar, Chipotle, Constellation, Domino's, Fannie Mae, FedEx, Harley-Davidson, IBM, Netflix, Peloton, Wingstop and More
Maxar Technologies Inc. (NYSE: MAXR) was named as the Bull of the Day at Zacks, which said that after a good-sized pullback, the stock is primed to launch back to highs. The shares most recently closed at $7.85, with a consensus price target of $60.52.
Netflix Inc. (NASDAQ: NFLX) was maintained as Buy at Monnes Crespi Hardt, but the firm lowered its price target by $100 to $340. Netflix previously closed down 1.3% at $270.72, and its price target was $377.66. This follows a similar call from Evercore ISI on Monday, wherein the firm lowered its target price to $300 from $380. Shares have a 52-week range of $231.23 to $385.99 and a consensus target price of $377.66.
Olin Corp. (NYSE: OLN) was downgraded to Neutral from Buy and the price target was cut to $19 from $24 (versus a $17.63 close) at Citigroup.
Peloton Interactive Inc. (NASDAQ: PTON) was started in coverage at Robert W. Baird with an Outperform rating and a $28 target price. Recall that Peloton’s IPO priced 40 million common shares at $29.00 apiece, and its post-IPO range has been $21.14 to $27.98. The shares previously closed down 1.3% at $23.21 and were indicated up 1.25 at $23.50 on Wednesday morning.
Pinduoduo Inc. (NASDAQ: PDD) was started with a Neutral rating and assigned a $34 target price (versus a $31.25 close) at Nomura/Instinet.
Sleep Number Corp. (NASDAQ: SNBR) was raised to Outperform from Market Perform with a $48 target price at Raymond James. It previously closed at $40.22 and has a consensus target price of $40.17.
Wingstop Inc. (NASDAQ: WING) was started with a Buy rating and assigned a $100 target price (versus an $88.01 close) at Loop Capital.
Keefe Bruyette & Woods has raised its ratings on government-sponsored enterprises Federal National Mortgage Association (FNMA), or Fannie Mae, and Freddie Mac (FMCC) to Market Perform from Underperform.
Here are five top Credit Suisse contrarian picks for underappreciated and overlooked upside ahead.
The U.S. Energy Information Administration has lowered its oil demand and price forecasts for 2020.
Interesting demand trends are seen in gold ETFs, and even more impressive than when gold was at its highs earlier this decade.
Ahead of earnings season next week, Credit Suisse’s equity strategy team indicated that consensus per-share earnings projections for the third quarter point to a decline of 2.1%. Assuming a typical level of beats, Credit Suisse noted that the final earnings results should be closer to a gain of 1.5% rather than a drop. That said, the firm also noted that earnings are likely to contract modestly when buybacks are excluded. The median company is called to deliver a more robust 6.4% earnings growth, while energy weighs on the top line and while Tech+ is expected to drag margins lower.
Tuesday’s top analyst upgrades and downgrades included Apollo Global Management, BlackRock, Cloudflare, Green Plains, Microsoft, Oracle, Target, TJX Companies and many more.