Top Analyst Upgrades and Downgrades: Abbott Labs, CSX, IBM, Netflix, Occidental, Whiting, Amgen, Gilead, Merck, Pfizer and More

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Netflix Inc. (NASDAQ: NFLX) managed to surge around 10% initially after posting mixed earnings on Wednesday. Wedbush maintained its Underperform rating and $188 target price, Bernstein maintained its Outperform rating but cut its target to $422 from $450, Guggenheim maintained its Buy rating and cut its target to $400 from $420 and Wells Fargo maintained its Market Perform rating while raising its target to $308 from $288. Piper Jaffray maintained its Overweight rating and lowered its target to $400 from $440. Netflix shares were indicated to open up over 8% at $309.50 on Thursday morning.

Occidental Petroleum Corp. (NYSE: OXY) was maintained with a Strong Buy rating at Raymond James, but the firm did lower its target price to $70 from $80.

United Airlines Holdings Inc. (NYSE: UAL) saw its shares rise 2% to $89.70 in the post-earnings reaction in Wednesday’s trading. Credit Suisse reiterated its Outperform rating and raised its target to $118 from $117.

Whiting Petroleum Corp. (NYSE: WLL) was downgraded to Outperform from Strong Buy rating at Raymond James, and the firm slashed its target price to $10 from $25. Whiting closed down 1% at $6.66, and its prior consensus target price was $17.30.

Argus reiterated its Buy ratings on PNC Financial Services Group Inc. (NYSE: PNC) and on U.S. Bancorp (NYSE: USB) following their third-quarter earnings reports.

Merrill Lynch has made multiple price target changes in the big biotech and pharmaceutical companies with reinstated coverage, as follows:

  • Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) target cut from $166 to $130.
  • Amgen Inc. (NASDAQ: AMGN) reinstated as Neutral and with a $215 price objective.
  • Biogen Inc. (NASDAQ: BIIB) reinstated as Underperform with a $200 price objective.
  • BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) reinstated as Buy with a $90 price objective.
  • Eli Lilly and Co. (NYSE: LLY) reinstated as Buy with a $133 price objective.
  • Exact Sciences Corp. (NASDAQ: EXAS) target up from $130 to $135.
  • Gilead Sciences Inc. (NASDAQ: GILD) at Neutral and the price objective to $70 from $80.
  • Merck & Co. (NYSE: MRK) with a Neutral rating and $90 price objective.
  • Pfizer Inc. (NYSE: PFE) with a Neutral rating and $37 price objective.
  • Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) with a Buy rating and $220 price objective.

Wedbush is defending against the weakness in the cruise line industry, noting that the hits from 2019 and the near-term earnings risks it sees the underlying trends as positive and it has faith in the 2020 earnings story. The firm has reiterated its Outperform rating on Royal Caribbean Cruises Ltd. (NYSE: RCL) and on Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), with a $140 target on Royal Caribbean (versus a $108.32 close) and a $65 target on Norwegian (versus a $49.33 close). Carnival Corp. (NYSE: CCL) was maintained as Neutral with a $43 target price (versus a $42.39 close).

Wednesday’s top analyst upgrades and downgrades included Adobe, Alibaba, Amazon.com, AT& T, Comcast, Delphi Technologies, DocuSign, Johnson & Johnson, JPMorgan, T-Mobile, Verizon Communications, Wells Fargo and many more.

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