The futures traded higher Thursday morning as analysts and traders digested a huge wave of third-quarter earnings reports. With the political volatility at home and geopolitical volatility abroad, it probably makes sense to play it safe now. Investors need to be considering exactly how they want their portfolios and assets positioned for the rest of 2019 and beyond.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new ideas for traders and long-term investors alike. Some of the daily analyst calls cover stocks to buy. Other 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, October 24, 2019.
Acorda Therapeutics Inc. (NASDAQ: ACOR) was downgraded to Underweight from Neutral at JPMorgan. The stock has traded in a 52-week range of $2.27 to $21.63. The consensus price target is $8.63, and the stock closed Wednesday at $2.70.
Audioeye Inc. (NASDAQ: AEYE) was resumed in coverage with a Buy rating and an $11 price target at National Securities. The consensus target is $11.13. The shares ended Wednesday at $3.11
Avery Dennison Corp. (NYSE: AVY) was downgraded to Neutral from Buy at Citigroup, which actually raised its price target to $136. The consensus target is $123.44, and the stock closed Wednesday at $126.14.
BankUnited Inc. (NYSE: BKU) was upgraded to Neutral from Underweight at JPMorgan, and the firm raised the price target on the shares to $37. The consensus target is $36.71, and the stock was last seen trading at $34.48.
Caterpillar Inc. (NYSE: CAT) saw its target price raised to $150 at Credit Suisse, though the firm maintained an Outperform rating. RBC Capital lowered its price target to $142 from $146 and has a Sector Perform rating, while UBS lowered its price target to $111 and has a Sell rating on the heavy equipment giant. The company missed both earnings and revenue expectations, and shares closed Wednesday at $135.34.
CoreLogic Inc. (NYSE: CLGX) was downgraded to Sell from Hold at Deutsche Bank, which dropped the price target on the stock to $39. The consensus price target is set at $46.23, and shares closed Wednesday at $47.44.
Costco Wholesale Corp. (NASDAQ: COST) was named as the Bull of the Day at Zacks, which said that the nation’s second-largest retailer rakes in profits in all economic conditions. Shares most recently closed at $297.32, with a consensus price target of $300.87.
eBay Inc. (NASDAQ: EBAY) was downgraded to Market Perform from Outperform at Raymond James. The stock has traded between $26.01 and $42 over the past 52 weeks. The consensus price target is $41.94. The shares closed Wednesday at $39.20.
8X8 Inc. (NYSE: EGHT) was raised to Neutral from Sell at B. Riley FBR, which set an $18.50 price target. That compares to the Wall Street consensus target of $26.46. The stock closed Wednesday’s trading at $19.04.