Stocks were indicated to open marginally higher on Wednesday, but not by enough to have the outcome and bias of the day feeling solid. The Dow Jones industrials and S&P 500 have both hit new all-time highs, and the yield curve has normalized as the 10-year and 30-year yields have gone back up. So much for all those endless media calls predicting an imminent recession. Still, investors have a lot of pressing issues and risks to consider now that the bull market is over 10 and a half years old. This is a time for investors to consider what changes they should be making 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. Our goal is 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 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 sell-side research service.
These are the top analyst upgrades, downgrades and initiations for Wednesday, November 6, 2019.
Altice USA Inc. (NYSE: ATUS) was down 0.8% at $31.35 ahead of earnings and was trading down about 15% at $26.50 after earnings. KeyBanc Capital Markets downgraded it to Sector Weight from Overweight, and Barclays downgraded it to Equal Weight from Overweight.
BlackRock Inc. (NYSE: BLK) was upgraded to Buy from Hold and the target price was raised to $545 from $465 (versus a $482.44 prior close) at Deutsche Bank.
CenturyLink Inc. (NYSE: CTL) was downgraded to Sell from Neutral at Guggenheim. Shares closed at $13.67 ahead of the call and were indicated down about 4% at $13.10 afterward. The consensus target price was $12.38, and CenturyLink has more than a 7% yield.
Cigna Corp. (NYSE: CI) was reiterated with a Buy rating and its target price was raised to $205 from $180 (versus a $181.85 close) at Mizuho.
Emerson Electric Co. (NYSE: EMR) was downgraded to Market Perform from Outperform at Cowen. The stock closed up 0.8% at $73.79 on Tuesday, with a consensus target price of $72.81 and with a 52-week trading range of $55.39 to $75.54.
Foot Locker Inc. (NYSE: FL) was started with an Outperform rating and a $70 target price (versus a $45.87 close, after a 3% gain) at Raymond James.
Groupon Inc. (NASDAQ: GRPN) was flat at $3.00 ahead of earnings, and the shares were last seen down about 2% at $2.94 after the report. JPMorgan downgraded it to Underweight from Neutral.
Grupo Financial Galicia S.A. (NASDAQ: GGAL) was named as the Bull of the Day at Zacks, which asked how low can a stock go before earnings take over. Shares most recently closed at $12.68, with a consensus price target of $22.07.
GW Pharmaceuticals PLC (NASDAQ: GWPH) was last seen trading lower by almost 12% at $118.75 ahead of Wednesday’s opening bell, despite its marijuana-derived treatment for epilepsy seeing 25% sales growth. Cantor Fitzgerald maintained its Overweight rating but cut its target price to $174 from $229.
Haliburton Co. (NYSE: HAL) was named as the Zacks Bear of the Day stock. The firm said that oil stocks are not gushing profits the way they used to. The shares last closed at $21.05, with a consensus price target of $26.55.
HubSpot Inc. (NYSE: HUBS) was down 1.75% at $151.57 ahead of earnings but traded down about 6.6% at $141.50 afterward. Raymond James maintained its Outperform rating and cut its target price to $200 from $210, and UBS reiterated its Neutral rating while lowering its target to $168 from $175.
KeyCorp (NYSE: KEY) was downgraded to Neutral from Outperform at Robert W. Baird.
Lululemon Athletica Inc. (NASDAQ: LULU) was started with a Strong Buy rating and a $275 price target at Raymond James. Lululemon closed down 1.1% at $194.34 ahead of the call and was indicated up about 1% at $196.25 afterward. It has a $211.35 consensus target price, and the prior street-high target price was $238.
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