Progressive Corp. (NYSE: PGR) was downgraded to Neutral from Buy and the target price was lowered to $81 from $91 at Goldman Sachs. Shares previously closed at $72.90, in a 52-week range of $56.71 to $84.96 and with a consensus target price of $86.29.
Sherwin-Williams Co. (NYSE: SHW) was downgraded to Neutral from Buy at Goldman Sachs. It previously closed at $592.77, in a 52-week range of $365.20 to $597.00 and with a consensus target price of $610.14.
Splunk Inc. (NASDAQ: SPLK) was raised to Overweight from Equal Weight and the target price was raised to $169 from $140 at Morgan Stanley. The stock previously closed at $119.20 and was indicated up almost 3% at $122.65 on Monday, and it had a prior consensus target price of $150.26.
Tesla Inc. (NASDAQ: TSLA) was reiterated as Hold but the target price was raised by 12% to $290 (versus a $352.17 close) at Deutsche Bank.
TripAdvisor Inc. (NASDAQ: TRIP) was raised to Market Perform from Underperform but the target price was lowered to $30 at Cowen in a post-earnings scenario. At $31.14 a share on Friday’s close, this was a $40 stock earlier in November.
Twitter Inc. (NYSE: TWTR) was maintained as Market Perform but its price target was lowered to $33 from $45 (versus a $29.25 close) at BMO Capital Markets.
Ultra Clean Holdings Inc. (NASDAQ: UCTT) was downgraded to Hold from Buy at Stifel.
U.S. Concrete Inc. (NASDAQ: USCR) was downgraded to Equal Weight from Overweight and its target price was lowered to $47 from $60 at Stephens.
Viasat Inc. (NASDAQ: VSAT) was raised to Overweight from Neutral with a $90 target price (versus a $71.83 close) at JPMorgan.
Weyerhaeuser Co. (NYSE: WY) was reiterated as Buy and its target price was raised to $32 from $27 at Argus.
Wolverine World Wide Inc. (NYSE: WWW) was raised to Buy from Hold and assigned a $39 price target at Argus.
Workday Inc. (NASDAQ: WDAY) was downgraded to Equal Weight from Overweight and the target price was cut to $180 from $220 (versus a $165.98 close) at Morgan Stanley.
Credit Suisse is out with its 2020 outlook efforts, calling for earnings per share to improve and for price-to-earnings ratios to expand. The firm is initiating its 2020 S&P 500 price target of 3,425, which represents 9.8% upside from current levels and is based on an per-share earnings of $164.50 in 2019 (reduced from $166.50) and $173 per share in 2020 (reduced from $176) and imply earnings per share growth of 5.2% next year (from just 1% in 2019). The firm projects that the forward multiple will expand to 18.9 times by year-end 2020 from 18.1 times currently. Several assumptions are key to its 2020 outlook:
1) revenues to advance in-line with nominal GDP;
2) margin headwinds to be substantially less onerous;
3) buybacks to remain abundant;
4) reversal of decelerating economics to support multiple expansion.
Zacks has released its daily picks, and the Bull of the Day was Jazz Pharmaceuticals PLC (NASDAQ: JAZZ), with strength after earnings having the shares look solid ahead. The firm’s Bear of the Day is Canon Inc. (NYSE: CAJ), with the earnings trend looking troubling for the company.
Friday’s top analyst upgrades and downgrades included Ambev, American Water Works, Apple, BeiGene, CenterPoint Energy, Microsoft, NetApp, Pinterest, RealReal, Walmart and many more.