Stocks traded higher to all-time highs on Thursday on news that a China trade deal was very close, seemingly without any cares about impeachment, and the indexes were indicated up another 0.25% or so on Friday. Investors have grown to discount any news of an imminent recession that was being touted recently, and they are also seeing more upside calls for 2020 stock market performance. There are of course still many pressing issues and risks to consider now that the bull market has raged longer than a decade. Now is the time for investors to consider what changes they should be making for their portfolios and assets heading into 2020.
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 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 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 Friday, December 13, 2019.
Adobe Inc. (NASDAQ: ADBE) was reiterated as Overweight and the target price was raised to $330 from $330 at Barclays. Wedbush Securities maintained its Neutral rating but raised its target to $315 from $290. Credit Suisse reiterated its Outperform rating and raised its target to $350 from $325.
Bank of Nova Scotia (NYSE: BNS) was downgraded to Neutral from Outperform at Credit Suisse.
Biogen Inc. (NASDAQ: BIIB) was raised to Neutral from Underperform and the target price was raised to $300 from $260 (versus a $293.85 prior close) at Credit Suisse.
Bluebird Bio Inc. (NASDAQ: BLUE) was raised to Outperform from Perform and assigned a $135 target price (versus an $84.05 close) at Oppenheimer.
Bristol-Myers Squibb Co. (NYSE: BMY) was raised to Buy from Hold with an $80 target price at Argus.
Broadcom Inc. (NASDAQ: AVGO) was up 2.5% at $327.80 ahead of earnings and down 1.5% at $323.00 afterward. Wells Fargo reiterated it as Market Perform but raised its target to $315 from $285. KeyBanc Capital Markets reiterated it as Overweight and raised the price target to $360 from $340.
Charles Schwab Corp. (NYSE: SCHW) was raised to Outperform from Market Perform at Keefe Bruyette & Woods.
Ciena Corp. (NASDAQ: CIEN) was reiterated as Overweight and the target price was raised to $56 from $53 at Barclays. Piper Jaffray raised it from Neutral to Overweight with a $50 target price.
Constellation Brands Inc. (NYSE: STZ) was reiterated as Outperform and the price target was raised to $233 from $228 (versus a $179.79 close) at Credit Suisse.
Container Store Group Inc. (NYSE: TCS) was named as the Zacks Bear of the Day stock. The firm said that higher costs are hitting fiscal 2019 earnings estimates. Shares last closed at $4.16, with a consensus price target of $5.25.
DCP Midstream L.P. (NYSE: DCP) was started with a Hold rating and $26 target price (versus $23.69 close) at SunTrust Robinson Humphrey.
Discovery Inc. (NASDAQ: DISCA) was reiterated as Overweight and the price target was raised to $39 from $38 at Wells Fargo.