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Top Analyst Upgrades and Downgrades: Abbott Labs, AMD, Analog Devices, Applied Materials, Ford, Illumina, Medtronic, Tesla, Wells Fargo and More

Jon C. Ogg

Illumina Inc. (NASDAQ: ILMN) was downgraded to In-Line from Outperform at Evercore ISI Group. Illumina closed out 2019 at $331.74, with a $337.14 consensus target price.

Intercept Pharmaceuticals Inc. (NASDAQ: ICPT) was downgraded to Neutral from Buy but its target price was raised to $140 from $85 (versus a $123.92 close) at Citigroup.

Keysight Technologies Inc. (NYSE: KEYS) was named as the Bull of the Day at Zacks, which said that this 2014 spinoff from Agilent has become a key innovator in electronics systems for the biggest tech players. Shares of Keysight most recently closed at $102.63 and have a consensus price target of $120.00.

Medtronic PLC (NYSE: MDT) was raised to Buy from Neutral with a $135 target price (versus a $113.45 close) at Guggenheim. The consensus target price is $122.55.

Progressive Corp. (NYSE: PGR) was raised to Buy from Hold with an $84 target price (versus a $72.39 close) at Deutsche Bank.

Seattle Genetics Inc. (NASDAQ: SGEN) was downgraded to Neutral from Buy at Guggenheim.

Signet Jewelers Ltd. (NYSE: SIG) downgraded to Underweight from Equal Weight at Wells Fargo.

Tesla Inc. (NASDAQ: TSLA) was reiterated with a Buy rating and the price target was raised to $515 from $375 at Canaccord Genuity. Tesla shares closed out 2020 at $418.33, in a 52-week range of $176.99 to $435.31 and with a consensus target price of $299.00.

T. Rowe Price Group Inc. (NASDAQ: TROW) was raised to Overweight from Equal Weight with a $145 target price (versus a $121.84 close) at Wells Fargo, although other asset managers saw downgrades in the call.

United Airlines Holdings Inc. (NYSE: UAL) was raised to Outperform from In-Line at Evercore ISI Group. Shares closed at $88.09 on the last day of 2019, and the consensus target price was $110.18.

Upwork Inc. (NASDAQ: UPWK) was downgraded to Neutral from Buy and its target price was slashed to $12 from $23 (versus a $10.67 close) at Citigroup.

Wells Fargo & Co. (NYSE: WFC) was downgraded to Underperform from Neutral with a $50 target price at Robert W. Baird. Wells Fargo ended 2019 at $53.80, and its consensus target price was $51.79. The 52-week trading range is $43.34 to $54.75.

Wintrust Financial Corp. (NASDAQ: WTFC) was reiterated as Outperform with an $80 target price (versus a $70.90 close) at Wedbush Securities.

Wells Fargo has downgraded several asset management firms due to longstanding industry price pressure and the long move toward lower-fee exchange-traded funds (ETFs) over mutual funds. Janus Henderson Group PLC (NYSE: JHG), Invesco Ltd. (NYSE: IVZ) and Franlin Resources Inc. (NYSE: BEN) were all downgraded to Underweight from Equal Weight. Wells Fargo downgraded BrightSphere Investment Group Inc. (NYSE: BSIG) to Equal Weight from Overweight.

The top analyst upgrades and downgrades on the final trading days of 2019 included Activision Blizzard, Amazon.com, Apple, Boeing, Eli Lilly, Johnson & Johnson, Lennar, Nio, Nvidia, Tesla and more.