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Top Analyst Upgrades and Downgrades: Apple, BofA, Chipotle, Cogent, Endo, Humana, Incyte, L Brands, NextEra Energy, Papa John's, Wingstop and More

Stocks rose strongly on the first trading day of 2020, with a 1.1% gain on the Dow Jones industrial average and a 0.8% gain in the S&P 500, and that is after gains of more than 28% for the S&P 500 in 2019. The second trading day is seeing oil higher and stocks lower based on a U.S. airstrike successfully targeting a top Iranian general in Iraq. For those who did not make all of their portfolio shifts and changes in 2019, now is the time to be reconsidering how to be positioned for 2020. We have stocks effectively at all-time highs, as trade tensions are abating and global growth may see a rekindled strength, but we also have an election year where much is at stake. Strategists by and large are calling for single-digit percentage gains in 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 some calls cover stocks to sell or to avoid.

We have provided these analyst calls in a quick-hit summary for easy reading, and additional comments and trading data have been added on many of the calls. The consensus analyst price targets mentioned and other valuation metrics are from the Refinitiv sell-side research service.

Most research departments generally hold off on their flood of new analyst calls until the first full trading week of the year, so analyst calls are still looking a tad on the light side. These are the top analyst upgrades, downgrades and initiations from January 3, 2020.

Analog Devices Inc. (NASDAQ: ADI) was named as the Zacks Bear of the Day stock. The firm said that growth peaks of the past will take time to recover as analog solutions in a digital world evolve. Shares last closed at $120.43 and have a consensus price target of $124.71.

Apple Inc. (NASDAQ: AAPL) was reiterated as Outperform and its target was raised to $330 from $295 at RBC Capital Markets. Merrill Lynch reiterated its Buy rating on Apple and raised its price objective to $330 from $290.

Bank of America Corp. (NYSE: BAC) was downgraded to Market Perform from Outperform with a $37 target price at BMO Capital.

Chipotle Mexican Grill Inc. (NYSE: CMG) was reiterated as Buy and the target price was raised to $1,010 from $890 at BTIG.

Choice Hotels International Inc. (NYSE: CHH) was downgraded to Neutral from Outperform at Robert W. Baird.

Cincinnati Bell Inc. (NYSE: CBB) was downgraded to Equal Weight from Overweight at Wells Fargo.

Cogent Communications Holdings Inc. (NASDAQ: CCOI) was raised to Neutral from Sell and its target price was raised to $68 from $53 (versus a $65.50 prior close) at Citigroup.

Endo International PLC (NASDAQ: ENDP) was upgraded to Overweight from Neutral and the target price was raised to $7 from $5 (versus a $4.50 close, after a 4% drop) at Piper Jaffray.

Extended Stay America Inc. (NASDAQ: STAY) was downgraded to Neutral from Outperform at Robert W. Baird.

Flex Ltd. (NASDAQ: FLEX) was reiterated as Buy and the target price was raised to $14 from $13 (versus a $12.78 close) at Goldman Sachs.

Humana Inc. (NYSE: HUM) was reiterated as Buy with a $425 target price (versus a $363.24 close) at Goldman Sachs.