Top Analyst Upgrades and Downgrades: AEP, Beyond Meat, Conoco, Delta, JPMorgan, First Solar, Luckin, Peloton, PG&E, Qualcomm, Redfin, Zynga and More

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Stocks have hit new all-time highs in recent days after a very strong 2019, but they were looking a tad soft on Wednesday as the U.S.-China trade pact’s phase-one deal is being signed. The market strength has the indexes in overbought conditions and many key stocks have continued their 2019 surge even higher into 2020.

Many investors still have not made portfolio changes during and after a very strong market in 2019, but there is still time to get positioned for 2020. There are many market risks, concerns and headlines that may come with worry, but global growth may see a rekindled strength this year, while interest rates are expected to remain stable. This is also an election year in which much is at stake, and strategists are by and large calling for single-digit percentage gains in 2020.

24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding 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 calls. The consensus analyst price targets and other valuation metrics are from the Refinitiv sell-side research service.

Our 2020 Bull/Bear Outlook sees the Dow rising by about 7.4% to 30,650 this year, but there are outliers that could help the Dow rise by over 10% after a very strong 2019. The upside scenario puts Dow 32,000 easily within reach if only a few things go right this year.

These are the top analyst upgrades, downgrades and initiations from Wednesday, January 15, 2020.

American Electric Power Co. Inc. (NYSE: AEP) was upgraded to Outperform from Sector Perform and its target price was raised to $103 from $96 (versus a $94.98 prior close) at RBC Capital Markets.

Beyond Meat Inc. (NASDAQ: BYND) has seen its shares surge more than 50% in just over a week, but Bernstein has downgraded shares of the plant-based meat alternative company to Market Perform from Outperform, with a $106 target price. Its prior consensus target price was $105.13.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) was downgraded to Equal Weight from Overweight at Wells Fargo, and this business development company has roughly a 10% yield.

Blueprint Medicines Corp. (NASDAQ: BPMC) was reiterated as Outperform and its target price was raised to $122 from $141 (versus a $75.64 close) at Wedbush Securities. The firm has adjusted its financial model for updated 2020 regulatory guidance and over a stronger positive view of pralsetinib’s competitive potential in RET fusion-positive non-small cell lung cancer.

Canada Goose Holdings Inc. (NYSE: GOOS) was named as the Zacks Bear of the Day stock. The firm said that this high-end outerwear manufacturer may be running out of customers for its expensive wares. Shares last closed at $34.50 and have a consensus price target of $32.90.

Cardlytics Inc. (NASDAQ: CDLX) was downgraded to Market Perform from Outperform at Raymond James.

ConocoPhillips Co. (NYSE: COP) was started as Outperform with a $72 target price (versus a $65.14 close) at Robert W. Baird. Conoco has a consensus target price of $74.55, and its 52-week trading range is $50.13 to $71.01.

Delta Air Lines Inc. (NYSE: DAL) was reiterated as Buy and the target price was raised to $71 from $65 (versus a $61.45 close) at Citigroup.

Dicks Sporting Goods Inc. (NYSE: DKS) was named as the Bull of the Day at Zacks, which said that limited firearm sales and innovative new house brands have been a big success for this retailer. Shares most recently closed at $49.40, with a consensus price target of $50.21.

Embraer S.A. (NYSE: ERJ) was downgraded to Neutral from Buy a UBS. The Brazilian jet maker’s American depositary shares closed down 0.2% at $19.68, in a 52-week range of $15.86 to $22.90 and with a consensus target price of $22.98.

Federal Realty Investment Trust (NYSE: FRT) was raised to Buy from Hold with a $144 target price (versus a $127.67 close) at Jefferies. The REIT has close to a 3.3% dividend yield.

First Solar Inc. (NASDAQ: FSLR) was downgraded to Underweight from Overweight and the target price was lowered to $49 from $66 at Barclays. The stock previously closed up 2.3% at $58.78, but it was indicated down almost 5% at $56.00 on Wednesday. The prior consensus target price was $69.25 ahead of the call. The 52-week trading range is $45.77 to $69.24.