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

Jon C. Ogg

Huntsman Corp. (NYSE: HUN) was started as Buy with a $27 target price (versus a $23.21 close) at Merrill Lynch. The prior consensus target price was $26.88

JPMorgan Chase & Co. (NYSE: JPM) was reiterated as Outperform and the target price was raised to $147 from $142 at Credit Suisse after earnings.

Logitech International S.A. (NASDAQ: LOGI) was downgraded to Neutral from Outperform at Wedbush, which noted that its growth drivers are in place but its shares are fully valued and reflecting those improvements at the current share prices.

Luckin Coffee Inc. (NASDAQ: LK) was reinstated as Outperform with a $54.40 target price (versus a $45.80 close) at Credit Suisse. The firm sees its business model having evolved rapidly since its 2019 IPO to beyond coffee penetration from its larger retail network density, more product categories and strong traffic growth
all helping to build the company’s own ecosystem and growing its competitive moat.

Maxar Technologies Inc. (NYSE: MAXR) was raised to Neutral from Underperform with a $22 target price at Credit Suisse, with the firm noting that its liquidity risks are now significantly diminished.

Momenta Pharmaceuticals Inc. (NASDAQ: MNTA) was raised to Overweight from Neutral with a $30 target price (versus a $25.36 close, after a 23.7% gain) at JPMorgan. The shares rose after its 2019 update and 2020 outlook were released.

Nutrien Ltd. (NYSE: NTR) was downgraded to Market Perform from Outperform and the target price was lowered to $53 from $68 (versus a $48.35 close) at Bernstein. The Canadian seller of crop nutrients has a 52-week trading range of $45.82 to $56.00, and its consensus target price was $58.28.

Peloton Interactive Inc. (NASDAQ: PTON) was started as Outperform with a $37 target price (versus a $29.69 close) at Wedbush. The firm addressed many upsides and risks in the call, and full details are available.

PG&E Corp. (NYSE: PCG) was upgraded to Buy from Neutral and its target price was raised to $15 from $11 at Citigroup. Shares closed up almost 8% at $11.92, and they were indicated up over 5% at $12.60 after this upgrade.

Qualcomm Inc. (NASDAQ: QCOM) was raised to Buy from Hold with a $104 target price (versus a $90.56 close) at DZ Bank. The prior consensus target price was $97.66, and the 52-week trading range is $49.10 to $94.11.

Realty Income Corp. (NYSE: O) was raised to Buy from Neutral with an $84 target price (versus a $74.96 close) at Mizuho.

Redfin Corp. (NASDAQ: RDFN) was reiterated as Outperform and its target price was raised to $28 from $26 (versus a $22.25 close) at Wedbush, with the new brokerage pricing structure being a focal point in the call.

Spirit AeroSystems Holdings Inc. (NYSE: SPR) was downgraded to Neutral from Buy at Merrill Lynch. Shares closed up 0.3% at $67.97 ahead of the call, in a 52-week range of $65.72 to $100.34.

Tilly’s Inc. (NYSE: TLYS) was downgraded to Hold from Buy and the target price was lowered to $10.00 from $13.50 at Pivotal Research. It previously closed down 2.2% at $8.88, and the younger retail apparel destination store operator had a $12.13 consensus target price.

Ubiquity Networks (NYSE: UI) was downgraded to Underperform from Neutral but the target price was raised to $135 from $115 (versus a $185.07 close) at Credit Suisse, with the firm seeing little justification for the premium trading multiple as it factors in decelerating revenue and earnings growth.

Zynga Inc. (NASDAQ: ZNGA) was started with an Overweight rating and an $8.50 target price (versus a $6.77 close) at KeyBanc Capital Markets. The prior consensus target price was $7.50, and the 52-week trading range is $4.21 to $6.81.

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Tuesday’s top analyst upgrades and downgrades included Amazon.com, Apple, Baker Hughes, Bed Bath & Beyond, BP, GameStop, Meet, Total, Visa, Wynn Resorts and many more.