Investing

Top Analyst Upgrades and Downgrades: Amazon, Boeing, Broadcom, Cisco, IBM, Netflix, Rio Tinto, Tesla, Verizon, Visa, Xerox and More

Cue Biopharma Inc. (NASDAQ: CUE) was started as Outperform with a $22 price target (versus a $15.00 close) at JMP Securities.

Eiger BioPharmaceuticals Inc. (NASDAQ: EIGR) was reiterated as Buy and its target was raised to $31 from $28 (versus a $14.18 close) at Ladenburg Thalmann.

Estee Lauder Companies Inc. (NYSE: EL) was downgraded to Neutral from Buy at Citigroup.

Eversource Energy (NYSE: ES) closed at $89.80, and Janney downgraded it to Neutral from Buy now that it hit the firm’s $88 fair value estimate.

Extra Space Storage Inc. (NYSE: EXR) was started as Neutral at JPMorgan.

International Business Machines Corp. (NYSE: IBM) closed up 0.6% at $139.17 ahead of earnings, but Big Blue shares were up 4% at $144.65 in Wednesday’s early post-earnings reaction after a surprise revenue gain. Wedbush maintained a Neutral rating and $155 target price, and it said the report was a low-quality “beat and raise” quarter as bookings continue to show more share loss as services revenues looked below expectations. Citigroup maintained its Neutral rating and raised its target to $155 from $140. Credit Suisse reiterated its Outperform rating on IBM.

Kansas City Southern (NYSE: KSU) was downgraded to Hold from Buy at Deutsche Bank.

Mastercard Inc. (NYSE: MA) was reiterated as Buy and its target price was raised to $375 from $317 (versus a $321.93 close) at Citigroup. It had a consensus target price of $334.85, and its 52-week high was seen at $325.66 just a day earlier.

NeoPhotonics Corp. (NASDAQ: NPTN) was raised to Buy from Hold at Needham, and the target price of $11 compared with an $8.58 prior close and an $8.43 prior consensus target price.

Netflix Inc. (NASDAQ: NFLX) closed down about 0.5% at $338.11 ahead of earnings, but the stock was indicated up almost 2% at $344.00 after earnings, with the company showing it can still grow subscribers with stronger content releases even among competitive threats that may take some customers. Wedbush maintained Netflix as Underperform and lowered the target price to $173 from $188. Credit Suisse reiterated its Outperform rating, and Deutsche Bank reiterated its Buy rating and raised its target price to $400 from $395.

Rio Tinto Group PLC (NYSE: RIO) was downgraded to Market Perform from Outperform at BMO Capital Markets.

Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM) closed down 2.8% at $29.84 in New York trading on Tuesday. HSBC downgraded it to Reduce from Hold with a $25 target price, and its American depositary shares were indicated down almost 1% at $29.60 on Wednesday.

Tesla Inc. (NASDAQ: TSLA) became the first car company (or is it a tech company?) to hit $100 billion in market cap after closing up 7.2% at $547.20. And its shares were indicated up another 4% at $571.50 on Wednesday morning. Wedbush maintained it as Neutral but raised the target price to $550 from $370.

Verizon Communications Inc. (NYSE: VZ) was started as Hold with a $63 target price (versus a $60.32 close) at Deutsche Bank.

Visa Inc. (NYSE: V) was reiterated as Buy and its target price was raised to $235 from $209 (versus a $207.29 close) at Citigroup. Visa had a consensus target price of $214.82, and its 52-week high was seen at $208.39 just on Tuesday.

Xerox Corp. (NYSE: XRX) was reiterated as Hold at Argus, with the firm still cutting estimates based on its joint venture disposition.

Zions Bancorp. N.A. (NASDAQ: ZION) was downgraded to Neutral from Buy at Merrill Lynch.

Ten tech leaders are seeing major analyst upgrades and target hikes ahead of earnings for upside in 2020.

Tuesday’s top analyst upgrades and downgrades included Advanced Micro Devices, Alibaba, AIG, Baidu, Broadcom, Costco, Intel, Ping, Pinterest, RingCentral, Shopify, Uber and many more.