Investing

Top Analyst Upgrades and Downgrades: Abbott Labs, Chevron, Cimarex, DocuSign, GE, IBM, Micron, Microsoft, Nvidia, Tesla, Western Digital and More

Kinross Gold Corp. (NYSE: KGC) was reinstated with a Neutral rating and assigned a $5.25 target price at Credit Suisse. Shares closed up 0.6% at $4.71, with a consensus target price of $5.90 ahead of the call.

Microsoft Corp. (NASDAQ: MSFT) was reiterated with an Outperform rating and $195 target price (versus a $165.70 close) at Wedbush, with the firm noting that it still sees Microsoft winning the $10 billion JEDI cloud contract over AWS despite Amazon formally filing its protest about the award. Piper Sandler reiterated its Buy rating and raised its target price to $190 from $158.

Micron Technology Inc. (NASDAQ: MU) was upgraded to Overweight from Equal Weight and its target price was raised to $73 from $56 at Morgan Stanley. It closed at $59.17 a share ahead of the call and was indicated up 2% at $60.35 ahead of the open on Thursday. The prior consensus target price was $65.38.

Nvidia Corp. (NASDAQ: NVDA) was reiterated as Buy at UBS, which also raised its target price to $300 from $240. Shares previously closed at $250.05, and the consensus target price was $246.63.

PTC Inc. (NASDAQ: PTC) was up almost 1.4% at $79.95 ahead of earnings but the shares were trading up 7.5% at $86.00 in Thursday’s early post-earnings reaction. Robert W. Baird reiterated its Outperform rating, raised its target to $105 from $95 and named it as a Top Pick in industrial software. JPMorgan raised its target to $84 from $82, and RBC Capital Markets raised its target to $83 from $75. The shares have a 52-week high of $102.47, and the consensus target price was $87.50 ahead of these hikes.

Tesla Inc. (NYSE: TSLA) was resumed with a Sell rating at UBS, but the firm’s prior target price of $160 rose all the way to $410. Tesla shares closed up 4% at $569.56 ahead of the call, but they were indicated down 2.2% at $557.00 in early trading indications on Thursday.

Texas Instruments Inc. (NASDAQ: TXN) was up 1.9% at $133.34 ahead of earnings but the shares were indicated down about 1.4% at $131.50 in the post-earnings reaction on Thursday morning. With a $127.93 prior consensus target price, several target price hikes were seen: Citigroup ($150 from $135), Jefferies ($164 from $150), Susquehanna ($155 from $140), RBC ($135 from $125) and JPMorgan ($145 from $130).

Waste Connections Inc. (NYSE: WCN) was downgraded to Neutral from Overweight at JPMorgan.

Western Digital Corp. (NASDAQ: WDC) was raised to Overweight from Equal Weight and its target price was hiked to $88 from $64 at Morgan Stanley. Shares closed at $68.64 ahead of the call, and its consensus analyst target was $68.99 ahead of the call.

Merrill Lynch makes a very surprising addition to its U.S. 1 list of top stock picks, and it’s almost a contrarian call given how long and how far the utility sector has run.

Also worth a look is the 10 top tech leaders scoring big analyst target hikes and upgrades ahead of earnings for 2020 upside.

Wednesday’s top analyst upgrades and downgrades included Amazon.com, Boeing, Broadcom, Cisco Systems, IBM, Netflix, Rio Tinto, Tesla, Verizon, Visa, Xerox and many more. Tuesday’s top analyst calls included AMD, Alibaba, AIG, Baidu, Broadcom, Costco, Intel, Ping, Pinterest, RingCentral, Shopify, Uber and more.

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