Top Analyst Upgrades and Downgrades: Acceleron, AMD, Apple, eBay, Facebook, Hasbro, 3M, Peloton, Starbucks, Tesla, Xilinx and More
Stocks saw a snapback rally on Tuesday that recouped much of Monday’s losses, and strong earnings in general have set the stage for a positive open on Wednesday, with the major indexes indicated up 0.35% to 0.50%. While volatility can scare even the most nimble of investors, it is important to keep in mind that stocks were at all-time highs just a few days ago.
Many investors still have not made portfolio changes since the very strong market in 2019. This is also an election year in which much is at stake, and strategists overall are 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 of the calls. The consensus analyst price targets and other valuation metrics are from the Refinitiv sell-side research service.
These are the top analyst upgrades, downgrades and initiations from Wednesday, January 29, 2020.
Acceleron Pharma Inc. (NASDAQ: XLRN) saw its shares rise 50% to $79.39 on Tuesday after very positive news on peripheral arterial hypertension. Citigroup reiterated its Buy rating and raised its target to $138 from $75.
Advanced Micro Devices Inc. (NASDAQ: AMD) was up 2.6% at $50.53 ahead of earnings, but the shares were down 4.5% at $48.25 in Wednesday’s post-earnings reaction. Wedbush Securities reiterated its Outperform rating and raised its target to $57.00 from $51.50. Merrill Lynch reiterated its Buy rating and raised its target price to $62 from $56. Credit Suisse maintained its Neutral rating and kept its target price at $33, based on overvaluation concerns.
Apple Inc. (NASDAQ: AAPL) was up 2.8% at $317.69 ahead of earnings, and its shares were up about 2% at $324.00 in Wednesday’s post-earnings reaction. Wedbush reiterated the shares with an Outperform rating and the same $400 target price, the street-high target, talking about a blowout quarter and solid iPhone trends continuing ahead. Merrill Lynch reiterated Apple as Buy and raised its target to $350 from $340. Cowen reiterated it as Outperform and raised its target to $370 from $350. JPMorgan maintained its Overweight rating and raised its target to $350 from $300, while Citigroup reiterated its Buy rating and raised its target to $375 from $300. Evercore ISI reiterated its Outperform rating and hiked its target to $365 from $360.
There were some less positive calls on Apple as well, with target prices not above the recent levels. Credit Suisse stuck with a Neutral rating but nudged its target price to $290 from $275. Deutsche Bank kept its Hold rating while raising its target price to $305 from $290. Wells Fargo maintained its Equal Weight rating and raised its target to $215 from $245. Apple’s 52-week and all-time high was $323.33, ahead of the opening bell.
CryoLife Inc. (NYSE: CRY) was reiterated with a Buy rating and its target price was raised to $38 from $30 (versus a $30.33 prior close) at Needham. The consensus target price is $34.33, and the 52-week trading range is $20.76 to $33.00.
D.R. Horton Inc. (NYSE: DHI) was reiterated as Buy and the price objective was raised to $70 from $65 at Merrill Lynch. Shares closed up 2.9% at $61.38 on Tuesday, with a $63.00 consensus target price.
eBay Inc. (NASDAQ: EBAY) was up 2% at $36.21 ahead of earnings but its shares were down 4.6% at $34.53 in Wednesday’s post-earnings indications. RBC Capital Markets maintained its Sector Perform rating but raised its target price to $37 from $36. Wedbush maintained its Neutral rating and lowered its target to $34 from $36. Credit Suisse was the outlier, maintaining its Outperform rating and keeping its $47 target price in place on eBay.
Express Inc. (NYSE: EXPR) was named as the Bull of the Day at Zacks, which said that this mall-based retailer has a new spring in its step. Its shares most recently closed at $4.58, with a consensus price target of $5.38.