The futures traded much lower Friday morning as investors digested another wild and woolly week on Wall Street. The positive January employment numbers should help to backstop the end of the week trading. All-time highs have come back into focus, as China lowered tariffs on $75 billion worth of U.S. goods. The coronavirus cases keep rising (over 28,250 cases and 565 deaths in China), but there is some growing hope that a vaccine or treatment may be available in a few months.
With global gross domestic product weighed on by China weakness, there is still much uncertainty and many ongoing and unresolved developments that investors have to digest in 2020. Many investors still have not made some of their normal portfolio changes this year either.
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 were the top analyst upgrades, downgrades and initiations seen for Friday, February 7, 2020.
AmerisourceBergen Inc. (NYSE: ABC) was raised to Outperform at Baird, where the analysts have a $112 price target. That compares with the Wall Street consensus target of $96.27. The stock closed trading om Thursday at $92.48.
Artisan Partners Asset Management Inc. (NYSE: APAM) was named as the Bull of the Day at Zacks, which said that, with the market pushing up to new heights, asset managers have been living on easy street. Shares most recently closed at $36.20 with a consensus price target of $34.33.
Becton Dickinson and Co. (NYSE: BDX) was downgraded to Outperform from Strong Buy at Raymond James, where the analysts have set a $283 price objective. That compares with a consensus target that is right in line at $284.36. The stock closed Thursday at $252.25, down almost 12% on the day despite topping analysts’ estimates.
Cabot Corp. (NYSE: CBT) was upgraded to a Buy rating from Neutral at UBS, which also raised the price target to the $52 level. That compares to the consensus target of $50.63. The stock was last seen trading at $42.34.
Cardinal Health Inc. (NYSE: CAH) was raised to Outperform from Neutral with a $68 price objective at Baird. That compares with the $54.93consensus target. The shares closed Thursday at $58.26, up almost 11% on the day on strong earnings and revenue growth. The shares were up another 1% in Friday’s premarket.
Domino’s Pizza Inc. (NYSE: DPZ) was upgraded to Buy from Neutral at Goldman Sachs, which raised the price target for the pizza restaurant giant to $320. The consensus target is $298.86, and the stock ended Thursday at $279.41.
FedEx Corp. (NYSE: FDX) was named as the Zacks Bear of the Day stock. The firm said trade war headwinds have given way to a new scapegoat, the coronavirus. Shares last closed at $148.63 and have a consensus price target of $170.72.
Ford Motor Co. (NYSE: F) was downgraded to Neutral from Outperform with a $9 target at Credit Suisse. Also, DZ Bank lowered it from Buy all the way to Sell. Shares for the automotive giant closed Thursday at $8.25.
Funko Inc. (NASDAQ: FNKO) was downgraded to Hold from Buy with a $10 price target at Stifel. The consensus target is much higher $15.88. Shares ended trading Thursday at $9.29.
General Electric Co. (NYSE: GE) was raised to a Hold rating at Gordon Haskett. The 52-week trading range of the beleaguered but seemingly on the path back industrial giant is $7.65 to $13.00. The consensus price target is $12.49. The stock closed at $12.95 on Thursday.