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Top Analyst Downgrades and Upgrades: Barclays, CrowdStrike, Edgewell, Facebook, Funko, RingCentral, Rio Tinto, RBS, Salesforce, WWE and More
February 11, 2020 8:55 am
Last Updated: February 12, 2020 8:07 am
Jack in the Box Inc. (NASDAQ: JACK) was raised to Outperform from Market Perform and its target price was raised to $102 from $91 (versus an $86.32 close) at Cowen.
L Brands Inc. (NYSE: LB) was raised to Neutral from Underperform with a $24 target price (versus a $24.14 close) at Credit Suisse.
Lloyds Banking Group PLC (NYSE: LYG) was started with a Neutral rating at Credit Suisse.
MercadoLibre Inc. (NASDAQ: MELI) was downgraded to Neutral from Buy at Citigroup, but the firm did raise its target price to $660 from $645. The stock closed up almost 2% at $658.23 on Monday but was indicated down 4.4% at $629.00 on Tuesday.
PulteGroup Inc. (NYSE: PHM) was named as the Bull of the Day at Zacks, which said that low mortgage rates and a great job market means big earnings growth for this home builder. The shares most recently closed at $46.66, with a consensus price target of $48.20.
Range Resources Corp. (NYSE: RRC) was downgraded to Neutral from Overweight and the target price was lowered to $4.50 from $6.50 at Piper Sandler. The stock previously closed down about 6% at $3.00 a share, with a prior consensus target price of $5.71.
RingCentral Inc. (NYSE: RNG) was up 2.5% to $212.61 on Monday ahead of earnings, and the shares were last seen trading up 4.5% at $222.30 on Tuesday’s post-earnings reaction. Raymond James reiterated its Strong Buy rating and raised the target price to $250 from $195, and Morgan Stanley reiterated it as Equal Weight and raised its target to $205 from $195.
Rio Tinto Group PLC (NYSE: RIO) was downgraded to Underperform from Sector Perform at RBC Capital Markets.
Royal Bank of Scotland Group PLC (NYSE: RBS) was started with an Outperform rating at Credit Suisse.
Salesforce.com Inc. (NYSE: CRM) was reiterated as Overweight and the target price was raised to $225 from $215 at Morgan Stanley. Shares closed up 1.8% at $189.12 on Monday, with a consensus target price of $198.33.
Velocity Financial Inc. (NYSE: VEL) was down 1% at $13.85 as of Monday’s close, with a post-IPO range of $13.17 to $14.29. JMP Securities started it as Market Outperform with a $22 target price, and Raymond James started it as Outperform with a $17 target price. Wells Fargo started it as Overweight with a $19 target price, while Citigroup started it as Buy with an $18 target price.
World Wrestling Entertainment Inc. (NYSE: WWE) was downgraded to Neutral from Overweight at JPMorgan. Last seen at $42.05, the shares have a 52-week range of $40.24 to $100.45.
Merrill Lynch is very positive on five top big pharmaceutical stocks that have posted solid results for the most recent quarter. All five could be great ideas for reducing portfolio risk for 2020.
Monday’s top analyst upgrades and downgrades included AbbVie, Apple, Arch Coal, FedEx, Ford, General Motors, Nvidia, Skyworks Solutions, Stitch Fix, World Wrestling Entertainment and many more.
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