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Top Analyst Upgrades and Downgrades: Aurora Cannabis, Biogen, Micron, Nio, Nvidia, Palo Alto, Tandem Diabetes, Tesla and More

Micron Technology Inc. (NASDAQ: MU) was downgraded to Underperform from Buy at Merrill Lynch, which also downgraded Silicon Motion Technology Corp. (NASDAQ: SIMO) to Neutral. The firm noted that the downgrades for global memory and Korean tech stocks were based on weaker short-term and medium-term momentum or earnings misses rather than based on a change about the long-term views due to March sales, seasonality and Covid-19.

Mosaic Co. (NYSE: MOS) was named as the Zacks Bear of the Day stock. The firm said that there may not be a glimmer of hope for fertilizers in 2020. Shares last closed at $19.41 and have a consensus price target of $25.80.

MPLX L.P. (NYSE: MPLX) was downgraded to Neutral from Overweight at JPMorgan.

Nio Ltd. (NYSE: NIO) closed down 4.9% at $3.88 on Monday but was trading up over 30% at $5.10 on Tuesday morning after entering into a framework with a Chinese province about manufacturing. Bernstein raised it to Market Perform from Underperform, and Merrill Lynch reiterated its Neutral rating.

Novartis A.G. (NYSE: NVS) was downgraded to Neutral from Buy at Guggenheim.

Nvidia Corp. (NASDAQ: NVDA) was downgraded to Reduce from Neutral and its target price was lowered to $230 from $235 at Nomura/Instinet. Shares closed down 7% at $273.28 on Monday, with a $301.15 consensus target price.

Palo Alto Networks Inc. (NYSE: PANW) was down 2.3% at $237.33 on Monday but its shares were last seen trading down about 15.5% at $200.60 after its guidance was short of expectations. Mizuho maintained its Buy rating but lowered the price target to $245 from $265. Wedbush Securities maintained its Outperform rating but trimmed its target price to $240 from $275. RBC Capital Markets downgraded it to Sector Perform from Outperform and lowered its target to $235 from $280, and JPMorgan downgraded it to Neutral from Overweight and cut its target from $285 to $235.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) closed up 5.5% at $425.38 on Monday despite the market sell-off. Jefferies upgraded it to Buy from Hold and raised its target price to $490 from $355.

Tandem Diabetes Care Inc. (NASDAQ: TNDM) was reiterated as Outperform and its target price was raised to $91 from $85 (versus an $86.79 close) at Raymond James. It had an $82.23 consensus target price, and its 52-week trading range is 447.36 to $91.65.

Tesla Inc. (NASDAQ: TSLA) was downgraded to Hold from Buy at Jefferies, but the firm did raise its target price to $800 from $600. Tesla closed down almost 7.5% at $833.79 a share on Monday and was indicated up about 2% around $250.00 on Tuesday. Its consensus target price was still down at $499.00 or so due to such a wide range of estimates.

Wix.com Ltd. (NASDAQ: WIX) was started with a Buy rating and a $165 target price (versus a $131.50 close) at Needham. It had a $160.13 consensus target price.

Monday’s top analyst upgrades and downgrades included Agilent Technologies, Antero Midstream, Chewy, Domino’s Pizza, eHealth, First Solar, Kraft Heinz, Newmont, Square, Tilray and Wayfair and many more.

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