Lam Research Corp. (NASDAQ: LRCX) was downgraded to Neutral from Buy and its target price was cut to $220 from $280 at B. Riley FBR.
Packaging Corp. of America (NYSE: PKG) was raised to Buy from Hold with a $118 target price (versus a $91.03 close) at Argus. It is down from a high of $114.78.
Roku Inc. (NASDAQ: ROKU) was raised to Hold from Sell with a $68 target price (versus a $67.50 close) at Loop Capital.
Royal Caribbean Cruises Ltd. (NYSE: RCL) was named as the Zacks Bear of the Day stock. The firm said that this stock has been hit hard by the coronavirus, with shares down 80% in a month. They last closed at $22.33, with a consensus price target of $99.46.
Square Inc. (NYSE: SQ) was raised to Neutral from Sell at BTIG, with this long-term bear (since late in 2017) changing tune now that shares have finally gone under the firm’s $37 fair value target.
3D Systems (NYSE: DDD) was downgraded to Sell from Neutral and its target price was cut to $4 from $10 at B. Riley FBR.
Tesla Inc. (NASDAQ: TSLA) was maintained as Neutral but its target price was slashed to $425 from $710 (versus a $361.22 close, after a 16% drop) at Wedbush. Morgan Stanley raised it to Equal Weight from Underweight but trimmed its target price to $460 from $480. The stock is down from a high of $968.99.
Uber Technologies Inc. (NYSE: UBER) was removed from the Best Ideas List at Wedbush due to price performance. Uber’s shares had fallen to $14.82 as of Wednesday, and that is down from a high of $47.08.
Canaccord Genuity is joining in on the recent wave of recession calls, in this case from analyzing the yield curve. The firm pointed out that the steepening Treasury yield curve is signaling imminent recession:
In just the past month, the US economy has gone from reaccelerating to a near shutdown that should kickstart a recession. The 2-/10-year US Treasury Yield Curve has steepened to a positive 64 basis points after inverting on August 26. Over the last seven cycles, recession has always followed an inversion of the curve, but the duration between inversion and recession has clearly been pulled forward by the Covid-19 social distancing mandates.
Some stocks continue to benefit from the coronavirus worries, and Stifel has five names it still sees favorably.
Wednesday’s top analyst upgrades and downgrades and initiations included American Express, Boeing, Caterpillar, Lennar, Simon Property, Sirius XM, Six Flags, Tesla, Walmart, Zynga and many more.