Equity futures were down again in the early hours of Monday, but the markets were then indicated to open higher after the Federal Reserve called an emergency meeting and has pledged to purchase whatever is required to stabilize the markets and liquidity. Many analyst calls on Wall Street are substantial downgrades or target price cuts in reaction to massive share price drops that have been seen in the past month and after the worst week for stocks since the financial crisis in 2008.
These are the top analyst calls tracked for Monday, March 23, 2020.
AbbVie Inc. (NYSE: ABBV) was downgraded to Hold from Buy at Societe Generale.
AES Corp. (NYSE: AES) was raised to Overweight from Equal Weight and the target price was cut to $16.50 from $19.00 (versus an $11.87 prior close) at Morgan Stanley.
Aimmune Therapeutics Inc. (NASDAQ: AIMT) was maintained as Overweight but its target price was slashed to $32 from $64 (versus an $11.51 close) at Cantor Fitzgerald.
Albermarle Corp. (NYSE: ALB) was maintained as Buy but the target price was cut to $108 from $118 at UBS. Shares closed down 13.7% at $53.45 ahead of this call.
American Airlines Inc. (NASDAQ: AAL) was raised to Outperform from Neutral at Raymond James.
American States Water Co. (NYSE: AWR) was named as the Bull of the Day at Zacks, which said that this water utility is a dividend king and has increased its cash payout every year for 65 years. Shares most recently closed at $86.00, with a consensus price target of $79.00.
Aramark Corp. (NYSE: ARMK) was raised to Buy from Sell but its target price was cut to $30 from $39 (versus a $19.43 close) at Citigroup.
AT&T Inc. (NYSE: T) was downgraded to Neutral from Outperform and its target price was cut to $33 from $41 at Robert W. Baird.
Boeing Co. (NYSE: BA) was raised to Buy from Neutral while its target price was cut to $173 from $256 at Goldman Sachs, but the firm thinks it remains a going concern until COVID-19 is resolved, and the firm believes that passenger traffic will be as popular as it was once this is resolved.
Bristol-Myers Squibb Co. (NYSE: BMY) was downgraded to Hold from Buy at Societe Generale.
Carnival Corp. (NYSE: CCL) was downgraded to Underweight from Overweight and its target price was cut to $6 (versus a $12.00 close) at Wells Fargo.
Charles Schwab Corp. (NYSE: SCHW) was raised to Buy from Neutral at BofA Securities.
CME Group Inc. (NASDAQ: CME) was maintained as Neutral but the price objective was cut to $168 from $216 (versus a $158.41 close) at BofA Securities.
Coca-Cola Co. (NYSE: KO) was raised to Overweight from Neutral at JPMorgan. Coca-Cola was down 8.8% at $38.30 on Friday’s close.
Comcast Corp. (NASDAQ: CMCSA) was downgraded to Neutral from Outperform and its target price was cut to $58 from $50 at Robert W. Baird.
Diamond Offshore Drilling Inc. (NYSE: DO) was reiterated as Sell and its target price was slashed to $1.00 from $3.50 (versus a $2.72 close) at Citigroup.
First Energy Corp. (NYSE: FE) was raised to Overweight from Equal Weight and the target price was cut to $41 from $50 (versus a $34.28 close) at Morgan Stanley.
Goldman Sachs Group Inc. (NYSE: GS) was maintained as Buy but the price objective was cut to $154 from $197 (versus a $138.41 close) at BofA Securities.