Investing

Top Analyst Upgrades and Downgrades: American Airlines, Chipotle, Ericsson, Microsoft, Mylan, Novavax, Pfizer, P&G, Qualcomm, Square, Starbucks and More

Microsoft Corp. (NASDAQ: MSFT) remains the top cloud pick at Wedbush, which noted that M&A is set to accelerate in the sector. While Microsoft has roughly one-third of its revenue exposed to PCs and the supply chain (why it removed guidance), the vast majority of its revenue and 80% to 90% of its valuation is based on its flagship Azure, Office 365 and core enterprise-driven franchise, according to the report.

Mylan N.V. (NASDAQ: MYL) was maintained as Outperform but its target price was cut to $26 from $27 at RBC Capital Markets. Shares previously closed up 4% at $15.54, and the consensus target price was $23.93.

National Oilwell Varco Inc. (NYSE: NOV) was downgraded to Neutral from Overweight at Piper Sandler.

National Retail Properties Inc. (NYSE: NNN) was raised to Buy from Neutral but its target price was cut to $47 from $60 (versus a $35.52 close) at B. Riley FBR. The stock is down from a high of $59.26, and its consensus target price was still seen at $57.08.

Novavax Inc. (NASDAQ: NVAX) was reiterated as Buy and its target price was raised to $20 from $15 (versus a $12.74 close) at B. Riley FBR.

PepsiCo Inc. (NYSE: PEP) was raised to Outperform from Neutral and the target price was raised to $144 from $138 at Credit Suisse.

Pfizer Inc. (NYSE: PFE) was maintained as Outperform but its target price was cut to $44 from $46 at RBC Capital Markets. Pfizer previously closed up 6.7% at $31.75, and its consensus target price was $42.07.

Procter & Gamble Co. (NYSE: PG) was raised to Buy from Hold but the target was cut to $117 from $119 at Stifel.

Qualcomm Inc. (NASDAQ: QCOM) was raised to Buy from Hold at Deutsche Bank.

Royal Gold Inc. (NASDAQ: RGLD) was maintained as Buy and its target price was cut to $148 from $156 (versus a $92.48 close) at B. Riley FBR. Also, Scotia raised it to Sector Perform from Underperform.

Schlumberger Ltd. (NYSE: SLB) was downgraded to Neutral from Overweight and the target price was slashed to $17 from $43 at Piper Sandler.

Slack Technologies Inc. (NYSE: WORK) was reiterated as Outperform and its target price was raised to $28 from $23 at RBC Capital Markets. Shares had closed up 10% at $28.48, and the consensus target price was $24.63.

Square Inc. (NYSE: SQ) was maintained as Overweight and its target price was cut to $66 from $91 (versus a $56.03 close) at Cantor Fitzgerald.

Starbucks Corp. (NASDAQ: SBUX) was maintained as Overweight and the target price was cut to $80 from $105 at KeyBanc Capital Markets.

Telefonaktiebolaget LM Ericsson (NASDAQ: ERIC) was raised to Outperform from Market Perform with a $9 target price at Raymond James.

Texas Roadhouse Inc. (NASDAQ: TXRH) was maintained as Outperform but the target price was cut to $73 from $79 at Wedbush, but the firm still added its shares to the Best Ideas List, even as it lowered 2020 earnings estimates to $1.63 from $2.75 per share.

UGI Corp. (NYSE: UGI) was reiterated as Buy with a $53 target price (versus a $26.25 close) at Janney, which noted that the dramatic pullback in the utilities stocks has been sharp.

United Parcel Service Inc. (NYSE: UPS) was downgraded to Hold from Buy at Berenberg.

Jefferies has upgraded the top refinery players as their shares are down 50% or more.

Did homebuilder stocks try to bottom even before the blows of the recession were seen?

Thursday’s top analyst upgrades and downgrades included Alibaba, Apple, AT&T, Baidu, Chevron, Cisco Systems, Expedia, Goldman Sachs, Kroger, Micron Technology, Nike, Procter & Gamble, Square, Walmart and many more.

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