Stocks closed lower ahead of the weekend, but the Dow Jones industrial average futures were up about 700 points and S&P 500 futures were up about 85 points, for gains of more than 3% on Monday morning. This is despite oil being lower after the OPEC+ meeting was delayed. Now that the raging bull market turned into a roaring bear market over the course of a month, many investors are looking for new ideas and still trying to figure out how to be best positioned for the rest of 2020. Most of the bad recession data in the formal economic reports has not even been seen yet, other than live employment data.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to find new ideas for long-term investors and short-term traders alike. Many upgrades, downgrades, reiterations and initiations take place regardless of the volatile daily market gyrations. Some analyst calls cover stocks to buy while others cover stocks to sell or avoid.
In recent weeks, many analysts have handily lowered their target prices to deal with a new recessionary environment, but there are still many traditional upgrades and reiterations, as if the economy wasn’t really been turned upside-down. Remember, no single analyst report should be used as a sole basis for any buying or selling decision.
Consensus analyst target prices are from Refinitiv. These are the top analyst calls tracked for Monday, April 6, 2020.
Baker Hughes Co. (NYSE: BKR) was raised to Outperform from Underperform and its price target was lowered to $15 from $20 (versus a $10.40 prior close) at Bernstein.
Cedar Fair L.P. (NYSE: FUN) was named as the Zacks Bear of the Day stock. The firm said that investors should avoid further downside for this roller-coaster stock. Shares last closed at $16.28, with a consensus price target of $48.88.
Chewy Inc. (NYSE: CHWY) was named as the Bull of the Day at Zacks, which said that stay at home orders are bringing buyers to this pet supplier. Shares most recently closed at $33.37 and have a consensus price target of $39.27.
Chubb Ltd. (NYSE: CB) was raised to Overweight from Neutral but its price target was lowered to $131 from $145 (versus a $102.82 close) at Piper Sandler.
eBay Inc. (NASDAQ: EBAY) was raised to Buy from Neutral at Guggenheim, with the firm saying it has an attractive valuation, with a strong balance sheet and cash flow, while also having no real inventory risks.
Estee Lauder Companies Inc. (NYSE: EL) was downgraded to Equal Weight from Overweight at Morgan Stanley.
Etsy Inc. (NASDAQ: ETSY) was reiterated as Outperform with a $55 target price (versus a $38.15 close) at Wedbush Securities.
Gannett Co. Inc. (NYSE: GCI) was downgraded to Sell from Neutral with a $0.50 price target (versus a $0.82 close) at Citigroup.
GoDaddy Inc. (NYSE: GDDY) was raised to Outperform from Neutral but its price target was cut to $73 from $80 (versus a $52.07 close) at Wedbush.
Intel Corp. (NASDAQ: INTC) was raised to Market Perform from Underperform at Raymond James, with the firm noting that its end markets are likely to hold up in the current environment and that a potential move to more outsourcing could lead to cash flow and capital intensity improvements. Credit Suisse reiterated Intel as Outperform with a $75 price target.
International Flavors & Fragrances Inc. (NYSE: IFF) was raised to Neutral from Underperform with a $110 price target at BNP Paribas. Shares closed at $98.90 ahead of the call and have a $130.75 consensus price target.
JetBlue Airways Corp. (NASDAQ: JBLU) was downgraded to Neutral from Overweight and the price target was cut to $10 from $15 (versus a $7.48 close) at JPMorgan.