Stocks closed up big on Wednesday but were trading lower on another ghastly report of more than 6.6 million weekly jobless claims. The stock market migrated quickly from a raging bull market to a roaring bear market, but the major indexes already have recovered half of their entire losses in just over two weeks on news that the coronavirus numbers are selectively flattening and on stimulus/rescue packages. Many investors have been seeking new ideas about how to be best positioned for the rest of 2020.
24/7 Wall St. reviews dozens of analyst research reports each day of the week. Our goal is to look for new ideas for long-term investors and short-term traders alike. Many upgrades, downgrades, reiterations and initiations take place regardless of the daily market volatility. 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. Despite the recessionary climate, there are actually still many traditional upgrades and reiterations as if things were still close to normal. Remember that 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 Thursday, April 9, 2020.
AMC Entertainment Holdings Inc. (NYSE: AMC) was downgraded to Sell from Neutral at MKM Partners. Shares closed up 5.1% at $3.30 on Wednesday but were down 9% at $3.00 on Thursday morning.
Anthem Inc. (NYSE: ANTM) was downgraded to Hold from Buy at Jefferies.
Apollo Global Management Inc. (NYSE: APO) was reiterated as Overweight and the price target was raised to $42 from $40 (versus a $37.27 prior close) at Barclays.
Caterpillar Inc. (NYSE: CAT) was maintained as Underweight and the price target was cut to $80 from $100 at Stephens. It closed up 4.5% at $127.40 after maintaining its dividend, and it had a prior consensus price target of $128.42.
CBRE Group Inc. (NYSE: CBRE) was downgraded to Neutral from Overweight at JPMorgan.
Cytokinetics Inc. (NASDAQ: CYTK) was raised to Overweight from Equal Weight with a $25 target price at Morgan Stanley. The stock closed up 5% at $12.76 on Wednesday, and it was trading up 17% at $14.95 on Thursday, with a prior consensus target price of $20.83.
Dow Inc. (NYSE: DOW) was started as Equal Weight with a $37 price target at Wells Fargo.
Eli Lilly and Co. (NYSE: LLY) was downgraded to Equal Weight from Overweight at Morgan Stanley.
Exxon Mobil Corp. (NYSE: XOM) was maintained as Underperform but the price target was raised to $42 from $40 at RBC Capital Markets. Exxon closed up 6.3% at $43.85, and it had a $48.35 consensus price target.
Host Hotels & Resorts Inc. (NYSE: HST) was maintained as Sector Perform but the price target was lowered to $13 from $19 at RBC Capital Markets.
HSBC Holdings PLC (NYSE: HSBC) was downgraded to Neutral from Outperform at Credit Suisse.