Stocks closed down on Wednesday as the economic numbers are starting to show just how weak the economy is becoming, but a drop in jobless claims (to 5.25 million) has allowed stocks to rise less than 1% on Thursday morning. Investors have been caught off guard in many of the moves in recent weeks, and many are now looking for any 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.
Many analysts have lowered their target prices in recent weeks. That is true even in many analyst upgrades are coming with lower price targets. Yet, there are still many traditional analyst 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 16, 2020.
Acadia Pharmaceuticals Inc. (NASDAQ: ACAD) was started as Buy with a $60 price target (versus a $45.19 prior close) at Jefferies.
American Water Works Co. Inc. (NYSE: AWK) was raised to Buy from Neutral with a $146 price target (versus a $129.21 close) at Goldman Sachs.
Anaplan Inc. (NYSE: PLAN) was downgraded to Neutral from Buy at Rosenblatt.
Avid Technology Inc. (NASDAQ: AVID) was named as the Bull of the Day at Zacks, which said that this media software provider is seeing big demand from work-from-home solutions. Shares most recently closed at $6.11, with a consensus price target of $10.17.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) was down 17% at $4.44 on Wednesday but was trading up 16% at $5.15 on Thursday morning after its guidance and business update. Wedbush Securities maintained its Outperform rating with an $8 price target. Raymond James maintained its Strong Buy rating but trimmed its price target to $9 from $11.
Boston Properties Inc. (NYSE: BXP) was downgraded to Hold from Buy at Jefferies.
Ciena Corp. (NASDAQ: CIEN) was downgraded to Equal Weight from Overweight at Morgan Stanley.
DocuSign Inc. (NASDAQ: DOCU) was reiterated as Outperform and its price target was raised to $115 from $90 (versus a $100.53 close) at Wedbush, with the firm calling it as being at the right place at the right time as its deal-flow is holding up better than expected in the COVID-19 pandemic environment. The shares had an $86.46 consensus price target.
eHealth Inc. (NASDAQ: EHTH) was started as Overweight and the price target was set at $150 (versus a $119.21 close) at Barclays.
Facebook Inc. (NASDAQ: FB) was maintained as Outperform with a $250 price target at Wedbush, but the firm removed it from the Best Ideas List. The report talked about dropping advertising rates in digital ads and points out that much of the near-term upside for Facebook is already priced into its stock. Shares closed at $176.97, with a $224.77 consensus target price.
G-III Apparel Group Ltd. (NASDAQ: GIII) was named as the Zacks Bear of the Day stock. The firm said that apparel makers are just trying to survive 2020. Shares last closed at $9.75 and have a consensus price target of $15.05.