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Top Analyst Upgrades and Downgrades: American Air, Chewy, Chipotle, CommScope, Eli Lilly, IBM, Lyft, Oneok, Stitch Fix, Valero, Williams and More

Oneok Inc. (NYSE: OKE) was downgraded to Neutral from Buy at Goldman Sachs. It closed down almost 4% at $28.21 on Monday, with a $42.57 consensus price target.

Parsley Energy Inc. (NYSE: PE) was maintained as Outperform and the price target was slashed to $10 from $27 (versus a $6.64 close) at Imperial Capital.

Pioneer Natural Resources Co. (NYSE: PXD) was maintained as Outperform and the price target was slashed to $83 from $160 (versus a $71.28 close) at Imperial Capital.

Public Service Enterprise Group Inc. (NYSE: PEG) was downgraded to Equal Weight from Overweight at Barclays.

Royal Bank of Scotland Group PLC (NYSE: RBS) was raised to Buy from Neutral at UBS, but the firm did lower its price target in the overseas call. The American depositary shares closed down 3.3% at $2.65 on Monday, and they were indicated down another 1% at $2.62 on Tuesday.

Qurate Retail Inc. (NASDAQ: QRTEA) was downgraded to Neutral from Buy and its price target was lowered to $9 from $10 (versus a $7.61 close) at UBS.

Southwest Airlines Co. (NYSE: LUV) was raised to Positive from Neutral with a $41 price target (versus a $31.06 prior close) at Susquehanna.

State Street Corp. (NYSE: STT) was maintained as Hold and its estimates were lowered at Argus in the current business and interest rate environment.

Stitch Fix Inc. (NASDAQ: SFIX) was maintained as Buy but its price target was cut to $22 from $27 (versus a $15.70 close) at SunTrust Robinson Humphrey, with COVID-19 fears hurting the need to order nicer clothes and with so many people now unemployed.

Truist Financial Corp. (NYSE: TFC) was maintained as Buy but its price target was slashed to $45 from $65 (versus a $34.14 close) at Argus, with the independent research firm noting that merger benefits and upside remain in place even if it does have to lower earnings expectations.

U.S. Concrete Inc. (NASDAQ: USCR) was downgraded to Neutral from Buy at D.A. Davidson.

Valero Energy Corp. (NYSE: VLO) was downgraded to Hold from Buy at Jefferies. The stock closed down 2.8% at $50.31 on Monday, with a $73.65 consensus price target.

Williams Companies Inc. (NYSE: WMB) was raised to Buy from Neutral with a $23 price target (versus an $18.49 close) at Goldman Sachs.

Zions Bancorp. (NASDAQ: ZION) was maintained as Buy but the price target was cut to $34 from $40 (versus a $29.27 close) at SunTrust Robinson Humphrey. B. Riley FBR downgraded it to Neutral from Buy.

Credit Suisse made some changes in refining master limited partnerships after they have sold off:

  • Holly Energy Partners L.P. (NYSE: HEP) was raised to Neutral from Underperform but its target was cut to $15 from $23
  • Delek Logistics Partners L.P. (NYSE: DKL) was raised to Neutral from Underperform while its price target was cut to $12 from $30 (versus a $9.20 close)
  • PBF Logistics L.P. (NYSE: PBFX) was maintained as Neutral and its price target was lowered to $11 from $17 (versus a $6.10 close)

Credit Suisse does see lower earnings estimates and higher costs of capital, but it also sees accretive dropdowns and higher throughput potentially helping to cut some of the COVID-19 economic demand destruction.

Semiconductor stocks should now be attractive to income-oriented investors for dividends and future growth alike.

Monday’s top analyst upgrades and downgrades included AbbVie, American Electric Power, ANGI Homeservices, DuPont, Gilead Sciences, Microsoft, Peloton Interactive, Shopify, Trivago, Walt Disney and more.