Top Analyst Upgrades and Downgrades: Apple, CenterPoint, Chevron, CymaBay, Datadog, Home Depot, Novavax, Under Armour and More
Stocks were indicated to open marginally higher on Tuesday after a mixed trading session on Monday. Investors have effectively seen bad news from companies and the economic reports in the past month, but stocks have continued to recover at a blistering pace from the lows in March. Has the stock market rebounded too much, or are the trillions of stimulus dollars and the gradual reopening of the economy going to keep marching stocks higher? This is a time when some investors are considering new ideas to decide how to be best positioned ahead of summer and for the rest of 2020.
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. Some analyst reports cover stocks to buy, and some cover stocks to sell or to avoid.
Analysts are still making many upgrades, downgrades, reiterations and initiations ahead of and after key earnings reports. While many analysts are still cutting price targets and earnings estimates for the coming quarters and for the year, many are still maintaining their prior official ratings.
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 seen on Tuesday, May 12, 2020.
Albermarle Corp. (NYSE: ALB) was downgraded to Neutral from Buy and the price target was trimmed to $51 from $67 (versus a $64.41 prior close) at Goldman Sachs. It had a $70.33 consensus price target.
Apple Inc. (NASDAQ: AAPL) was reiterated as Outperform and its price target was raised to $350 from $335 at Wedbush Securities, with the firm still positive despite not expecting the 5G iPhone to be released this fall. Apple stock closed up 1.5% at $315.01 on Monday, and it had a $308.91 prior consensus target price. Its 52-week trading range is $170.27 to $327.85.
CenterPoint Energy Inc. (NYSE: CNP) was downgraded to Neutral from Buy but its price target was raised to $22 from $21 (versus an $18.18 close) at Goldman Sachs. The consensus price target was $19.57.
Chevron Corp. (NYSE: CVX) was downgraded to Neutral from Buy with a $95 price target at UBS.
Columbia Sportswear Co. (NASDAQ: COLM) was named as the Zacks Bear of the Day stock. The firm said that this retailer is in trouble. Shares last closed at $65.49 and have a consensus price target of $80.70.
Continental Resources Inc. (NYSE: CLR) was downgraded to In-Line from Outperform but its price target was raised to $14 from $12 (versus a $14.00 close) at Imperial Capital.
CymaBay Therapeutics Inc. (NASDAQ: CBAY) was last seen trading up 140% at $4.50 on Tuesday morning after positive NASH drug trial news. Roth Capital raised its rating to Buy from Neutral and set a $15 price target on the shares. SBV Leerink raised it to Outperform from Market Perform and raised its price target to $6.00 from $2.50. Cantor Fitzgerald reiterated its Overweight rating and raised its price target to $15 from $5, and Stifel raised its rating to Buy from Hold and lifted its target to $8 from $4.
Datadog Inc. (NASDAQ: DDOG) closed up 7.6% at $55.69 ahead of earnings and was indicated up another 9.5% at $60.95 afterward. Rosenblatt reiterated its Buy rating and raised the price target to $75 from $61, while Needham reiterated its Buy rating and raised its price target to $70 from $58.