Stocks have been selling off this week, and the equity indexes were indicated down about 1% on Thursday. Investors are generally dealing with bad news on earnings and in the economic reports, but until this week the market had been in a steady recovery since the panic-selling lows of March. 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 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 Thursday, May 14, 2020.
Adobe Inc. (NASDAQ: ADBE) was downgraded to Hold from Buy at DZ Bank. Shares closed down 1.8% at $358.56 on Wednesday, with a $339.58 consensus price target.
Allogene Therapeutics Inc. (NASDAQ: ALLO) was downgraded to Hold from Buy with a $32 price target (versus a $30.98 prior close) at SunTrust Robinson Humphrey. The firm noted that that valuation may be outpacing the progress of the research and development ahead of ASCO.
Baker Hughes Co. (NYSE: BKR) as reiterated as Equal Weight and its price target was raised to $17 from $14 (versus a $13.61 close, after a 6.6% drop) at Barclays.
Best Buy Co. Inc. (NYSE: BBY) was raised to Outperform from In-Line at Evercore ISI. Shares closed down 2.6% at $75.03 on Wednesday, with an $80.22 prior consensus price target.
Cisco Systems Inc. (NASDAQ: CSCO) was down almost 3% at $41.95 ahead of earnings but was up almost 2% at $42.75 afterward. Nomura Instinet reiterated its Neutral rating but raised its price target to $46 from $43. Morgan Stanley reiterated Cisco as Equal Weight and raised its price target to $46 from $43, and Raymond James reiterated its Outperform rating and raised its price target to $49 from $48. Barclays reiterated its Overweight rating and raised its price target to $50 from $48, while UBS maintained its Buy rating but trimmed its price target to $51 from $54.
CyberArk Software Ltd. (NASDAQ: CYBR) closed down 125 at $96.36 on Wednesday after earnings. Barclays reiterated it as Equal Weight and raised its price target to $109 from $98. Mizuho maintained its Buy rating but cut its price target to $117 from $120. UBS maintained its Buy rating but cut its price target to $94 from $104.
DexCom Inc. (NASDAQ: DXCM) was started with an Equal Weight rating and a $420 price target (versus a $407.20 close) at Wells Fargo.
Eaton Corp. (NYSE: ETN) was downgraded to Sector Weight from Overweight at KeyBanc Capital Markets.
Eidos Therapeutics Inc. (NASDAQ: EIDX) was downgraded to Neutral from Overweight at JPMorgan. Shares closed at $41.12 and had a $59.25 consensus price target.
Enphase Energy Inc. (NASDAQ: ENPH) was downgraded to Neutral from Buy but its price target was raised to $57 from $50 (versus a $57.47 close) at Goldman Sachs.
Exelixis Inc. (NASDAQ: EXEL) was reiterated as Buy and its price target was raised to $40 from $35 (versus a $26.53 close) at SunTrust Robinson Humphrey.