Top Analyst Upgrades and Downgrades: AMC, Apple, Cerence, Chipotle, Ciena, Disney, Dollar Tree, Freshpet, LATAM, Nio, Peloton, Ping, Tesla and More
Stocks were set to open up another 1% or so on Wednesday after surging on Tuesday, and the Nasdaq is now even up year to date. Investors are still grappling with very bad economic numbers, with unemployment high and gross domestic product crashing. And with Wall Street betting on a strong Main Street, investors have to consider an upcoming election, the ongoing risks of illness versus reopening and a weak consumer and weak business spending environment. It has been nothing short of amazing to see how much stocks have rallied since their panic-selling lows of March.
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 avoid.
Analysts are trying to normalize earnings and revenue trends for beyond 2020 at this point to determine what might be cheap and what might be expensive. Some calls are praising growth over value, and others are focused on base economy stocks that already have begun to recover.
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 upgrades, downgrades and initiations from Wednesday, May 27, 2020.
Activision Blizzard Inc. (NASDAQ: ATVI) was named as the Bull of the Day at Zacks, which said that shares have climbed 20% in 2020 as the coronavirus-induced stay-at-home push has boosted sales. The shares most recently closed at $70.00 and have a consensus price target of $69.71.
AMC Entertainment Holdings Inc. (NYSE: AMC) was upgraded to Neutral from Sell and the price target was raised to $5 from $1 (versus a $5.11 prior close, after an 11% gain) at MKM Partners.
Anaplan Inc. (NYSE: PLAN) was reiterated as Buy and its price target was raised to $55 from $50 (versus a $47.15 close) at Deutsche Bank.
Apple Inc. (NASDAQ: AAPL) was reiterated as Buy and its price target was raised to $320 from $305 at Deutsche Bank. Apple closed down almost 0.7% at $316.73 on Tuesday, with a $308.91 consensus target price.
Big Lots Inc. (NYSE: BIG) was reiterated as Hold but the price target was raised to $31 from $19 at Deutsche Bank.
Bio-Techne Corp. (NASDAQ: TECH) was downgraded to Hold from Buy but its price target was raised to $260 from $245 (versus a $260.65 close) at Stifel.
Cerence Inc. (NASDAQ: CRNC) was reiterated as Outperform and the price target was raised to $40 from $27 (versus a $32.50 close) at Wedbush Securities.
ChemoCentryx Inc. (NASDAQ: CCXI) was started as Overweight with a $79 price target (versus a $59.20 close) at Wells Fargo.
Chipotle Mexican Grill Inc. (NYSE: CMG) was started as Hold at Deutsche Bank, which assigned a $1,130 price target. Shares closed down 3.7% at $1,017.00 on Tuesday, and this is among a group of hot stocks trading well above their consensus target prices.
Ciena Corp. (NASDAQ: CIEN) was reiterated as Buy and its price target was raised to $59 from $51 (versus a $53.91 close) at Rosenblatt.
Dentsply Sirona Inc. (NASDAQ: XRAY) was raised to Outperform from In-Line with a $50 price target (versus a $45.33 close) at Evercore ISI Group.
Dollar General Corp. (NYSE: DG) was reiterated as Hold but its price target was raised to $187 from $159 at Deutsche Bank.
Dollar Tree Inc. (NASDAQ: DLTR) was reiterated as Buy and the price target was raised to $97 from $87 at Deutsche Bank.