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Top Analyst Upgrades and Downgrades: Ally, Apple, Autodesk, Boston Beer, Disney, DocuSign, HP, Masco, Qualcomm, Tyson, Vornado and More

Stocks have surged higher in the past two trading days, and the S&P 500 has gone back above 3,000 and the Dow Jones industrials are back above 25,000. Futures were indicated to open marginally higher on Thursday as well, but with far less conviction than the prior two days. Investors have moved beyond weak earnings and are looking beyond weak economic reports, and the indexes have regained the lion’s share of the losses that had been seen in the panic selling through late March. Now many investors are puzzled about how to be positioned heading into summer and for the rest of 2020, as the market has already discounted much of the recession’s drag.

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 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 we have seen on Thursday, May 28, 2020.

Ally Financial Inc. (NYSE: ALLY) was raised to Overweight from Equal Weight at Morgan Stanley. Shares closed up 9.9% at $18.60 on Wednesday, and they had a $24.73 consensus price target.

America’s Car-Mart Inc. (NASDAQ: CRMT) was named as the Zacks Bear of the Day stock. The firm said that retail plays in general have been hit hard but automotive retail names are probably getting hit the hardest. Shares last closed at $84.66 and have a consensus price target of $92.25.

Apple Inc. (NASDAQ: AAPL) was reiterated as Overweight and its price target was raised to $365 from $350 at JPMorgan. The firm is optimistic about the iPhone SE launch for India as the lower-cost iPhone could be a big hit in emerging markets, adding up to an additional $7 billion revenue opportunity.

Autodesk Inc. (NASDAQ: ADSK) was reiterated as Buy and its price target was raised to $230 from $195 (versus a $199.81 prior close) at Canaccord Genuity. KeyBanc Capital Markets reiterated its Overweight rating and raised its price target to $223 from $210.

Axcella Health Inc. (NASDAQ: AXLA) was started as Outperform with a $28 price target (versus a $5.17 close, after a 5% drop) at Wedbush Securities. While exponential upside is being called for, the market cap is tiny at $185 million, after a $60 million capital raise, and the view is on its proprietary endogenous metabolic modulators targeting nonalcoholic steatohepatitis, overt hepatic encephalopathy, sickle cell and acute muscle atrophy.

Boston Beer Co. (NYSE: SAM) was downgraded to Neutral from Outperform at Credit Suisse. The firm’s $505 price target is under the $537.70 prior close but still above the $420.92 consensus price target.

Coupa Software Inc. (NASDAQ: COUP) was downgraded to Neutral from Outperform at Wedbush.

Credit Acceptance Corp. (NASDAQ: CACC) was reiterated as Sell and its price target was lowered to $170 from $177 at Janney.