Top Analyst Upgrades and Downgrades: Apple, Boeing, Chevron, Chewy, Cisco, Cree, eBay, Etsy, GameStop, Groupon, Micron, United Airlines, Yext and More
While the Nasdaq hit 10,000 for the first time, the Dow Jones industrials and S&P 500 both took a bit of a breather on profit-taking on Tuesday. The indexes were all marginally higher on Wednesday morning, and they have recovered the lion’s shares of their losses from the peak of the panic selling in March. The investing community has been pivoting beyond the COVID-19 pandemic as the economy opens up, as well as looking beyond the bad news dominating the media right now, beyond the economic recession and weak earnings.
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.
What has happened in this most recent drive of the gains is that many analyst calls have included upgrades and price target hikes, but often stocks are managing to move even beyond what the ratings and expectations might have indicated.
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 Wednesday, June 10, 2020.
Apple Inc. (NASDAQ: AAPL) closed up 3.1% at $343.99 a share and hit a new all-time high of $345.61 on Tuesday, not counting Wednesday’s jump to $348 in premarket trading. Deutsche Bank reiterated Apple as Buy and raised its price target to $350 from $320.
Arcus Biosciences Inc. (NASDAQ: RCUS) was reiterated as Buy and its price target was raised to $45 from $22 (versus a $29.57 prior close) at SunTrust Robinson Humphrey, which noted that it was adding in TIGIT to its model as competitor data provided some proof of concept.
Bed Bath & Beyond Inc. (NASDAQ: BBBY) was maintained as Underweight and its price target was raised to $6 from $4 at Wells Fargo. Shares closed down 7.8% at $9.09 on Tuesday, with a $6.96 consensus price target.
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) was reiterated as Buy and its price objective was raised to $130 from $120 (versus a $105.09 close) at BofA Securities.
Boeing Co. (NYSE: BA) was reiterated as Buy and its price target was raised to $270 from $185 at Jefferies. Boeing closed down almost 6% at $216.81 on Tuesday, but that is still up over 100% from its lows. The consensus price target is $171.55.
Carvana Co. (NYSE: CVNA) was reiterated as Buy and its price target was raised to $135 from $100 (versus a $113.55 close) at Needham.
Carrier Global Corp. (NYSE: CARR) was downgraded to Neutral from Overweight at JPMorgan.
Chevron Corp. (NYSE: CVX) was downgraded to Underperform from Sector Perform with a $100 price target at RBC Capital Markets. Chevron closed down 1.6% at $101.53 on Tuesday and was indicated down 1.1% more at $100.40 on Wednesday. The consensus price target was $98.19.
Chewy Inc. (NYSE: CHWY) was up 5.6% at $51.51 ahead of earnings but was down 1.9% at $50.61 afterward. Wedbush Securities maintained its Outperform rating but raised its target price to $55 from $53, and it said the results are not just a one-time pop. BofA Securities reiterated its Buy rating and raised its price objective to $60 from $47, and UBS maintained its Neutral rating and raised its target to $49 from $45.
Cisco Systems Inc. (NASDAQ: CSCO) was downgraded to Neutral from Outperform and the price target is $48 (versus a $48.05 close) at Robert W. Baird. Cisco had a $48.62 prior consensus target price and a 52-week trading range of $32.40 to $58.26.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH) was raised to Neutral from Underperform and the price objective was raised to $60 from $49 (versus a $57.19 close) at BofA Securities.
Cree Inc. (NASDAQ: CREE) was downgraded to Neutral from Buy and its price target was raised to $56 from $50 (versus a $61.69 close) at Goldman Sachs.
Duluth Holding Inc. (NASDAQ: DLTH) was named as the Bull of the Day at Zacks, which said that this stock saw an epic short squeeze. Shares most recently closed at $9.36 and have a consensus price target of $6.33.