Investing

Top Analyst Upgrades and Downgrades: Apple, DraftKings, Gap, Grubhub, Inogen, Kellogg, Lyft, ONEOK, Redfin, Uber, Yum, Zillow and More

Jon C. Ogg

Published: June 11, 2020 9:12 am

Last Updated: June 11, 2020 9:30 am

The stock market was taking a needed breather on Thursday, but a rise in COVID-19 cases and some realities about the economic recovery’s strength had equity futures down close to 3% in the morning. The investing community had seen gain after gain as the economy was opening up, and the markets had been looking beyond the bad news around economic readings, earnings and civil unrest.

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 last drive of the gains is that many analyst calls have included upgrades and price target hikes, but in many cases 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 Thursday, June 11, 2020.

Apple Inc. (NASDAQ: AAPL) was raised to Hold from Reduce with a $295 price target at HSBC. Wells Fargo reiterated it as Overweight and raised its price target to $385 from $315. BofA Securities reiterated its Buy rating and raised its price target to $390 from $340. Apple closed up 2.5% at $352.84 for a new all-time high close but was indicated down 1.5% at $347.25 on Thursday morning.

B&G Foods, Inc. (NYSE: BGS) was started as Sector Perform with a $27 price target (versus a $25.34 prior close) at RBC Capital Markets.

Campbell Soup Co. (NYSE: CPB) was downgraded to Underperform from Market Perform and its target was cut to $40 from $49 at Bernstein.

Caterpillar Inc. (NYSE: CAT) was named as the Zacks Bear of the Day stock. The firm said that after the big rally, investors should consider selling this stock as fundamentals continue to struggle. Shares last closed at $132.44, above the consensus price target of $125.53.

DraftKings Inc. (NASDAQ: DKNG) was started as Outperform with a $48 price target (versus a $39.11 close) at Oppenheimer. The stock was indicated down 7% at $36.25 on Thursday, with a post-SPAC trading range of $9.76 to $44.79.

D.R. Horton Inc. (NYSE: DHI) was downgraded to Neutral from Overweight at JPMorgan.

Gap Inc. (NYSE: GPS) was maintained as Neutral but its price target was raised to $12 from $8 (versus an $11.03 close) at UBS.

General Mills Inc. (NYSE: GIS) was downgraded to Underperform from Market Perform and its price target was lowered to $50 from $57 (versus a $62.78 close) at Bernstein.

Grubhub Inc. (NYSE: GRUB) was indicated up 7% at $63.50 on news of a $7.3 billion merger with Just Eat Takeaway. William Blair downgraded it to Market Perform from Outperform. Barclays downgraded it to Equal Weight from Overweight.

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Jefferies Has 4 High-Conviction Tech Stocks to Buy as Sector Remains Red Hot

IAC/InterActiveCorp (NASDAQ: IAC) was started as Buy with a $330 target price (versus a $279.52 close) at BTIG.

Inogen Inc. (NASDAQ: INGN) was downgraded to Market Perform from Outperform at William Blair.

J.M. Smucker Co. (NYSE: SJM) was downgraded to Underperform from Market Perform and its price target was lowered to $93 from $105 (versus a $108.74 close) at Bernstein.

KB Home (NYSE: KBH) was downgraded to Underweight from Neutral at JPMorgan.

Kellogg Co. (NYSE: K) was downgraded to Underperform from Market Perform and its price target was lowered to $55 from $64 at Bernstein.

Keurig Dr Pepper Inc. (NYSE: KDP) was raised to Buy from Hold with a $36 price target (versus a $28.50 close) at Jefferies.

Lockheed Martin Corp. (NYSE: LMT) was maintained as Buy but the price target was cut to $475 from $482 at UBS.

Lyft Inc. (NASDAQ: LYFT) was started as Buy with a $52 target price (versus a $38.56 close) at BTIG.

Meritage Homes Corp. (NYSE: MTH) was raised to Overweight from Neutral with an $88 price target at JPMorgan.

ONEOK Inc. (NYSE: OKE) was downgraded to Neutral from Buy with a $42 price objective (versus a $41.98 close, after a 5.5% drop) at BofA Securities.

PulteGroup Inc. (NYSE: PHM) was raised to Overweight from Neutral with a $41 target (versus a $36.32 close) at JPMorgan. The consensus price target was $33.67, but its shares were indicated down almost 5% at $34.55 on Thursday morning.

Purple Innovation Inc. (NASDAQ: PRPL) was reiterated as Outperform and its target was raised to $19 from $16 (versus a $16.04 close) at Raymond James.

Redfin Corp. (NASDAQ: RDFN) was started as Buy with a $44 price target (versus a $33.98 close) at BTIG.

Uber Technologies Inc. (NYSE: UBER) was started as Buy with a $47 target price (versus a $34.83 close) at BTIG.

Westlake Chemical Corp. (NYSE: WLK) was raised to Overweight from Equal Weight and its target price was raised to $70 from $57 (versus a $55.20 close, after a 4% drop) at Wells Fargo. It had a $49.05 consensus target price and a 52-week trading range of $28.99 to $75.65.

Williams-Sonoma Inc. (NYSE: WSM) was named as the Bull of the Day at Zacks, which said that lockdown orders have brought consumers a newfound appreciation of the home. Shares most recently closed at $84.41 and have a consensus price target of just $76.56.

Yum! Brands Inc. (NYSE: YUM) was maintained as Buy and its price target was raised to $108 from $105 (versus a $94.09 close) at UBS.

Zillow Group Inc. (NASDAQ: ZG) was started as Buy with a $79 price target (versus a $59.51 close) at BTIG.

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Oil & Gas Sees Winds of Change as Exxon Mobil Stock Now Looks More Attractive Than Chevron Stock

Jefferies has five tech stocks in which it has conviction behind the Buy ratings for significant upside in the second half of 2020.

Wednesday’s top analyst upgrades and downgrades included Apple, Boeing, Chevron, Chewy, Cisco Systems, Cree, eBay, Etsy, GameStop, Groupon, Micron Technology, United Airlines, Yext and more.