Top Analyst Downgrades and Upgrades: Adobe, Analog Devices, Caterpillar, Conoco, GM, Southwest Air, Take-Two, Tesla and More

Investing

Published: June 12, 2020 8:56 am

Last Updated: June 12, 2020 9:04 am

After a stunning nearly three-month rally, investors were treated to a reminder Thursday of how things were during the high-velocity sell-off that started in February. The futures on Friday morning traded higher after the biggest losses since March 16. While 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, the very tempered presentation by Fed Chair Jay Powell this week seems to have spooked some investors.

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 Friday, June 12, 2020.

Adobe Inc. (NASDAQ: ADBE) saw its target price raised to $350 from $305 at Goldman Sachs. That compares with a higher Wall Street consensus price target of $362.74. The company posted mixed earnings Thursday and gave downside third-quarter guidance, and the shares closed at $387.67. The stock was up over 6% in premarket trading after the solid results.

AMETEK Inc. (NYSE: AME) was downgraded to Market Perform from Outperform at Oppenheimer. The shares have traded in a 52-week range of $54.82 to $102.31, and the consensus price target is at $94.38. The last trade on Thursday hit the tape at $88.09, down over 5% on the day.

Analog Devices Inc. (NYSE: ADI) saw its target price raised to $108 from $89 at Goldman Sachs. The consensus price objective is $126.41. The stock closed on Thursday at $115.65.

Berry Global Group Inc. (NYSE: BERY) saw its target price raised to $60 at Baird. The consensus price target is $53.29. The last trade on Thursday came in at $42.27, down almost 6%.

Braskem S.A. (NYSE: BAK) was downgraded to Neutral from Buy at UBS. The consensus price target is $16, well above Thursday’s close at $10.10.

Caterpillar Inc. (NYSE: CAT) was downgraded to Market Perform from Outperform at Bernstein. The stock dropped over 8% on Thursday to close at $121.55.

Children’s Place Inc. (NASDAQ: PLCE) was named as the Zacks Bear of the Day stock. The firm said that shares have run up unjustly these past few months and investors may want to pull their money out while they still have the chance. Shares last closed at $45.19, well above the consensus price target of $37.20.

ConocoPhillips (NYSE: COP) was reinstated with a Buy rating at Jefferies. The 52-week trading range for the energy giant is $20.84 to $67.13, while the consensus price target is $50.75. The stock closed Thursday at $42.12, down over 8%.

CV Sciences Inc. (NASDAQ: CVSI) was started with a Market Perform rating at Cowen. The consensus price objective is $0.93, and the stock was last seen trading at $0.68.