Top Analyst Upgrades and Downgrades: AbbVie, Ambarella, Apple, DocuSign, Home Depot, Lowe's, Micron, Nike, PG&E, ViacomCBS, YETI, Yext and More
Stocks were trading higher on yet again on Tuesday. The stock market that originally turned into the fastest bear market and recession in our lifetimes has somehow managed to recover most of its losses. The Nasdaq is back above 10,000 as the tech leaders are carrying the market higher. Investors should be considering how they want their assets positioned ahead of the election and for the rest of 2020.
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 past 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 Tuesday, June 23, 2020.
AbbVie Inc. (NYSE: ABBV) was raised to Overweight from Neutral at Atlantic Equities. The firm notes that AbbVie has better earnings visibility after completing its Allergan acquisition.
Ambarella Inc. (NASDAQ: AMBA) was started as Buy at Rosenblatt, and the firm issued a $60 price target. Imperial Capital started it as Outperform with a $58 target price.
Apple Inc. (NASDAQ: AAPL) closed up 2.6% at $358.87 after its announcements from the virtual WWDC event. Robert W. Baird reiterated Apple as Outperform and raised its price target to $390 from $320.
Applied Genetic Technologies Corp. (NASDAQ: AGTC) was started as Overweight and a $14 target price (versus a $6.36 prior close) at Cantor Fitzgerald. It had a $15.64 consensus target price.
Aspen Technology Inc. (NASDAQ: AZPN) was named as the Zacks Bear of the Day stock. The firm said that this stock has come in from all-time highs but is seeing topline contraction. Shares last closed at $102.72, with a consensus price target of $119.80.
Cboe Global Markets Inc. (CBOE) was downgraded to Sell from Neutral and its price target was cut to $88 from $100 at Goldman Sachs.
DCP Midstream L.P. (NYSE: DCP) was downgraded to Hold from Buy at Jefferies.
DocuSign Inc. (NASDAQ: DOCU) was started with an Equal Weight rating at Wells Fargo.
Home Depot Inc. (NYSE: HD) was reiterated as Buy and its price target was raised to $266 from $252 at Nomura/Instinet.
Lazard Ltd. (NYSE: LAZ) was started with a Neutral rating at Credit Suisse.
Lowe’s Companies Inc. (NYSE: LOW) was reiterated as Buy and its price target was raised to $146 from $130 at Nomura/Instinet.