Stocks took a dive on Friday, but despite the surging coronavirus cases the markets were managing to stage a small rally on Monday. The stock market has been weighing a rapid rise in COVID-19 cases against weak but better economic reports, and the stock market indexes have still managed to hold on to most of their recovery gains, despite June being a weak month. Many investors are looking for new ideas for how to be positioned heading into the second half of 2020 and ahead of the election.
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.
Now that stocks have recovered so much, analyst calls have basically normalized, with fewer extreme target changes. Some calls are praising growth over value, and others are focused on base economy stocks that already have begun recovering.
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 Monday, June 29, 2020.
Amazon.com Inc. (NASDAQ: AMZN) was reiterated as Buy and its price target was raised to $3,500 from $2,800 at Monness Crespi Hardt. This appears to be a new street-high analyst target, and it is based on having the key infrastructure and capabilities, along with the financial strength, to endure and win in the COVID-19 era.
Arena Pharmaceuticals Inc. (NASDAQ: ARNA) was started with a Buy rating and a $90 price target at H.C. Wainwright. It closed up 0.4% at $65.92 on Friday, with a $76.60 consensus target price.
Bain Capital Specialty Finance Inc. (NYSE: BCSF) was downgraded to Neutral from Buy at BofA Securities.
Beyond Meat Inc. (NASDAQ: BYND) was downgraded to Underweight from Overweight with a $115 price target at Barclays, which noted that the impact of lockdowns on the food service channels. The stock closed down 2.5% at $141.68 on Friday and was indicated down over 2% at $138.25 on Monday. Its prior consensus price target was just $99.42.
Diamondback Energy Inc. (NASDAQ: FANG) was downgraded to Market Perform from Outperform at BMO Capital Markets. Shares closed down 5.7% at $41.13 on Friday, with a $56.98 consensus target price.
Enphase Energy Inc. (NASDAQ: ENPH) was started with a Buy rating and a $53 price target at Needham. The stock closed down 1% at $45.30, with a $52.38 consensus price target ahead of the call.
Fiserv Inc. (NASDAQ: FISV) was downgraded to Perform from Outperform at Oppenheimer.
Groupon Inc. (NASDAQ: GRPN) was named as the Zacks Bear of the Day stock. The firm said that widespread small business shutdowns are doing enormous damage to this already struggling company. Shares last closed at $18.69 and have a consensus price target of $24.40.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) was started as Buy with a $100 price target (versus a prior $72.53 close) at Jefferies.
Neurocrine Biosciences Inc. (NASDAQ: NBIX) was downgraded to Neutral from Buy at Goldman Sachs.