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.
Novavax Inc. (NASDAQ: NVAX) was reiterated as Buy and its price target was raised to $100 from $50 at H.C. Wainwright. Shares closed down over 7% at $77.39 on Friday, with a $65.50 consensus price target.
Nuance Communications Inc. (NASDAQ: NUAN) was started as Outperform with a $31 price target (versus a $25.39 close) at SVB Leerink. It had a $22.83 consensus price target.
PG&E Corp. (NYSE: PCG) was maintained as Equal Weight but its price target was cut to $11 from $13 at Morgan Stanley. Shares closed down over 6% at $9.13 on Friday, with a $14.28 consensus price target.
Pliant Therapeutics Inc. (NASDAQ: PLRX) was started as Overweight with a $50 target at Piper Sandler, and Citigroup started it as Buy with a $40 target. Shares closed up 2% at $31.72 on Friday.
Pilgrim’s Pride Corp. (NYSE: PPC) was downgraded to Equal Weight from Overweight at Barclays, and BMO Capital Markets downgraded it to Market Perform from Outperform. The stock closed down 2.8% at $16.69 on Friday and was indicated down another 1.7% at $16.40 on Monday.
Sleep Number Corp. (NASDAQ: SNBR) was named as the Bull of the Day at Zacks, which said that sales of these luxury products are increasing as consumers seek comfort in their homes. Shares most recently closed at $41.23 and have a consensus price target of $31.00.
Spotify Technology S.A. (NYSE: SPOT) was reiterated as Overweight and its price target was raised to $275 from $190 (versus a $264.95 close) at Morgan Stanley. Guggenheim downgraded it to Sell from Neutral but raised its target to $233 from $170, pointing out that the market has started to price in the so-called blue-sky growth valuations that is not appealing for risk versus opportunity.
Square Inc. (NYSE: SQ) was reiterated as Overweight and its price target was raised to $125 from $70 (versus a $104.30 close) at KeyBanc Capital Markets.
Warner Music Group Corp. (NASDAQ: WMG) was started as Buy with a $35 price target (versus a $30.47 close) at SunTrust Robinson Humphrey, which noted that it is a pure play in music and that it is positioned to win from the secular shift to streaming. Barclays started it with an Equal Weight rating and a $28 target, and JPMorgan started it as Overweight with a $40 target.
ZoomInfo Technologies Inc. (NASDAQ: ZI) was started as Buy with a $60 price target (versus a $51.57 close) at SunTrust. The firm said that sales professionals must use it and that this offers a combination of high growth and profitability with a low overall market penetration. RBC Capital Markets started coverage as Sector Perform, Morgan Stanley started coverage as Equal Weight, Wells Fargo started it as Equal Weight and JMP Securities started it as Market Perform. BofA Securities started coverage at Buy with a $60 price objective.
Credit Suisse downgraded the U.S. theaters companies based on the COVID-19 fallout being longer and deeper than originally expected. AMC Entertainment Holdings Inc. (NYSE: AMC) was downgraded to Underperform from Neutral and its target price was slashed to $2 from $4 (versus a $4.18 close). Cinemark Holdings Inc. (NYSE: CNK) was downgraded to Neutral from Outperform and its target price was lowered to $13 from $20.
Friday’s top analyst upgrades and downgrades included Amazon.com, Broadcom, Boeing, DraftKings, eBay, Electronic Arts, Hilton Worldwide, iRobot, NetApp, Peloton Interactive, Tesla and more.
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