Investing

Top Analyst Upgrades and Downgrades: Ambarella, Annaly, Cinedigm, Fortinet, Kinder Morgan, 3M, Nikola, Nvidia, Tesla, Uber, YETI and More

Jon C. Ogg

Published: July 7, 2020 9:12 am

Last Updated: July 7, 2020 9:26 am

Stocks managed to surge on Monday, but Tuesday morning looks much of the gains may be given back. With an election coming up, and with what is still a very deep recession, investors need to be considering how they want their assets positioned for the second half 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 last drive of the gains is that many analyst calls have included upgrades and price target hikes, but often stocks are managing to move 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, July 7, 2020.

Ambarella Inc. (NASDAQ: AMBA) was raised to Buy from Underperform with a $55 price target (versus a $46.79 prior close) at Needham.

Annaly Capital Management Inc. (NYSE: NLY) was started as Overweight with an $8.25 price target (versus a $6.43 close) at Piper Sandler. It had a $7.48 prior consensus and has more than a 10% normalized dividend yield.

Azek Co. Inc. (NYSE: AZEK) was started with a Buy rating and a $38 price target at SunTrust Robinson Humphrey. Shares closed at $31.54 ahead of the call and were referred to as a secular growth story. BofA started it as Neutral with a $35 price objective, and Jefferies started it as Buy with a $38 price target. RBC started it as Outperform with a $36 target price, and Barclays started it as Overweight with a $37 target.

Blackbaud Inc. (NASDAQ: BLKB) was named as the Bull of the Day at Zacks, which said that this tech stock has a solid earnings history and has seen estimates for the full year start to tick higher. Shares most recently closed at $59.44 and have a consensus price target of $53.60.

CBOE Holdings Inc. (CBOE) was downgraded to Neutral from Overweight at Piper Sandler.

Cinedigm Corp. (NASDAQ: CIDM) was started as Buy with a $3.50 price target (versus a $2.08 prior close) at Benchmark.

Consolidated Water Co. Ltd. (NASDAQ: CWCO) was downgraded to Neutral from Outperform and its target was cut to $14 from $17 (versus $15.50 prior close) at Janney, which noted that its project in Mexico has run into resistance.

Expedia Group Inc. (NASDAQ: EXPE) was reiterated as Outperform and its price target was raised to $100 from $92 at JMP Securities.

Fortinet Inc. (NASDAQ: FTNT) was downgraded to Neutral from Overweight at JPMorgan.

Forward Air Corp. (NASDAQ: FWRD) was named as the Zacks Bear of the Day stock. The firm said that this trucking stock has missed its last two earnings reports, has seen its estimates fall and still carries a stiff valuation. Shares last closed at $48.98 and have a consensus price target of $49.25.

Generation Bio Co. (NASDAQ: GBIO) was started with an Outperform rating and a $31 price target (versus a $19.64 close) at Wedbush Securities.

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Hexcel Corp. (NYSE: HXL) was started with a Buy rating and a $52 price target (versus a $45.12 close) at Seaport Global.

Illumina Inc. (NASDAQ: ILMN) was downgraded to Neutral from Buy at Guggenheim.

Kinder Morgan Inc. (NYSE: KMI) was downgraded to Sell from Neutral and its price target was lowered to $15 from $16 (versus a $15.19 close) at Goldman Sachs. Kinder Morgan had a $17.85 prior consensus target price.

Nikola Corp. (NASDAQ: NKLA) was started with a Sector Perform rating and a $46 price target at RBC Capital Markets. Shares fell by over 14% to $48.92 on Monday and were down over 4% at $46.75 ahead of Tuesday’s opening bell.

Kura Oncology Inc. (NASDAQ: KURA) was started as Outperform with a $27 price target at Credit Suisse. Shares closed at $16.72, with a $24.38 consensus target price, ahead of the call.

3M Co. (NYSE: MMM) was reiterated as Underweight and its price target was cut to $156 from $159 (versus a $158.10 close) at Barclays.

Nautilus Inc. (NYSE: NLS) was reiterated as Buy and its price target was raised to $12 (versus a $10.24 close) at SunTrust Robinson Humphrey.

Nvidia Corp. (NASDAQ: NVDA) was reiterated as Buy and its price objective was raised to $460 from $420 at BofA Securities. Shares closed at $393.57 ahead of this call and had a $388.20 consensus target price. This is above the prior street-high target price of $450.

Sangamo Therapeutics Inc. (NASDAQ: SGMO) was started with a Buy rating and a $22 price target at SunTrust Robinson Humphrey.

Teladoc Health Inc. (NYSE: TDOC) was started with an Overweight rating at Stephens. The stock closed up over 4% at $218 on Monday with a $178.87 consensus target price.

Tesla Inc. (NASDAQ: TSLA) was reiterated as Underweight but its price target was raised to $740 from $650 at Morgan Stanley. Tesla closed up over 13% at $1,371.58 ahead of the call, and its shares are now up over 40% in the past week or so.

Uber Technologies Inc. (NYSE: UBER) was reiterated as Outperform and the price target was raised to $42 from $37 (versus a $32.42 close) at JMP Securities.

Unum Therapeutics Inc. (NASDAQ: UMRX) was raised to Outperform from Neutral with a $4 price target (versus a $2.20 close) at Wedbush.

Vaxcyte Inc. (NASDAQ: PCVX) was started as Buy with a $40 price target (versus a $29.38 close) at Needham. The 52-week range is $17.80 to $36.50.

YETI Holdings Inc. (NYSE: YETI) was downgraded to Neutral from Buy but the price target was raised to $40 from $31 at Goldman Sachs.

In addition, BofA Securities is out with its top picks for the third quarter.

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