Investing

Top Analyst Upgrades and Downgrades: Annaly, Boeing, Cognizant, Costco, GE, PayPal, Qualcomm, Rio Tinto, Shopify, Six Flags, Spotify and More

Jon C. Ogg

Published: July 30, 2020 9:17 am

Last Updated: August 11, 2021 11:09 am

Stocks staged a rally on Wednesday after Fed Chair Jerome Powell basically pledged what may be many years of its zero-rate policy and asset buying to get back toward the dual mandate. Wednesday’s trading was down close to 1% on all major indexes after the worst gross domestic product report of our lives. With an election coming up, and what is still a very deep recession, investors need to be considering how they want their assets positioned for the second half of 2020 and as 2021 comes into focus.

24/7 Wall St. reviews dozens of analyst research reports each day of the week in an effort to find new ideas for long-term investors and short-term traders alike. Some analyst reports cover stocks to buy, and others cover stocks to sell or avoid.

Remember that 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 Thursday, July 30, 2020.

Albertsons Companies Inc. (NYSE: ACI) was started as Neutral with a $17 price target (versus a $15.37 prior close) at MKM Partners.

Annaly Capital Management Inc. (NYSE: NLY) traded up almost 1.8% at $7.43 on Wednesday ahead of earnings and traded up almost 3% at $7.65 afterward. Deutsche Bank reiterated it as Buy after it had just raised its target price to $7.75 from $6.75 and raised its rating from Hold less than a week earlier.

Boeing Co. (NYSE: BA) fell 2.8% to $166.00 after earnings on Wednesday and was indicated down another 1.3% at $163.80 on Thursday morning. RBC Capital Markets reiterated its Outperform rating and raised its target to $194 from $164.

Blue Apron Holdings Inc. (NYSE: APRN) was down 13% at $12.24 on Wednesday after earnings. Canaccord Genuity upgraded it to Buy from Hold and raised its target price to $18 from $13.

Cimpress PLC (NASDAQ: CMPR) was raised to Buy from Hold and its target price was raised to $116 from $75 (versus a $92.03 close) at SunTrust Robinson Humphrey.

Cognizant Technology Solutions Corp. (NASDAQ: CTSH) closed up 3.4% at $64.79 ahead of earnings and was up another 4.9% at $68.00 afterward. Wedbush Securities reiterated it as Outperform with a $75 target price. Needham raised it to Hold from Underperform, and RBC Capital Markets reiterated its Outperform rating and raised its target to $75 from $68. JPMorgan upgraded it to Neutral from Underweight and raised its target price to $69 from $62.

Costco Wholesale Corp. (NASDAQ: COST) was started as Neutral with a $320 price target (versus a $326.14 close) at MKM Partners.

General Electric Co. (NYSE: GE) closed down 4.35 at $6.59 after earnings were fully digested with the ongoing problems. We highlighted our own long-term woes ahead on GE, and CFRA kept its $6 target on GE with an outlook of poor cost performance with some severe declines in business. Late on Wednesday, RBC Capital Markets maintained its Outperform rating and $9 target, after noting that Boeing and aerospace’s woes were the top problem.

JD.com Inc. (NASDAQ: JD) was named as the Bull of the Day at Zacks, which said that this Chinese e-commerce firm has diversified into new areas and seen its stock price outclimb local rival Alibaba. Shares most recently closed at $62.59 and have a consensus price target of $66.37.

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Kroger Co. (NYSE: KR) was started as Neutral with a $40 price target (versus a $35.11 close) at MKM Partners.

Lam Research Corp. (NASDAQ: LRCX) was reiterated as Outperform and its price target was raised to $400 from $300 at RBC Capital Markets, and Needham reiterated its Buy rating and raised its target to $400 from $325. Shares closed at $360.83 (after a 3.4% gain) on Wednesday, with a $334.68 consensus target price.

PayPal Holdings Inc. (NASDAQ: PYPL) was up 4.7% at $184.60 ahead of earnings on Wednesday, and it was up 2.9% at $190.00 after the report. Rosenblatt reiterated its Buy rating and raised its price target to $204 from $196. Wedbush reiterated its Outperform rating and raised its target to $220 from $200. RBC Capital Markets reiterated its Outperform rating and raised its target to $212 from $192.

Qualcomm Inc. (NASDAQ: QCOM) closed up 1.7% at $93.03 on Wednesday before earnings and was last seen trading up over 11% at $103.50 after beating earnings, signing a pact with Huawei and after outlining developing markets are picking up faster than emerging markets. RBC Capital Markets reiterated it as Sector Perform and raised its price target to $130 from $105, Rosenblatt reiterated its Buy rating and raised its target to $130 from $105, and Morgan Stanley reiterated its Overweight rating and raised its target to $121 from $102.

Rio Tinto Group (NYSE: RIO) was downgraded to Hold from Add at Morgans (Australia) after its earnings, and the stock was up 2.3% at $62.68 per American depositary share by the end of the prior day, with a $55.33 consensus target price.

Shopify Inc. (NYSE: SHOP) closed up about 7% at $1,053.59 after earnings on Wednesday and after hitting an all-time high of $1,107.92. Wedbush maintained it as Neutral with a $998 price target. Citigroup it as Neutral at but raised its target to $1,200 from $998. Rosenblatt reiterated its Buy rating and raised its price target to $1,400 from $860, while RBC Capital Markets reiterated its Outperform rating and raised its target to $1,250 from $1,000.

Six Flags Entertainment Corp. (NYSE: SIX) closed down 3.6% at $18.50 on Wednesday after earnings, noting that it would face a cash crunch of the pandemic economy drags on. Wedbush reiterated it as Neutral with a $20 price target, with the firm noting that its business remains challenged in these times. KeyBanc Capital Markets reiterated its Overweight rating but cut its target to $22 from $25. The consensus target price was $23.33, and its 52-week trading range is $8.75 to $59.52.

Spotify Technology S.A. (NYSE: SPOT) fell almost 2% to $262.21 after its earnings on Wednesday. Rosenblatt reiterated it as Buy and raised its price target to $325 from $275.

Teladoc Health Inc. (NYSE: TDOC) was reiterated as Outperform and its target was raised to $235 from $200 (versus a $218.25 close) at RBC Capital Markets. SVB Leerink reiterated its Outperform rating and raised its target to $246 from $227. KeyBanc Capital Markets reiterated it as Overweight and raised its price target to $240 from $195.

TJX Companies Inc. (NYSE: TJX) was named as the Zacks Bear of the Day stock. The firm said that this stock was one of the many victims of non-essential status during the early days of the coronavirus. Shares last closed at $52.60 and have a consensus price target of $62.80.

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Wednesday’s top analyst upgrades and downgrades included Advanced Micro Devices, Amgen, DexCom, eBay, FireEye, Kraft Heinz, 3M, Pfizer, Seagate Technology, Sonos, Starbucks, T-Mobile and more.