The S&P 500 and Dow Jones industrials closed down on Thursday after a depression-era gross domestic product report and rise in jobless claims, but solid tech earnings had the indexes up in higher territory Friday morning. 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 Friday, July 31, 2020.
Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) was reiterated as Buy at SunTrust Robinson Humphrey, and the firm raised its price target to $155 from $135. SVB Leerink reiterated its Outperform rating and raised its target to $163 from $159. Alexion now has the most implied upside of all major biotech and big pharma stocks. Its shares closed up 0.2% at $104.81 despite beating earnings, raising guidance and issuing a new stock buyback program.
Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) announced a solid earnings beat and its EPSi is set to be acquired by Strata Decision Tech. Shares closed up 2.1% at $7.59 ahead of the news and were up 15% at $8.75 afterward. SVB Leerink maintained it as Market Perform but raised its target price to $10 from $6. Cantor Fitzgerald reiterated its Neutral rating but raised its target to $9 from $6.
Alphabet Inc. (NASDAQ: GOOGL) saw only limited gains, up less than 1% to $1,550, after reporting earnings for the second quarter of 2020. SunTrust reiterated its Buy rating and raised its price target to $1,850 from $1,805. Wedbush Securities reiterated its Outperform rating and raised its $1,550 target to $1,700. Morgan Stanley reiterated its Overweight rating and raised its target to $1,760 from $1,700. Raymond James reiterated its Outperform rating and raised its target from $1,425 to $1,700.
Amazon.com Inc. (NASDAQ: AMZN) handily beat expectations even after $4 billion in COVID-19-related spending, and its shares rose 5% to $3,205 in Thursday’s after-hours trading. Wedbush reiterated its Outperform rating and raised its target to $3,700 from $3,500. KeyBanc Capital Markets reiterated its Overweight rating and raised its target from $3,285 to $3,500. SunTrust reiterated its Buy rating and raised its $3,400 price target to $3,600. Morgan Stanley reiterated its Overweight rating and raised its target to $3,750 from $3,450.
Apple Inc.’s (NASDAQ: AAPL) shares hit new all-time highs after it reported earnings and a 4-for-1 stock split. Wedbush reiterated its Outperform rating, raised its target to $465 from $450 and moved its bullish case up to $550. Morgan Stanley reiterated its Overweight rating and raised its target to $431 from $419. Citigroup reiterated its Buy rating and raised its target to $450 from $400. UBS reiterated its Buy rating and raised its target to $425 from $400. Raymond James raised its target from $400 to $440 and reiterated its Outperform rating. Credit Suisse maintained a Neutral rating on Apple but still raised its target price to $380 from $340.
Avis Budget Group Inc. (NASDAQ: CAR) was reiterated as Overweight and its price target was raised to $40 from $37 at Morgan Stanley. The stock closed down over 3% at $26.54 on Thursday, and it had a $38.20 consensus target price.
Baidu Inc. (NASDAQ: BIDU) was reiterated as Overweight and its target price was cut to $145 from $147 (versus a $118.00 prior close) at KeyBanc Capital Markets.
Barnes Group (NYSE: B) was named as the Zacks Bear of the Day stock. The firm said that despite a recent beat this stock still ranks very low among Zack’s picks. Shares last closed at $37.10 and have a consensus price target of $41.83.
Comcast Corp. (NASDAQ: CMCSA) was reiterated as Overweight and its target was raised to $49 from $47 at Morgan Stanley. Rosenblatt reiterated its Buy rating and raised its target to $51 from $45.
Digital Realty Trust Inc. (NYSE: DLR) was raised to Outperform from Market Perform with a $175 price target at Raymond James.