Stocks were indicated to open about 0.3% higher in the S&P 500 and Dow Jones industrials on Monday after executive orders were signed after Congress failed to reach a stimulus package last week. The S&P 500 is within about 2% of recapturing its all-time highs from February, and earnings season has now peaked. Many investors have missed out on the recovery and are looking for new ideas for how to be positioned in 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 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.
Now that stocks have recovered so much, analyst calls have normalized with fewer extreme target changes. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Consensus analyst target data is from Refinitiv.
These are the top analyst upgrades, downgrades and initiations from Monday, August 10, 2020.
Albermarle Corp. (NYSE: ALB) was reiterated as Neutral at Citigroup after its recent earnings, but the target price was raised to $87 from $78 after Friday’s 1.3% gain to $84.44. The consensus target price was $75.96.
Apple Inc. (NASDAQ: AAPL) was reiterated as Outperform at Wedbush Securities, but the firm again bumped up its target price. The new target price is $515, and the so-called bull case is now $600, up from a base case of $475, with Apple pointed out as the analyst’s favorite name to play the 5G theme and a strong belief that another re-rating of the stock is on the horizon. Apple also was named as the Bull of the Day at Zacks, which said that the firm delivered impressive results and a stock split is in the cards for this iPhone giant.
CF Industries Holdings Inc. (NYSE: CF) was raised to Buy from Neutral at Citigroup and its target price was raised to $38 from $29 after Friday’s 0.8% drop to $33.13.
Consolidated Edison (NYSE: ED) was raised to Neutral from Underperform with a $78 target price at Credit Suisse.
Denali Therapeutics Inc. (NASDAQ: DNLI) was reiterated as Outperform with a $39 target price (versus a $31.61 prior close) at Wedbush, noting that its results were in line, along with a recent Biogen collaboration in Parkinson’s disease progressing toward late-stage studies.
Endeavour Silver Corp. (NYSE: EXK) was reiterated as Buy and its price target was raised to $5.25 from $3.25 (versus a $4.10 close) at H.C. Wainwright.
Etsy Inc. (NASDAQ: ETSY) closed up 3.35 at $135.06 on Friday. Citigroup reiterated it as Buy and raised its target price to $170 from $100.
FedEx Corp. (NYSE: FDX) was raised to Outperform from Market Perform with a $225 price target at Bernstein, with the firm expecting better residential pricing and an improved FedEx Ground profit margin.
GoHealth Inc. (NASDAQ: GOCO) has seen its quiet period end, with a 1.6% gain to $17.25 on Friday and a 2% gain to $17.50 on Monday. Truist started it as Buy with a $26 target price. Morgan Stanley started coverage at Equal Weight and with a $17 target price, and Cantor Fitzgerald started it as Overweight with a $26 target price.
Golden Star Resources Ltd. (NYSEARCA: GSS) was reiterated as Buy and its price target was raised to $6.75 from $5.25 (versus a $4.85 close) at H.C. Wainwright.