Investing

Top Analyst Upgrades and Downgrades: Chipotle, Gap, IBEX, Murphy Oil, NeoPhotonics, Qualcomm, Renewable Energy, Square, Tesla, Zoom and More

Murphy Oil Corp. (NYSE: MUR) was started with a Buy rating and a $22 price target (versus a $13.74 prior close) at Truist.

NeoPhotonics Corp. (NASDAQ: NPTN) was raised to Buy from Neutral with a $9 price target at B. Riley FBR. The stock closed down 3.7% at $6.66 and was indicated up 15% at $7.66 on Tuesday after the company gave a business update following the U.S. Department of Commerce’s recent tightening of restrictions on Huawei.

Newmark Group Inc. (NASDAQ: NMRK) was maintained as Neutral but it still had a $6 target price (versus a $4.43 prior close) at Wedbush. The company has handily lowered its earnings targets for 2020 through 2022 to reflect continued stress in the company’s primary CRE markets that are reducing activity levels.

Qualcomm Inc. (NASDAQ: QCOM) was reiterated as Buy and its price target was raised to $150 from $137 at Canaccord Genuity. Shares closed up 0.7% at $119.10 on Monday, and the stock had a $119.26 consensus price target.

Renewable Energy Group Inc. (NASDAQ: REGI) was started with a Buy rating and a $70 price target (versus a $33.43 prior close) at Truist, with the “double your money” upside prediction being based around the renewable diesel first-mover advantage. Credit Suisse started it with an Outperform rating but a more modest $51 price target.

Salesforce.com Inc. (NYSE: CRM) was named as the Bull of the Day at Zacks, which said that this brand new Dow component continues to beat the estimates and raise guidance. Shares most recently closed at $272.65 and have a consensus price target of $268.14.

Square Inc. (NYSE: SQ) was reiterated as Neutral with a $140 price target (versus a $159.56 prior close) at Wedbush. Where the call stood out was that the analyst offered up a so-called bull case that takes the stock to $250 to $300, assuming a combination of CashApp reaching a 200 million user base (from 30 million now) with the seller segment recovering from COVID-19-related challenges.

Tesla Inc. (NASDAQ: TSLA) managed to close up over 12.5% at $498.32 after enacting its major stock split. Tesla just saw its target price from RBC Capital Markets raised to $290 from $170 on a post-split adjusted basis, noting that it remains fundamentally overvalued despite the insatiable demand for EV shares from investors.

Viking Therapeutics Inc. (NASDAQ: VKTX) was reiterated as Buy with a $28 price target (versus a $6.83 prior close) at Truist, but that call came after weakness from Friday’s fatty liver drug data presentation. This stock had been above $8 mid-week before the data.

Zoom Video Communications Inc. (NASDAQ: ZM) closed up 8.6% at $325.10 a share ahead of earnings, but a “beat and raise” report had its shares up over 35% at $440 in early trading on Tuesday. Morgan Stanley reiterated its Equal Weight rating and raised its target to $350 from $240, and Rosenblatt reiterated it as Neutral and raised its to $350 from $260. Needham raised its rating from Neutral to Buy with a $440 price target, and Goldman Sachs raised its rating to Neutral from Sell and raised its target to $402 from $187.


Five top Goldman Sachs oil stock picks could offer investors big gains in the next year or so.

Monday’s top analyst upgrades and downgrades included AT&T, Beyond Meat, BigCommerce, Cedar Fair, T-Mobile, Vail Resorts and Walmart.

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