The S&P 500 has continued to surge to new all-time highs, August had the best monthly gains in about 24 years, and the second day of September looked like a positive day as well with gains of about 0.5%. Many investors missed the recovery as the recession forced them out of the market. Investors also have been looking for new ideas for how to be positioned in the rest of 2020 and ahead of the election.
24/7 Wall St. reviews dozens of analyst research reports each day of the week with a goal of finding new ideas for investors and traders alike. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid.
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 Wednesday, September 2, 2020.
BioXcel Therapeutics Inc. (NASDAQ: BTAI) was started with a Buy rating and an $82 price target (versus a $40.75 prior close) at Jefferies. It had a $910 million market cap and a $112.33 consensus target price.
DraftKings Inc. (NASDAQ: DKNG) was started with a Hold rating and a $39 target price (versus a $36.93 prior close) at Truist Securities.
DXP Enterprises Inc. (NASDAQ: DXPE) was named as the Zacks Bear of the Day stock. The firm said that this year’s events have made a major dent in earnings expectations. Shares last closed at $19.62 and have a consensus price target of $28.00.
Intuitive Surgical Inc. (NASDAQ: ISRG) was started as Neutral at Robert W. Baird.
Lululemon Athletica Inc. (NASDAQ: LULU) closed up 4.1% at $391.16 a share on Tuesday and was indicated up another 1.6% at $397.50 on Wednesday. Deutsche Bank maintained its Hold rating but raised its target to $341 from $237. Wedbush maintained it as Neutral and raised its target to $380 from $300. Robert W. Baird reiterated its Outperform rating and raised its target to $400 from $355.
New Oriental Education & Technology Group Inc. (NYSE: EDU) was started as Buy with a $175 target price (versus a $151.00 prior close) at Jefferies.
Nvidia Corp. (NASDAQ: NVDA) was up 3.3% at $552.84 on Tuesday after introducing new video game chips. Mizuho reiterated its Buy rating but raised its target to $575 from $520, and Credit Suisse reiterated its Outperform rating and raised its target to $620 from $530.
Peloton Interactive Inc. (NASDAQ: PTON) was reiterated as Overweight and its price target was raised to a street-high target of $105 (versus an $83.67 prior close) at JPMorgan. The firm noted that its biggest challenge right now is keeping up with demand.
Pinterest Inc. (NYSE: PINS) was reiterated as Outperform and its target price was raised to $41 from $35 (versus a $38.36 prior close) at Robert W. Baird. It had a $37.02 consensus target price ahead of the call.
Sportsman’s Warehouse Holdings Inc. (NASDAQ: SPWH) was named as the Bull of the Day at Zacks, which said that the appeal of the great outdoors during the pandemic should help earnings here. Shares most recently closed at $17.51 and have a consensus price target of $16.10.
Youdao Inc. (NYSE: DAO) was downgraded to Neutral from Outperform at Credit Suisse.
Zillow Group Inc. (NASDAQ: ZG) was raised to Buy from Hold with a $106 target price at Deutsche Bank. Shares closed up over 3% at $88.44 on Tuesday, with an $82.18 consensus price target ahead of the call. The stock was indicated up another 3% at $91.00 afterward.
Berenberg made some changes to the airline sector. Southwest Airlines Co. (NYSE: LUV) was raised to Buy from Hold with a $45 price target. Delta Air Lines Inc. (NYSE: DAL) was downgraded to Hold from Buy with a $32 price, and the firm downgraded American Airlines Group Inc. (NASDAQ: AAL) to Sell from Hold with a $10 price target.
Shares of five companies with recent initial public offerings could still have massive upside potential.
Tuesday’s top analyst upgrades and downgrades included Chipotle Mexican Grill, Gap, IBEX, Murphy Oil, NeoPhotonics, Qualcomm, Renewable Energy, Square, Tesla and Zoom Video Communications.