Stocks may have hit all-time highs again after the massive recovery since March, but the volatility has picked up in September, with the S&P 500 and Nasdaq darlings seeing more selling pressure. Friday’s indications were for gains of 0.5% on average, but Thursday’s sell-off had the indexes back close to the lows for this week. Many investors missed out on the recovery rally and are now looking for new ideas about how they want to be positioned 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 Friday, September 11, 2020.
Adobe Inc. (NASDAQ: ADBE) was raised to Outperform from Market Perform and its price target was raised to $555 from $400 at Cowen. Shares closed down about 0.7% at $476.26 ahead of the call and were indicated up 3.3% at $492.00 on Friday. The consensus target price was $462.36.
Advanced Micro Devices Corp. (NASDAQ: AMD) may not have received an equity upgrade, but ratings agency Moody’s has raised its credit rating to “investment-grade” as the firm issued a three-notch upgrade to Baa3 from Ba3 on its senior unsecured debt. AMD closed down 3.6% at $78.98 a share on Thursday, but shares were indicated up more than 1% at $79.90 on Friday morning.
AMC Entertainment Holdings Inc. (NYSE: AMC) was named as the Zacks Bear of the Day stock. The firm said that the movie industry is in duress, and theaters are getting the brunt of the blow. Shares last closed at $5.94 and have a consensus price target of just $3.93.
ChampionX Corp. (NYSE: CHX) was started as Outperform with a $13 price target (versus an $8.84 prior close) at Credit Suisse. It had a $14.76 consensus target price ahead of the call. The 52-week trading range is $2.89 to $34.80.
Churchill Downs Inc. (NASDAQ: CHND) was named as the Bull of the Day at Zacks, which said that this stock is globally recognized for its iconic horse racing event, the Kentucky Derby. Shares most recently closed at $169.96 and have a consensus price target of $188.00.
Corning Inc. (NYSE: GLW) was reiterated as Buy and its target price was raised to $38 from $34 at Argus, which talked up company expectations of sequential sales growth in low-teen percentages in the third quarter that was better than expected. The stock closed down 3.6% at $31.88 on Thursday, with a $29.79 consensus target price.
Domino’s Pizza Inc. (NYSE: DPZ) was raised to Outperform from Market Perform and its target price was raised to $450 from $445 at Cowen, with the firm highlighting its proactive steps to build on its strong foundation over the pandemic and its ability to win in delivery and takeout.
Illumina Inc. (NASDAQ: ILMN) was reiterated as Buy with a $380 price alongside a target price of $380 (versus a $346.11 close) at Argus. The independent research firm talked up the recently alternative to polymerase chain reaction testing that may reduce significant testing capacity constraints in the COVID-19 fight.
Juniper Networks Inc. (NYSE: JNPR) was reiterated as Outperform and its price target was raised to $28 from $27 (versus a $22.85 close) at Raymond James. It had a $25.00 consensus target price ahead of the call.