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Top Analyst Upgrades and Downgrades: Adobe, BP, FedEx, GameStop, Gilead, Kroger, MGM, Micron, Nvidia and More
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The Dow Jones industrials and S&P 500 managed to close up on Friday, and there were even stronger gains on Monday morning as the tech stocks were trying to stage a rally. 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 Monday, September 14, 2020.
Adobe Inc. (NASDAQ: ADBE) was reiterated with an Overweight rating at Morgan Stanley, which also raised its price target to $560 from $450. The stock most recently closed at $471.35, in a 52-week range of $255.13 to $536.88. The consensus price target is $469.41
Bloomin’ Brands Inc. (NASDAQ: BLMN) was reiterated as Strong Buy and its price target was raised to $20 from $18 at Raymond James.
BP PLC (NYSE: BP) was upgraded to Outperform from Neutral at Credit Suisse. The stock recently closed at $20.06, in a 52-week range of $15.51 to $40.08. The consensus price target is $30.66.
Cirrus Logic Inc. (NASDAQ: CRUS) was raised to Equal Weight from Underweight and its target was raised to $65 from $60 (versus a $58.01 prior close) at Barclays.
Elastic N.V. (NASDAQ: ESTC) was named as the Bull of the Day at Zacks, which said that this “little Google” of big-data search and analytics has analysts raising estimates and price targets. Shares most recently closed at $100.79 and have a consensus price target of $128.62.
FedEx Corp. (NYSE: FDX) was reiterated with an Equal Weight rating by Morgan Stanley, and the firm also raised its price target to $110 from $100. Shares last closed at $232.79 and have a consensus price target of $219.08. The stock has a 52-week trading range of $88.69 to $241.00.
GameStop Corp. (NYSE: GME) closed down 2.2% at $6.09 a share on Friday, after earnings last week, but its shares had traded as high as $8.45 in the run-up ahead of earnings. Jefferies raised the shares from Hold to Buy with an $8 target, and Telsey Advisory raised its rating to Outperform with a $10 target price.
Genuine Parts Co. (NYSE: GPC) was raised to Overweight from Neutral with a $117 target price (versus a $100.56 close) at JPMorgan.
Gilead Sciences Inc. (NASDAQ: GILD) was maintained as Outperform but its target was cut to $88 from $94 at SVB Leerink, after the biotech giant announced a $21 billion buyout of Immunomedics.
Harmony Biosciences Holdings Inc. (NASDAQ: HRMY) was started as Overweight with a $61 target price (versus a $44.14 close) at Piper Sandler. Goldman Sachs started it with a Neutral rating and a $43 target price.
Immunomedics Inc. (NASDAQ: IMMU) was downgraded to Neutral from Buy and its target price was raised to $88 from $56 at H.C. Wainwright. The downgrade comes as Gilead Sciences is paying $21 billion (more than 100% premium) to acquire the company.
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