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Top Analyst Upgrades and Downgrades: Alibaba, Amazon, Apple, Carvana, Illumina, NextEra, Nikola, Shake Shack, Teladoc, WPX Energy and More

Stocks sold off hard on Monday, but the indexes all finished well above their lows of the day and there has been rekindled interest in the battered tech stocks. Stocks were looking mixed, with no set direction, on Tuesday. Many investors missed out on the recovery from late in March through September and they are looking for new ideas for how to be positioned for 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 Tuesday, September 22, 2020.

Alibaba Group Holding Ltd. (NASDAQ: BABA) was reiterated as Buy with a $300 price target (versus a $272.41 prior close) at Mizuho, which noted it is ahead of the analyst day, when it is expected to affirm its annual revenue guidance.

Allstate Corp. (NYSE: ALL) was upgraded to Outperform from Market Perform and its price target was raised to $108 from $107 (versus a $92.03 close) at Keefe Bruyette & Woods.

Amazon.com Inc. (NASDAQ: AMZN) was raised to Outperform from Market Perform with a $3,400 price target at Bernstein, with the firm highlighting that the double-digit stock drop in the past three weeks has brought an attractive entry point for those who had missed the run-up in 2020.

Apple Inc. (NASDAQ: AAPL) was reiterated as Outperform and its target price was raised to $120 from $110 at Raymond James. Apple shares closed up 3% at $110.08 on Monday after Citigroup also raised its target price higher, and shares were indicated up about 0.8% at $111.00 on Tuesday morning.

Bristol-Myers Squibb Co. (NYSE: BMY) was reiterated as Outperform and its target price was raised to $78 from $75 at Raymond James. The stock closed down 2.5% at $57.77 on Monday, with a $73.25 consensus target price.

Carvana Co. (NYSE: CVNA) was raised to Buy from Neutral with a $205 price target at Goldman Sachs. The firm talked up Carvana’s longer-term growth prospects in auto sales and noted that its stock has sold off too much from its highs. While the stock closed up 5% at $173.67 on Monday, its former high was $235.00.

Global Payments Inc. (NYSE: GPN) was started with a Buy rating and a $199 price target at Loop Capital. Shares closed down 2% at $175.56 on Monday, with a $208.65 consensus target price.

Illumina Inc. (NASDAQ: ILMN) was down 8.6% at $270.13 on Monday after it announced it was paying over $7 billion to acquire Grail. Stifel downgraded it to Hold from Buy and cut its price target to $280 from $380, and UBS downgraded it to Neutral from Buy and cut its target to $285 from $390. The firms both cited issues around the gene-sequencing leader’s acquisition of the cancer test developer. SVB Leerink maintained its Outperform rating but cut its target to $315 from $360.