Top Analyst Upgrades and Downgrades: Alphabet, BP, Chevron, DraftKings, Exxon, FedEx, NextEra, Nikola, Penn National, Twitter, Zillow and More

Stocks sold off sharply with roughly 2% losses in the Dow Jones industrials and S&P 500 on Wednesday, and Thursday’s index levels were indicated to open down marginally as well. Many investors missed out on the recovery from late in March through September, but some of the key stocks have now pulled back significantly in September. Investors are looking toward the election and are facing a slowing recovery, and interest rates are now expected to remain close to zero for a very long time.

Now is a time that investors are looking for new ideas and trying to decide how they want to be positioned heading into the fourth quarter. 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 seen on Thursday, September 24, 2020.

Alphabet Inc. (NASDAQ: GOOGL) was reiterated as Overweight and its price target was raised to $1,800 from $1,760 at Morgan Stanley. Alphabet stock closed down 3.45% at $1,409.39 on Wednesday and has a $1,769.27 consensus target price.

Bed Bath & Beyond Inc. (NASDAQ: BBBY) was raised to Outperform from Neutral and its target price was raised to $20 from $13 at Robert W. Baird. The stock closed down almost 4% to $13.35 a share on Wednesday, with an $11.15 consensus target price.

BP PLC (NYSE: BP) was started as Sector Perform with a $23 price target at Scotiabank.

Chevron Corp. (NYSE: CVX) was downgraded to Sector Perform from Sector Outperform at Scotiabank. MKM Partners started it as Buy with a $121 price target as well.

DraftKings Inc. (NASDAQ: DKNG) was started as Outperform with a $65 target price at Macquarie. The stock was down 7% at $50.12 on Wednesday and had a $49.29 consensus target price.

Exxon Mobil Corp. (NYSE: XOM) was raised to Sector Perform from Underperform at Scotiabank.

FedEx Corp. (NYSE: FDX) was raised to Buy from Hold and its target price was raised to $281 from $175 (versus a $241.42 prior close) at Stifel.

Goldman Sachs Group Inc. (NYSE: GS) was raised to Buy from Neutral and its target price was raised to $245 from $220 at UBS. The stock closed down nearly 3% at $186.12 on Wednesday, and it had a $247.60 consensus price target.

Hess Corp. (NYSE: HES) was downgraded to Sector Perform from Outperform at Scotiabank.

JinkoSolar Holding Co. Ltd. (NYSE: JKS) was raised to Outperform from Neutral with a $32 price target at Credit Suisse Shares closed up almost 21% at $33.46 apiece on Wednesday, and they have a $20.91 consensus target price.

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