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Top Analyst Upgrades and Downgrades: AMD, Amazon, Amgen, Chevron, Exxon, GE, IBM, Marvell, Rocket, 3D Systems, Zoom and More

Madison Square Garden Corp. (NYSE: MSGS) was named as the Zacks Bear of the Day stock. The firm said that live sporting events continue to face serious headwinds into the next season. Shares last closed at $150.24 and have a consensus price target of $195.00.

Marvell Technology Group Ltd. (NASDAQ: MRVL) was reiterated as Buy and its price target was raised to $50 from $40 (versus a $42.75 close) at Benchmark.

NXP Semiconductors N.V. (NASDAQ: NXPI) closed up 0.9% at $134.83 on Thursday, but the shares then rallied 6% to $142.95 after it raised guidance and said that the outlook improved in all its end markets. Barclays reiterated it as Overweight and raised its target to $150 from $130. Needham reiterated its Buy rating and raised its target to $170 from $150, and Raymond James reiterated its Outperform rating and raised its target to $150 from $130.

Qiwi PLC (NASDAQ: QIWI) was downgraded to Neutral from Overweight at JPMorgan.

RingCentral Inc. (NYSE: RNG) was started as Buy and a $350 price target (versus a $281.33 close) at Mizuho. It had a $342.38 consensus price target.

Rocket Companies Inc. (NYSE: RKT) was raised to Overweight from Neutral with a $28.50 consensus target price (versus a $22.73 close) at JPMorgan.

Ryder Systems Inc. (NYSE: R) was raised to Neutral from Underweight at JPMorgan.

3D Systems Corp. (NYSE: DDD) was started with a Buy rating and an $8 price target (versus a $6.39 close) at Berenberg. It had a $7.80 consensus price target.

Varonis Systems Inc. (NASDAQ: VRNS) was reiterated as Outperform and its price target was raised to $150 from $130 (versus a $122.86 close) at Wedbush.

WisdomTree Investments Inc. (NASDAQ: WETF) was downgraded to Equal Weight from Overweight at Morgan Stanley.

Zoom Video Communications Inc. (NASDAQ: ZM) was started as Buy and a $550 price target (versus a $478.55 close) at Mizuho. It had a $415.76 consensus price target.

Of the S&P 500 stocks that reported from the middle of September on, the managements’ tones were more positive than negative. Credit Suisse issued a preview for earnings season showing that earnings growth is likely to continue improving in the third quarter. That said, revenue is expected to be down 4% and earnings down 22% as a whole. The key sectors expected to show growth:

TECH+ sector growth in software and semiconductors; Pharma/Biotech up; healthcare equipment and services down; telecom down; food staples and retail down. The worst trends are expected to see big earnings from a year ago show major losses in airlines, gaming, lodging and leisure, cable, satellite, broadband and energy. In financials: Life insurance is expected to be the only group with positive growth; weak earnings seen in banks, credit cards, investment banking.

Thursday’s top analyst upgrades and downgrades included Arcutis Biotherapeutics, DraftKings, First Solar, InflaRx, Livent, Medtronic, NextEra Energy Partners, Roku, Snowflake and Tesla.