Stocks tried to stay positive on Monday, but fading hopes of an economic stimulus bill knocked off more than 400 points from the Dow Jones industrials and an even larger percentage loss of 1.6% on the S&P 500. The stock market has become addicted to more free money, and it looks like volatility is going to head higher into the election. That said, stocks were indicated higher on Tuesday on hopes that a stimulus pact would be agreed to before the end of Tuesday.
Though many investors missed out on the recovery since late March, many key leadership stocks have pulled back from their highs to more attractive entry points.
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 Tuesday, October 20, 2020.
American Electric Power Co. (NYSE: AEP) was reiterated as Overweight and its price target was raised to $106 from $99 at Morgan Stanley. The stock closed at $91.28 and had a $92.38 consensus target price ahead of the call.
Apache Corp. (NYSE: APA) was reiterated as Overweight but its price target was lowered to $20 from $22 at KeyBanc Capital Markets.
AT&T Inc. (NYSE: T) was started as Peer Perform at Wolfe Research.
Bluebird Bio Inc. (NASDAQ: BLUE) was started as Buy with a $123 price target (versus a $54.55 prior close) at Mizuho.
Consolidated Edison (NYSE: ED) was downgraded to Sell from Neutral at Goldman Sachs.
ConocoPhillips (NYSE: COP) was reiterated as Overweight but its price target was lowered to $43 from $46 at KeyBanc Capital Markets.
Corsair Gaming Inc. (NASDAQ: CRSR) was started with a Buy rating and a $25 price target (versus a $20.10 prior close) at Wedbush Securities.
Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) was raised to Outperform from Market Perform with a $26 price target at BMO Capital Markets. The stock closed up over 7% at $17.36 on Monday, and it has a $20.00 consensus price target.
eGain Corp. (NASDAQ: EGAN) was named as the Bull of the Day at Zacks, which said the firm offers a compelling story as a growth stock. Shares most recently closed at $18.97 and have a consensus price target of $18.00.
Fly Leasing Ltd. (NYSE: FLY) was named as the Zacks Bear of the Day stock. The firm said that aviation names have been grounded for some time and this company is getting some of the worst of it. Shares last closed at $7.01 and have a consensus price target of $13.17.
Fortinet Inc. (NASDAQ: FTNT) was raised to Buy from Neutral and its price target was raised to $150 from $143 (versus a $128.82 prior close) at Goldman Sachs. The stock had a $140.05 consensus target price.