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Top Analyst Upgrades and Downgrades: AbbVie, Alibaba, ADM, Best Buy, Intel, Lemonade, Nikola, Peloton, SAP, Under Armour, Wynn and More
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Stocks bounced on Monday ahead of the election on Tuesday, but this is after a bad trading week and as October was the worst month for stocks since March. The markets are facing many issues, despite earnings season having gone better than worse. With so many issues happening at once, many investors who missed the recovery from March’s panic selling are looking for new ideas about how to be positioned heading into 2021.
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 Monday, November 2, 2020.
AbbVie Inc. (NYSE: ABBV) was reiterated as Outperform but its price target was trimmed to $119 from $122 at SVB Leerink. The stock closed up 5.5% at $85.10 a share on Friday, and it has a $109.74 consensus target price.
Alibaba Group Holding Ltd. (NYSE: BABA) was reiterated as Overweight and its price target was raised to $355 from $330 (versus a $304.69 prior close) at KeyBanc Capital Markets.
Archer Daniels Midland Co. (NYSE: ADM) closed down 7.3% at $46.24 on Friday, but Credit Suisse has raised its rating to Neutral from Underperform and lifted its price target to $46 from $44.
Aziyo Biologics Inc. (NASDAQ: AZYO) was started with a Buy rating and a $20 price target (versus a $10.98 prior close) at Truist Securities. Cantor Fitzgerald started it as Overweight with a $20 price target, and Cowen started coverage at Outperform with a $20 price target.
Best Buy Co. Inc. (NYSE: BBY) was reiterated as Outperform with a $130 price target (versus a $111.55 prior close) at Wedbush Securities. The stock had a $119.02 consensus target price.
Blueprint Medicines Corp. (NASDAQ: BPMC) was downgraded to Hold from Buy at Jefferies.
Catabasis Pharmaceuticals Inc. (NASDAQ: CATB) was downgraded to Neutral from Outperform at Wedbush.
Colgate-Palmolive Co. (NYSE: CL) was reiterated as Outperform and its price target was raised to $90 from $88 (versus a $78.89 prior close) at RBC Capital Markets.
ConocoPhillips (NYSE: COP) was raised to Buy from Neutral with a $44 price objective (versus a $28.62 prior close) at BofA Securities.
Dunkin’ Brands Group (NASDAQ: DNKN) was downgraded to Neutral from Outperform at Robert W. Baird, and RBC Capital Markets maintained its Sector Perform rating but raised its target to $106 from $69.
Honeywell International Inc. (NYSE: HON) was maintained as Sector Perform but its target was trimmed to $169 from $174 (versus a $164.95 prior close) at RBC Capital Markets.
Intel Corp. (NASDAQ: INTC) was raised to Market Perform from Underperform with a $46 price target at Northland Capital. The stock closed at $4.28 a share on Friday, and it has a $53.45 consensus target price.
24/7 Wall St.Lemonade Inc. (NYSE: LMND) was started with an Overweight rating and a $63 price target (versus a $50.29 prior close) at Piper Sandler. The consensus target price was $67.20.
Mastercard Inc. (NYSE: MA) was reiterated as Overweight but its price target was lowered to $325 from $365 (versus a $288.64 prior close) at KeyBanc Capital Markets.
McKesson Corp. (NYSE: MCK) was raised to Overweight from Equal Weight with a $166 price target (versus a $147.49 prior close) at Barclays.
Mohawk Industries Inc. (NYSE: MHK) was raised to Strong Buy from Outperform at Raymond James.
Nikola Corp. (NASDAQ: NKLA) was named as the Zacks Bear of the Day stock. The firm said that this company is an automotive pipe dream with a very disappointing reality. Shares last closed at $18.31 and have a consensus price target of $36.40.
PBF Energy Inc. (NYSE: PBF) was raised to Neutral from Sell with a $5 price target (versus a $4.67 prior close) at Goldman Sachs.
Peloton Interactive Inc. (NASDAQ: PTON) was reiterated as Buy and its price target was raised to $125 from $110 (versus a $110.21 prior close) at Needham.
Phillips 66 (NYSE: PSX) was reiterated as Outperform and its price target was lowered to $62 from $69 at Cowen. The stock closed up 1.5% at $46.66 a share on Friday, with a $70.61 consensus price target.
Pinduoduo Inc. (NASDAQ: PDD) was reiterated as Overweight and its price target was raised to $110 from $100 (versus an $89.98 prior close) at KeyBanc Capital Markets.
Qorvo Inc. (NASDAQ: QRVO) was named as the Bull of the Day at Zacks, which said this firm is a leading provider of radio frequency solutions in a market that is set to explode. Shares most recently closed at $127.36 and have a consensus price target of $145.50.
SAP S.E. (NYSE: SAP) was downgraded to Neutral from Buy at UBS.
Six Flags Entertainment Corp. (NYSE: SIX) was reiterated as Overweight and its price target was raised to $25 from $22 at KeyBanc Capital Markets. Janney reiterated it as Buy with a $33 price target.
TransAct Technologies Inc. (NASDAQ: TACT) was started as Buy with a $16 price target (versus a $7.15 prior close) at Roth Capital.
Turtle Beach Corp. (NASDAQ: HEAR) was raised to Outperform from Neutral with a $25 price target (versus an $18.02 prior close) at Wedbush.
Under Armour Inc. (NYSE: UAA) was raised to Buy from Hold with a $17 price target (versus a $13.84 prior close) at Stifel. The shares had a $12.00 consensus target price.
Wynn Resorts Ltd. (NASDAQ: WYNN) was raised to Overweight from Equal Weight and its price target was raised to $95 from $90 at Morgan Stanley. The stock closed at $72.43 ahead of the call, with a $90.50 consensus price target.
Friday’s top analyst upgrades and downgrades included Alphabet, Amazon.com, Apple, Callaway Golf, Facebook, Illumina, iRobot, Six Flags, Starbucks, Twitter and Yandex.
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