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.