Stocks sold off handily on Thursday due to rising COVID-19 cases and on fears of more shutdowns and restrictions in cities. Despite these fears coming to bend the curve of new cases, stocks were showing sharp gains on Friday on the heels of stronger earnings reactions from Cisco and Disney. As the market is learning to deal with a contested election, with run-offs and legal challenges, investors are trying to look forward and plan for 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 Friday, November 13, 2020.
American Airlines Group Inc. (NASDAQ: AAL) was started as Neutral with a $13 price target (versus an $11.74 prior close) at BNP Paribas. The stock had a $10.62 consensus target price and a 52-week trading range of $8.25 to $30.78.
Applied Materials Inc. (NASDAQ: AMAT) was reiterated as Overweight and its price target was raised to $89 from $81 at KeyBanc Capital Markets. Morgan Stanley reiterated it as Equal Weight but raised its price target to $77 from $72.
BigCommerce Holdings Inc. (NASDAQ: BIGC) priced its 5 million share secondary offering at $68 per share, after closing at $73.32 on Thursday, sending shares down 6.7% to $68.35 on Friday morning. Citigroup started it with a Sell rating and a $65 price target. Its prior consensus target price was $90.00.
Calix Inc. (NYSE: CALX) was named as the Zacks Bull of the day. The firm said that it was poised to soar from the mobile economic shift and also because the 5G revolution is giving a boost to business.
Cheesecake Factory Inc. (NASDAQ: CAKE) was raised to Outperform from Neutral and its price target was raised to $45 from $31 (versus a $33.76 prior close) at Wedbush Securities.
Chewy Inc. (NYSE: CHWY) was started as Overweight with a $90 price target at Piper Sandler. The stock closed down 0.9% at $63.38. It had a $71.45 consensus target price ahead of the call.
Chuy’s Holdings Inc. (NASDAQ: CHUY) was reiterated as Outperform and its price target was raised to $29 from $26 (versus a $22.16 close) at Wedbush.
Cisco Systems Inc. (NASDAQ: CSCO) was down 1.7% at $38.67 ahead of Thursday’s earnings report, but its shares were last seen trading up over 7% at $41.75 after exceeding expectations and talking up the spending environment. Cisco had a $46.93 consensus target price ahead of the report. BofA Securities reiterated its Buy rating and maintained its $50 price objective. Credit Suisse maintained its Neutral rating.
Costco Wholesale Corp. (NASDAQ: COST) was reiterated as Outperform and its price target was raised to $405 from $365 at Raymond James. The stock closed at $375.71 and had a $372.68 consensus analyst target ahead of the call.
Darden Restaurants Inc. (NYSE: DRI) was reiterated as Neutral and its price target was raised to $115 from $99 (versus a $106.31 close) at Wedbush.
Delta Air Lines Inc. (NYSE: DAL) was started as Outperform with a $54 price target (versus a $34.38 close) at BNP Paribas. It had a $39.35 consensus target price, and its 52-week trading range is $17.51 to $62.48.
Denny’s Corp. (NASDAQ: DENN) was reiterated as Outperform and its price target was raised to $13.50 from $14.00 (versus a $10.26 close) at Wedbush.
Dine Brands Global Inc. (NYSE: DIN) was reiterated as Outperform and its price target was reiterated as $73 (versus a $57.63 close) at Wedbush.
Dow Inc. (NYSE: DOW) was downgraded to Market Perform from Outperform with a $57 price target at Bernstein, and Deutsche Bank downgraded it to Hold from Buy with a $56 price target. Shares closed down 2.2% at $51.04 on Thursday, with a $50.59 consensus target price.
Ideaya Biosciences Inc. (NASDAQ: IDYA) was reiterated as Outperform with a $21 price target (versus a $12.84 close) at Wedbush, with the firm noting a very robust pipeline and partnerships after its results.
JetBlue Airways Corp. (NASDAQ: JBLU) was started as Underperform with a $12 price target (versus a $13.39 close) at BNP Paribas. The stock had a $13.84 consensus target price and a 52-week trading range of $6.61 to $21.65.